President Mnangagwa courts investors
Harare (New Ziana) – The Zimbabwe government is open to dialogue, crafting and enacting efficient and transparent regulations as well as industry-specific competitiveness strategies that spur investor appetite, President Emmerson Mnangagwa said on Thursday.
Addressing delegates at the inaugural Zimbabwe Annual Investment Forum in the capital, President Mnangagwa said investors should look beyond the negative publicity and economic sanctions imposed on Zimbabwe and invest in the country, whose stock as a safe and rewarding investment destination was growing on the back of government’s thrust on investment promotion.
“Beyond the negative rhetoric and the reality of the illegal economic sanctions; the facts supersede and always speak louder than all falsehoods peddled by our country’s detractors. Zimbabwe has vast untapped potential and investors stand to gain much more, by choosing to invest in our great country,” he said.
“Our abundant mineral resources base, which is largely unexplored and unexploited, makes us one of the mining investment destinations of choice. The unique and wide-ranging minerals which include lithium and other rare earth minerals of the future, give us global competitiveness in the mining sector.
“The requisite investment in this sector, thus, has the potential to transform Zimbabwe into a key player in the global mining value chains. Riding on the value addition of our mineral resource endowments, great opportunities exist for the establishment of strategic green industries, not only for our country, but the world as a whole.”
The pro investment policies spearheaded by the Second Republic, such as repealing the controversial indigenisation law which had been cited as a major hindrance to attracting FDI, have also enabled investors to easily set up shop in Zimbabwe.
President Mnangagwa, who coined the mantra, Zimbabwe is Open for Business, has led the charge to lure increased investment.
“Our cross-cutting reforms have to date enhanced the investment environment and seen greater participation of the private sector. Additionally, economic management is continually being strengthened, while better public financial management and performance of state-owned enterprises is vigorously pursued,” he said.
“Key reforms have been further designed to achieving macro-economic stability, improving the business operating environment, and ensure that the structures of our industries are internationally competitive. These have seen us recording remarkable milestones as the economy remains on an upward growth trajectory, with a 4.6 percent economic growth projection for 2022. I want to assure you that your investments are secure, that the operating environment is stable, and that you are supported by policy certainty and regulatory safeguards.”
President Mnangagwa said the government stood ready to work with investors and partners in the private sector to achieve the country’s development ambitions.
He said robust and responsive trade and investment policy strategies had been put in place, setting the country on its current path of recovery and long-term growth.
On the other hand, he said the government was working on a robust infrastructure development programme, a critical enabler to attracting increased investment.
For example, he said the revamping of road and aviation infrastructure would see Zimbabwe becoming a logistics hub for the Southern African region.
“The 2022 National Budget gives impetus to government’s commitment to infrastructural development as a critical enabler to national competitiveness and economic growth. Earlier in 2020, my government launched the 2020 Infrastructure Investment Plan which provides a roadmap towards infrastructure recovery.
“The Plan has ensured that public assets are restored and modernised for sustained and inclusive national economic growth. To continue delivering this, public-private synergies remain imperative. Financial institutions, local and foreign investors are, therefore, invited to scale up their investments and partnerships to profitably provide solutions to Zimbabwe’s infrastructure gaps.”
Several other infrastructure projects were being carried out in the energy, water and housing sectors.
“The long-term benefits of these policies are invaluable to sustainable economic growth and a higher quality of life that leaves no one and no place behind,” he said.
The Second Republic, under President Emmerson Mnangagwa, has prioritised attracting increased foreign direct investment 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 (ZIDA) and Special Economic Zones (SEZs).
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.