eBusiness Weekly
HARARE – The Zimbabwe government will continue reforming the investment climate by putting in place investor friendly policies as efforts to attract foreign direct investment intensify, President Emmerson Mnangagwa said on Monday.
President Mnangagwa’s government, which came to power in November last year, has placed economic development on top of its agenda, with various reforms being put in place to lure investors.
An example is the scrapping of the indigenisation law, making it only applicable to investments in diamond and platinum mining.
The renewed emphasis on the economy has resulted in an influx of investors expressing interest to invest in Zimbabwe from across the globe, including from countries that were previously hostile.
Since November last year, at least $15 billion worth of investment commitments have been registered in a show of faith in the new administration and its ideas.
Again in a show of faith, a large business delegation from the Chinese province of Zhejiang is in the country to scout for business opportunities following President Mnangagwa’s visit to that province in April this year.
Zhejiang is one of China’s richest provinces whose main manufacturing sectors include electromechanical industries, textiles, chemical industries, food, and construction materials.
As of 2016, Zhejiang’s nominal GDP was $711 billion, about 6.35 percent of China’s GDP.
Officially opening the Zimbabwe-China business forum in Harare, President Mnangagwa said Zimbabwe’s investment climate was being transformed.
“My government has put in place appropriate policy and legislative framework to improve our country’s investment climate, lower the cost and risk of doing business and guarantee safety of all foreign investments and protection of property rights,” he said.
“Investors are assured of clear, consistent, coherent and friendly business policies for win-win outcomes under my dispensation.”
He said Zimbabwe had massive investment opportunities in agriculture, mining, transport and the manufacturing sectors.
To further improve Zimbabwe as an investment destination, the government would soon gazette a comprehensive incentives package which would apply in Special Economic Zones.
“Let me assure you that my government will facilitate the implementation of all planned ventures and investments in the shortest possible time. If any one of your business colleagues here finds any door for investment in Zimbabwe closed tell me I will open it in seconds,” he said.
“We look forward to massive investment projects by Chinese companies that will see Zimbabwe on the road to fulfilling its vision of being a middle income country.”
President Mnangagwa urged the Chinese investors to take advantage of the upgrading of relations between Zimbabwe and China to that of comprehensive strategic partnership and co-operation.
Meanwhile, Zhejiang and Harare province signed an agreement for the establishment of friendly relations between the two.
Zhejiang also offered scholarships to Zimbabwe. – New Ziana
