Shava decries low investment in Zim by UK companies

Despite the United Kingdom being one of Zimbabwe’s top export destinations, the government is concerned about low reciprocal investment in the country by British companies, a cabinet minister said on Tuesday.

Addressing the Westminster Business Group that is in the country to explore business opportunities, Foreign Affairs and International Trade Minister, Fredrick Shava said there had not been significant investment in the country by British companies since 2000, although the United Kingdom was a major export destination for Zimbabwe in Europe and the world.

The country’s other top European export destinations are Belgium, Netherlands, Italy and Germany, Shava said, adding that it was Zimbabwe’s wish to deepen trade and investment ties with Britain.

The two countries have had frosty relations since 2 000 when Britain, angered by Zimbabwe’s land reforms, imposed sanctions on its former colony, and mobilised the entire European Union to follow suit.

The reforms were intended to redress colonial land ownership imbalances skewed in favour of whites, and hundreds of landless peasants were resettled on acquired farms.

The government estimates the sanctions cost Zimbabwe’s economy over US$100 billion over the two decades they have been in force.

While here, the visiting British business delegation will also meet several other government officials, including Finance and Investment Promotion Minister Professor Mthuli Ncube, and officials of the Zimbabwe Investment and Development Agency.

“The Minister of Tourism will also be a very good station because not only do we have one of our tourist major icons here named after your own former queen, Victoria Falls, we think that we can promote tourism between the United Kingdom and Zimbabwe and go back to the good old days when Air Zimbabwe used to fly to London and British Airways used to fly into Harare and the people used to enjoy visits to Victoria Falls and other interesting tourists attractions in this country,” Shava told the business leaders.

He said Zimbabwe was keen to restore economic ties with Britain, particularly in the area of investment where the United Kingdom seems to be lagging.

He briefed the group on the country’s economic blueprint, the National Development Strategy, and investment and trade opportunities it presented which British investors could tap.

“We hope that through this strategy we should become an upper middle income economy by 2030. We used to say by 2030, but we have since revised it and we think we should be such an economy by 2028,” Shava said.

Speaking at the same occasion, head of the British business delegation, Laurence Robertson, who is also the chairman of the Westminster Africa Business group, said Britain was equally keen to expand economic relations with Zimbabwe, and Africa as a whole.

“At the same time, we recognise the need to help emerging nations and help you achieve goals which you set, very ambitious goals which you set, we would like to see you achieve those goals,” he said.

New Ziana