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Chinese firm in US$400m glass project

Post Time:Dec 01,2008Classify:Company NewsView:401

THE Jingniu Group, a Chinese company, will spend about US$400 million in the next five years in constructing a glass manufacturing factory in Kadoma, The Financial Gazette can reveal.

Construction of the glass producing and processing centre by the Jingniu Group is already underway amid expectations that the project might absorb thousands of workers who were left jobless following the closure of gold mines and textile factories in and around Kadoma.

"With a planned investment of US$400 million and occupying an area of 100 hectares, China Jingniu Glass Factory in Zimbabwe is expected to be completed in five years," said a statement jointly issued by the Ministry of Commerce of the People's Republic of China, China National Machinery and Equipment Corporation and CMEC International Exhibition Company.

Once completed, the factory would become the second glass-manufacturing project to operate in Kadoma after a similar project by Romanian firm, Romsit, a joint venture with the Industrial Development Corporation, collapsed in the 1990s after it failed to produce durable glass.

Under Zimbabwe's "Look East Policy," the country has been promoting ties with Chinese companies.

Trade volumes between the two countries are expected to peak to US$500 million this year from US$275 million in 2006.

China has become the country's second largest trading partner after South Africa although the balance of trade has remained in favour of the Asian economic giant.

Source: fingaz.co.zwAuthor: shangyi

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