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Cabinet Approves TelOne, Flashcord, ZITCO Joint Venture

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The Zimbabwe government has finally given the green light for the proposed investment project between TelOne, Flashcord and National Venture Capital Company of Zimbabwe to form the

Zimbabwe Innovation and Technology Company (ZITCO).

Speaking to TechnoMag offcuff, TelOne spokesperson Ms Melody Harry said “There was nothing new about the development.”

She added, “This is exactly what was always the arrangement. Just finalisation of approvals by cabinet since Flashcord who is TelOne’s partner is a government company.”

She told this publication, “We will send you the press release regarding that as we are waiting for the press release approval.”

Cabinet considered and approved the Investment Project which were presented by the Minister of Finance and Economic Development, Hon. Prof. Mthuli Ncube, as Chairman of the Public-Private Partnerships (PPP) Committee:

Proposed Joint Venture between TelOne, Flashcord and the National Venture Capital Company of Zimbabwe to form the Zimbabwe Innovation and Technology Company (Pvt.) Ltd. (ZITCO) for the Manufacture of ICT Devices;

The Zimbabwe Innovation and Technology Company (Pvt.) Ltd. (ZITCO) is a joint venture company formed to manufacture ICT gadgets, and based in the Msasa industrial area of Harare. To date, a total of 3 500 such gadgets have been manufactured, with production expected to reach 5 000 at the end of the year.

The economic benefits of the Joint Venture are:

Employment creation: Over 2 000 jobs will be created at the plant;

Revenue generation: Local production of the devices will result in import substitution, thereby saving foreign currency. The targeted export market includes Zambia, Malawi, Namibia, Botswana and Mozambique, and exports are estimated to generate US$25 million in the first three years (2022-24); and

Strengthening of local industries through engagement of local skilled personnel use.This will also utilise locally made materials.Promotion of both upstream and downstream industries will be guaranteed.

ross moyo

Zimdollar Falls By 3,5015 To US$1:ZWL$124,01

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