ED seeks Russian investors

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President Emmerson Mnangagwa has said his participation at the World Economic Forum in Davos, Switzerland has provided him with the opportunity to spell out the trajectory that his administration is taking following his inauguration in November last year.

“The interest rose from Davos itself,” President Mnangagwa told Russian and local media on the sidelines of the Davos meeting here. “They invited me to present the new order … the new dispensation that has taken place in Zimbabwe … and be able to meet global leaders.

“I felt it was an opportunity for me to showcase the case of Zimbabwe going forward. Zimbabwe is a developing country … and Zimbabwe has been isolated for decades.”

“So we are kind of behind.” President Mnangagwa and key his delegation met some financiers, who have shown interest in helping the country clear its external arrears and invest in the country. Zimbabwe is in arrears of $1,8 billion with the World Bank and the African Development Bank and is working on clearing them to unlock new funding.

President Mnangagwa re-emphasised that Zimbabwe was open to business, saying the new dispensation would ensure friendly policies were put in place to attract FDI.

He also assured business community that his Government would make sure the country hold free and fair elections, assuring the investment community of no disturbances.

Meanwhile President Mnangagwa has invited more companies from Russia to consider investing in Zimbabwe.

In the same interview, the President said his administration would ensure friendly policies were in place to attract the badly needed foreign direct investment to help revive the economy.

Diamond miner DTZ-OZGEO and Great Dyke Investments which is developing a platinum mine in Darwendale, about 70 km west of Harare, are Russia’s major investments in Zimbabwe. But President Mnangagwa encouraged more Russian companies to invest in sectors including agriculture, mining, tourism and infrastructure.

“Primarily our economy is agricultural based,” he said. “We would want to modernise agriculture. We would want investors who would participate at that level.”

“The products of agriculture have to be processed … (with) valued addition … of those products.

“As Government, we have to make sure we create the environment where business can thrive.”

He said Russia stood by Zimbabwe even when Zimbabwe was under western sanctions, and he was hoping the bi-lateral relations between the two nations would remain intact.

One of his Vice-Presidents would visit Russia, the President said without revealing the purposes of the visit.

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