LOCAL chief executive officers who spend much energy focusing on alleged toxicity in the country and hold back investments, risk losing golden opportunities to international investors who are pouring billions of dollars into the same environment shunned by locals, a Cabinet Minister has said.
Global investors are heeding President Mnangagwa’s call that Zimbabwe is Open for Business and are investing in various sectors of the economy.
International investors have taken up spaces notably in mining, agriculture sub-sectors.
In a discussion on linkage between Governance and national development at the CEO Africa Roundtable Conference in Victoria Falls last Friday, Minister of War Veterans of the Liberation Christopher Mutsvangwa told various CEOs that in the last five years under the Second Republic led by President Mnangagwa, Zimbabwe has been experiencing rapid development and accelerated pace in attracting quality global investors particularly in the mining sector.
For instance, he cited the massive US$1,5 billion Dinson Iron and Steel Plant in the Manhize area of Chirumanzu District in the Midlands province.
The giant integrated iron and steel plant is being constructed by Chinese investor, Dinson Iron and Steel Company (Disco), and is envisaged to be one of the biggest in Africa.
The investment represents a huge stepping stone in Zimbabwe’s modernisation and industrialisation agenda in line with the National Development Strategy (NDS1) and Vision 2030.The world-class iron and steel plant would tap into a resource base that is estimated to last for 100 years and comprises a carbon and steel plant, an iron ore mine, and a ferrochrome plant, which will result in over 10 000 people benefiting through employment across value chains.
Added to that, he said coal and lithium spaces are fast being snapped up by renowned global players.
However, Minister Mustvangwa said the investments are taking place without much participation of locals who focus on alleged toxicity.
“Foreigners are investing billions of United States dollars in Zimbabwe yet you are seeing toxicity in your country. They are seeing opportunities but some are seeing toxicity. If you dwell on toxicity you won’t move forward,” he told business executives.
Business executive Mr Nigel Chanakira and opposition politician Tendai Biti had attempted to give an impression that Zimbabwe investment space is not conducive by repeatedly citing alleged toxicity.
The 2023 annual roundtable was held under the theme: “Towards African Renaissance: Prospering through Smart Partnerships.”
He said executives should tap into President Mnangagwa’s call that “Zimbabwe is Open for Business” and the Second Republic is creating conducive conditions for investment.
He added, “I am very happy that in the last five years, we have had paradigm shift in the governance of this country where a vision is the driver of where we are going as a country.
“President Mnangagwa has looked at the resources in Zimbabwe and has seen that they are world-class and he has decided to seek world-class companies to come and exploit the resources so that Zimbabwe produces world-class products,” he said.
“Investments in steel in Manhize will transform the country and we are doing it with the most competent company in the world in steel production. Something big is hitting Zimbabwe and that is where we are going under President Mnangagwa.
“President Mnangagwa is attracting Fortune 500 companies with a turnover of US$60 billion,” he said.
He added, “With vast lithium deposits, we are also going to be what Saudi Arabia is today with fossil fuel, supplying the world with lithium batteries.”
“If a firm is investing in the upwards of US$30 billion in Zimbabwe and does not see toxicity, why do you always want to see toxicity in your own country?” he asked.
“World-class capital is being attracted to Zimbabwe so that we can produce world-class products for the global market. We have provided stability but you are being told about toxicity. You should seize the opportunities that are being created now,” he added.
He said President Mnangagwa has scaled the appeal of Zimbabwe’s resources to the best global capital in the world.
“This is the capital that will lift this country out of poverty into development.”
Minister Mutsvangwa told delegates that governance and economic development require a great leap in vision and President Mnangagwa is providing that.
The CEO Roundtable platform was created to engender cross-fertilisation of critical economic and business knowledge in and around Africa. It serves to empower them with a wide range of packages including researched data, synergies, investment facilitation, business and investment profiling.
CEO Africa Roundtable offers its members and the business leader’s space for in-person and digital events, experts’ insights, enhanced connections and transactions as well as provide room for exchange of ideas and experiences. Chronicle
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