INTERNATIONAL investors should consider investing in
Zimbabwe as it has removed restrictions that hindered investment, President
Mnangagwa said yesterday.
He stressed that Zimbabwe was open for business and was
implementing economic and political reforms to ensure investments were safe.
Zimbabwe had already scrapped the Indigenisation and
Economic Empowerment Act which limited foreigners to 49 percent of new
investments, reserving 51 percent for Zimbabweans.
He made the remarks yesterday while fielding questions
during a discussion at the ongoing Global Business Forum on Africa that opened
here yesterday.
The President said since not all countries dislike
Zimbabwe, the country decided to cooperate to have global funding.
“To do so, however, we needed to introduce reforms. Since I
came into office barely two years ago, we have introduced reforms — a raft of
economic reforms, a raft of political reforms in order to attract global
capital into Zimbabwe,” he said.
“As I said, the current foreign policy of my country is to
re-engage. But we don’t expect that global capital will just come because we
are just asking it to come. We must create an environment where it
(investment) feels safe and comfortable.
“We are also competing with many other jurisdictions in the
region or developing countries which also wish to attract global capital and
investors to come and develop their economies.”
President Mnangagwa said since the introduction of economic
reforms, the country has climbed 16 steps on the world ease of doing business
index, which underscores that the reforms were being accepted.
“I am happy to have been invited here and I hope that I
meet global participants in investments and we are saying Zimbabwe is open for
business.
“But perhaps the next country is saying we are also open
for business. Another country, perhaps in Asia, is saying we are open for
business. You must create conducive conditions for investment.
“For those who want to make money, Zimbabwe is open, so
come and make money in agriculture, in mining, in industry, in energy,” he
said.
The President said due to climate change, electricity
generation was now down, especially at Kariba because of low water levels.
“We cannot generate any power anymore but I know that
among the people who are here, some have skills; technology in renewable
energy like solar.
“We have sunshine from January to December but we don’t
have the capital to do it, so I am here to make sure that Zimbabwe is open to
do business in those areas.”
President Mnangagwa said Zimbabwe was fortunate to be
endowed with vast natural and human resources that could save as a catalyst to
economic development.
He said the country had several opportunities in different
sectors that investors could take advantage of.
As the country intensifies efforts to rebuild the economy
under the “Zimbabwe is Open for Business” mantra, President Mnangagwa urged
Zimbabwean technocrats to come back home and develop their motherland.
“The issue is that we have hundreds of our top brains
outside Zimbabwe as a result of the sanctions. Our young people in the Diaspora
we are saying to them come back.
“After all, the fact that we have brain-drain is also
giving us an advantage. Most of our Zimbabwean technocrats are in high places.”
Herald
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