The Sunday News
Judith Phiri, Business Reporter
ZIMBABWE is making strides in improving its regulatory and general business environment to attract both domestic and foreign investment, and is also targeting to become the safest destination for capital on the African continent, a cabinet minister has said.
Speaking at the Zimbabwe Ministerial Dinner in Johannesburg, South Africa on Wednesday, the Minister of Information, Publicity and Broadcasting Services, Monica Mutsvangwa said the current administration’s thrust to inclusive development was anchored on making Zimbabwe an optimal destination for capital.
“Apart from reiterating the “Zimbabwe is Open for Business” policy proposition this clarion call is premised on the need for progressive institutions and individuals to appreciate the reform anchored state architecture that has been delivered by President Mnangagwa.
“To date, the Second Republic has achieved outstanding milestones that continue to improve the lives of ordinary Zimbabweans while leaving no one and no place behind,” said the Minister.
She said the geospatial advantage of Zimbabwe makes the country a strategic nerve centre for SADC trade and commerce which directly feeds into the aspirations of the African Continental Free Trade Area (AfCFTA).
Minister Mutsvangwa said the resilience of the economy was attested by the robust sanctions bursting strategies.
“Foreign investors are allowed to own 100 percent shareholding for mining operations in all minerals. Before starting operations, foreign investors are required to register a local company and apply for an investment licence from the Zimbabwe Investment and Development Agency (ZIDA).”
“Kudos go to President Mnangagwa for attracting global class capital to exploit global class mineral endowments in Zimbabwe,” she said.
The Minister said in terms of the mining sector, Zimbabwe was a global class mining player being number two in platinum group metals after South Africa, while it was top three in ferrochrome reserves.
She said the country had more than 60 other minerals on its great dyke geological complex.
“You will all be happy to know that Zimbabwe’s currency is now anchored on the gold standard as opposed to the fist currency US dollar. This explains why the Zimbabwe dollar is getting stronger to the chagrin of speculators, and to the delight of our population. This is a boon for investors.”
Minister Mutsvangwa said Immediate opportunities existed in revamping the existing railway system so that they remove all the carbon steel ecosystem load from road to rail.
In terms of the energy sector, she said Electricity power generation is an absolute priority.
“Within the last five years President Mnangagwa has commissioned Kariba South Hydro Electric power station, and Hwange 7 and 8 thermal power stations, adding a thousand megawatts to the power grid and effectively addressing load shedding.”
The Minister said Zimbabwe was also on the cusp of being a key oil to gas energy player in the region.
She said a novel breakthrough to the economy was the hard currency Victoria Falls Stock Exchange (VFEX) as Zimbabwe intends to develop it as a driver of raising capital for Africa’s rich mineral endowment, among other developments.
“Tourism is a strategic sector which plays a pivotal role in contributing to economic growth. Zimbabwe is gifted with vast tourist attractions ranging from natural to man-made historical sites,” she added.
She called on investors to join forces with the country to rebuild it and move forward into a prosperous future.
