President Mnangagwa yesterday told the high-level Tokyo
International Conference on African Development (TICAD) that his administration
is committed to comprehensive economic reforms and making the country a safe
destination for investment.
He also lauded Japan, saying the world’s third largest
economy had a “critical role to play for Africa’s economic transformation,
diversification and industrialisation”.
The President made the remarks while addressing the plenary
session at the three-day TICAD 7 summit, which was officially opened yesterday
by Japan’s Prime Minister Shinzo Abe in Yokohama.
A number of African Heads of States are attending or are
highly represented at the summit that seeks to stimulate trade and investment
between the continent and Japan.
President Mnangagwa said under his new administration,
Zimbabwe is ripe for investment and is pulling all the stops to attract global
capital.
“Guided by our Zimbabwe is Open for Business mantra, my
administration is determined to continue implementing reforms, aimed at making
Zimbabwe a safe, favourable and competitive destination for investment.
“My Government has put in place comprehensive reforms to
accelerate the economic development agenda.
“We are promoting private sector led investment
particularly in agriculture, mining, manufacturing, energy, infrastructure,
ICTs and service sectors,” he said.
President Mnangagwa lauded Japan for its inspiring
development model that is characterised by advanced technology, saying Zimbabwe
is ready to work hand in glove with Tokyo to take lessons from Japan’s
advancement.
“Zimbabwe recognises and applauds the immense strength that
Japan continues to have in science, technology innovation and stands ready to
enhance cooperation with Japan in these and other spheres.
“Zimbabwe and others within our African continent have vast
resources across all sectors and remain ready to increase trade and investment
with Japan on mutually beneficial basis,” he said.
The President underscored the significance of TICAD, saying
participating at the high-level meeting primes Zimbabwe to achieve its goals of
modernisation and industrialisation to become an upper middle income economy by
2030.
“Our participation at this important conference reaffirms
my Government’s continued commitment to the TICAD process. The private sector
is a valued partner in sustainable economic development in our quest to
transform, modernise and industrialise our economies,” he said.
President Mnangagwa informed the TICAD delegates of the
progress made under the ease of doing business programme, including remodelling
of the Zimbabwe Investment and Development Agency (ZIDA) for a One Stop Shop
that will enhance convenience for potential investors.
“We have embarked on the ease of doing business reforms,
which seek to enhance the country’s investment environment.
“The Zimbabwe Investment and Development Agency (ZIDA) will
ensure that all Zimbabwe’s investment information is available and processed
under one roof,” President Mnangagwa said.
He also said the jettisoning of the Indigenisation and
Economic Empowerment Act was a game-changing move by the Government to lure
investors.
“Under my administration, Zimbabwe has liberalised our
investment conditions by repealing the Indigenisation and Economic Empowerment
act,” he said.
“This now allows for greater adjustment in the private
sector participation across all sectors, which should in turn, further
accelerate our economic transformation and industrialisation.”
In his opening remarks, Prime Minister Abe, who is co-chair
of the summit, pledged to aggressively promote private-sector investment from
Japan to Africa.
He said Japan’s private sector invested US$20 billion in
Africa over the past three years.
“The Japanese Government will do its best to encourage the
private sector so that it will surpass the $20 billion invested over the past three years.
“I make this pledge to you that Japan’s investment will be
surpassed under the New TICAD that we agreed to come up with at the last summit
in Nairobi Kenya,” said Prime Minister Abe.
United Nations Secretary-General, Antonio Guterres, as well
as African Heads of States also addressed the high level summit that was
co-chaired by African Union chairperson and Egypt’s President, Abdel Fattah
el-Sisi.
The TICAD summit is co-organised by the AU, the UN, the
World Bank and the United Nations Development Programme. Herald
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