Zimbabwe hopes that foreign investment in its mines can bring foreign currency to the country, which is struggling with unemployment of over 70 percent, an over 900 percent annul inflation and severe shortages of foreign currency, food and fuel.

Surrender Ncube, consultant of a European investment promotion program, said in Harare Thursday he was confident that the country would have the highest number of investors in the European Union Southern Africa Development Community Investment Promotion Program (ESIPP) projects, which focus on mining this year.

"Zimbabwe has the most developed mines in the Southern Africa Development Community (SADC). We understand mining better than most countries in our region and therefore we expect to have an upper hand in getting investment for projects. This will bring in the much needed foreign currency," he said.

ESIPP is an investment vehicle that promotes investment of various projects from all sectors of the economy within the SADC region by connecting them to international investors in the EU.

Under the title "Mines 2006", ESIPP will be looking to take project proposals from more than 500 applicants across the southern African region. These applications will then be trimmed to between 200 and 250 projects, which will then be forwarded to potential investors in the European Union.

Ncube said they were currently receiving project proposals from interested applicants, which would then culminate in a stakeholders' conference in November.

Source: Xinhua