Harare (New Ziana) – Zimbabwe’s stock as a safe and rewarding investment destination keeps growing as the country continues to receive rave reviews and endorsements from investors impressed by local business conditions fostered by the government’s thrust on investment promotion.
The Second Republic, under President Emmerson Mnangagwa, has cited attracting increased foreign direct investment as crucial in driving the country’s development agenda.
To lure new investment and encourage expansion of existing ones, the government has introduced several investor friendly policies, including creating the one stop investment centre, the Zimbabwe Investment Development Agency and special economic zones.
The government has also deployed measures to guarantee the safety of investments, while the prevailing peace and stability has also aided the growth of foreign direct investment.
It is such guarantees and investment climate that Impala platinum (Implats) lauded on Wednesday.
Implats, a South African mining firm, is the holding company of platinum giant Zimplats, which operates the country’s biggest platinum mine in Selous, Mashonaland West Province.
In a series of tweets, local news agency newZWire quoted Implats chief executive officer telling the PGMs industry Day in South Africa that Zimbabwe was the investment destination of choice.
This latest endorsement by Implats gives credence to the fact that the Second Republic’s open for business mantra is sincere.
“Zimbabwe is the best jurisdiction to operate in, predictable operating environment, least disruption, best safety record, etc. I am happy that others see Zimbabwe as a risk, It allows us to continue expanding our interest there, ” Implats chief executive officer Nico Muller said.
“Our shallow world class assets in South Africa and Zimbabwe will improve our long term position, making us more competitive, which is why we continue investing there.”
Impala Platinum’ local mining unit, Zimplats recently said it is going to inject more than $80 million into one of its mines, the Bimha mine just after completing a nearly $100 million reconstruction project there following a major collapse in 2014.
President Mnangagwa, who coined the mantra, Zimbabwe is Open for Business, has led the charge to lure increased investment.
“My government remains committed to creating an environment that is conducive for business, while realising the expansion of economic cooperation, trade and investment. We thus stand ready to welcome investors and global capital from across all countries of the world,” he said last month at the Zimbabwe-Rwanda trade and investment conference.
“Furthermore, my administration has addressed issues that were of concern in the past. These include guaranteeing security to investment and allowing repatriation of profits as well as dividends and royalties.”
The pro investment policies such as repealing the controversial indigenisation laws which had been cited as a major hindrance to attracting FDI, have also enabled investors to easily set up shop in Zimbabwe.
This is part of wider reforms being pursued by President Mnangagwa’s government to improve the ease of doing business in Zimbabwe.