Wednesday, 8 May 2019

ZIM AN INVESTORS PARADISE, SAYS ED


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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