PRESIDENT Mnangagwa yesterday assured foreign investors
that the country has liberalised investment conditions to the extent that they
are free to partner with local businesses of their choice and can access their
dividends.
Officially opening the 35th International Chromium
Development Association (ICDA) conference in Victoria Falls, President
Mnangagwa said the 2nd Republic will continuously implement comprehensive
economic reforms to ensure Zimbabwe is a safe, favourable and competitive
investment destination with a thriving and open economy.
He said the reforms are the cornerstone of the country’s
“Zimbabwe is Open for Business” mantra and invited mining sector investors to
take advantage of the country’s abundant investment opportunities.
“We’re a country endowed with vast natural resources and a
huge growth potential particularly in the chrome and platinum group of metals
mining sub sectors. As our country accelerates its modernisation and
industrialisation agenda, the development of these mining sectors will be given
greater attention in our bid to accelerate economic growth.
“In response to market expectations and global best practices,
we continue to make responsive laws to reform our business operating
environment through policies that are transparent, consistent and predictable.
We’ve implemented the amendment of the Indigenisation and Economic Empowerment
Act and investors are also free to choose to partner with locals on mutually
beneficial and agreed conditions. All investors are free to repatriate their
dividends in accordance with our laws,” said President Mnangagwa.
He said his administration is committed and has liberalised
investment conditions by removing restrictions on shareholding in the mining
sector.
The ICDA conference is the first to be held in Zimbabwe. President Mnangagwa said the platform could not have come
at a better time for Zimbabwe as it will help showcase opportunities in the
mining sector as well as capacitate the country’s resurgence in the global
chromium market and value chain.
He said there are vast opportunities for investment in the
beneficiation and value addition across the entire chrome value chain.
“As a country with the second largest chrome reserves in
the world, it’s most opportune that you chose Zimbabwe as the host for the 2019
edition of the ICDA conference. As the global demand for chrome steadily
increases, we are determined to increase our national productivity and total
output contribution to the global supply matrix in line with chrome resources
in our country.
“To achieve this, Zimbabwe’s chromium sector is open for
the injection of new capital and investment inflows. I therefore invite you to
commit your investments into our chromium sector and explore possible
investments in any of our wide range of exciting mineral resources some of
which are yet to be explored,” said the President.
He said the country has a skilled human resources base
which is key to investment.
President Mnangagwa said Zimbabwe’s peaceful environment is
a catalyst for investment, adding that this puts the country in a position to
be the industrial hub for Sadc as well as the gateway into the north-south
corridor.
He said besides capacitating the mining sector, Government
is also implementing a number of projects across the sectors of energy,
infrastructure development, transport, water, and ICT to support investment.
Present at the conference were Mines and Mining
Development; Minister Winston Chitando, Industry and Commerce Minister
Mangaliso Ndlovu, Matabeleland North Provincial Affairs Minister Richard Moyo,
his Mashonaland West counterpart Mary Mliswa-Chikoka and other senior
Government officials.
The conference ends today. Chronicle
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