PRESIDENT Mnangagwa has implored foreign investors to
consider Zimbabwe, saying the country was now ready for take-off following
nearly two decades of isolation. Zimbabwe has been reeling under sanctions
imposed by Western powers after the Land Reform Programme which sought to
correct colonial land imbalances.
Delivering a speech during an oversubscribed dinner with
businesspeople on Wednesday at the World Economic Forum (WEF) on Africa in Cape
Town, the President said the Land Reform Programme had been successfully
completed and the country was now in transition.
“Allow me to preface my statement with a declaration that
Zimbabwe is in transition,” he said.
“We have been in isolation for close to two decades due to
illegal economic sanctions that were imposed following (the) process to reclaim
our land through the Land Reform Programme.”
President Mnangagwa said the country’s Constitution
required the Government to pay compensation for improvements on land
repossessed from white former commercial farmers, and that his administration
will comply.
However, he pointed out that following the completion of
the Land Reform Programme and economic challenges that characterised the past
two decades, focus was now on rebuilding the economy under the “Zimbabwe is
Open for Business” policy.
President Mnangagwa said in line with the Transitional
Stabilisation Programme (TSP) 2018-2020), Government recognised the role of
foreign direct investment (FDI) and private sector investors.
“The key tenets of our development agenda include
comprehensive economic reforms, which improve the ease and cost of doing
business, fosters an investment friendly environment, promotes and protects
enterprises, creates employment, eradicates corruption and enhances
accountability, transparency and good governance,” he said.
The President said the reforms were being undertaken with
an eye on making sure the country attains Vision 2030 of becoming an upper
middle income economy where citizens get at least US$3 500 per month.
“Private sector investment will play a major role in the
attainment of this noble vision. My administration has liberalised investment
conditions and removed restrictions on shareholding across all sectors of the
economy,” he said.
To that end, Government has repealed the Indigenisation and
Economic Empowerment Act, which limited foreign shareholding to 49 percent,
with the balance reserved for indigenous blacks.
The President stressed that all Bilateral Investment
Protection and Promotion Agreements (Bippas) will be respected.
“I want to assure you all that my administration is
unwavering in its commitment to safe, open, predictable and transparent
investment and business environment,” he said.
Government continued to strengthen institutions that are
charged with fighting corruption, with the Zimbabwe Anti-Corruption Commission
(Zacc) having been fully reconstituted and capacitated.
Efforts were also underway to address issues around the
ease of doing business by reforming regulatory frameworks and eliminating
bureaucratic bottlenecks.
President Mnangagwa said a one-stop-shop had been
established through the formation of the Zimbabwe Investment Development
Authority (ZIDA).
“Legislative reforms are also ongoing to realign all our
laws with the global best practices,” he said.
The President said agriculture was the mainstay of the
economy and Government seeks to fully utilise the resource.
He further indicated that mining sector, which has over 60
minerals including rare-earth minerals, was yet another area that investors
should consider.
Other opportunities that investors could explore are in the
tourism and manufacturing sectors, adding they offer incredible returns.
“In line with the SADC industrialisation agenda and
prospects brought by the operationalisation of the African Continental Free
Trade Area (AfCFTA), investors are welcome to Zimbabwe to set up value addition
and beneficiation industries, leveraging on a wide array of raw materials and
highly skilled human capital base in our country,” said President Mnangagwa.
He said investment opportunities were still abound in
Zimbabwe’s infrastructure sector, particularly energy, modernisation and
upgrading of transport systems. Herald
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