Zim Davos visit lures investors
ZIMBABWE continues to use the World Economic Forum (WEF) in Davos, Switzerland, to sell the country as an investment destination.
Finance and Economic Development Minister Professor Mthuli Ncube led Zimbabwe’s delegation at the 50th World Economic Forum (WEF) from January 21 to 24 and also hosted a practical investment seminar in Zurich.
Prof Ncube described WEF as an important platform for international re-engagement, and for driving the policy “Zimbabwe is Open for Business”.
He said Zimbabwe took advantage of this year’s WEF edition to sell the numerous investment opportunities that exist, and explained the specific incentives that investors can get.
“From a Zimbabwe perspective, the takeaways from Davos are: ‘Zimbabwe is Open for Business’, this mantra was well captured by the event we hosted in Zurich focusing on investing in
Zimbabwe and the opportunities that are available,” said Prof Ncube.
“We discussed the various incentives available to investors and the security of their investments. Target sectors of interest from investors are mining, tourism, agriculture, pharmaceuticals, and services. Zimbabwe will work out specific incentives for Swiss investors in these sectors.”
If new Swiss investors come, they will join other companies from the European country, principally Nestle, which already operates in Zimbabwe.
Nestlé SA is a Swiss multinational food and drink processing conglomerate head-quartered in Vevey, Vaud, Switzerland.
It is the largest food company in the world, measured by revenues and other metrics, since 2014.
The interest from Swiss investors comes on the back of commitments by a number of investors such as Karo Resources and the Russians, who have partnered Government in platinum mining in Darwendale.
Great Dyke Investments, a joint venture between Russia’s Vi Holdings and Zimbabwe’s Landela Mining Venture (Pvt) Ltd, last week started operations on its Darwendale concessions after years of preparation, with the first box cut being made.
The platinum deal is worth US$2 billion, and President Mnangagwa’s visit to Moscow last year saw the release of US$300 million, part of which has helped to start the implementation of the project.
Many other investors have taken up opportunities in Zimbabwe since 2017, after the Government reopened the country to investment by addressing obstacles which portrayed Zimbabwe as an unsafe destination.
Prof Ncube said Zimbabwe’s participation at this year’s WEF allowed it to engage the world regarding food shortages caused by erratic rains.
“The global community is committed to support Zimbabwe in the sourcing of grain and other foods to deal with the effects of drought,” he said.
“This was expressed by the WFP executive director (Mr David Beasley), and UN under-secretary on humanitarian assistance (Mr Mark Lowcock).”
In December last year, the United Nations (UN) said it would provide food assistance for 4,1 million Zimbabweans.
Just over seven million people require food assistance after a bad harvest last year, and with another poor yield looming due to erratic rains because of climate change, more people in rural and urban areas might
ZIMBABWE’S foreign policy is premised on economic diplomacy focused on consolidating and creating mutual friendships.
This was said by Foreign Affairs and International Trade Minister Sibusiso Moyo while presenting a lecture at the Joint Staff and Command Course Number 33 at the Zimbabwe Staff College at Josiah Magama Tongogara Barracks.
“Zimbabwe’s foreign policy is not static. It is both dynamic and responsive to the ever-changing world. Our thrust at the moment is economic diplomacy premised on image building, consolidating old friendships and opening new frontiers for mutual beneficial cooperation,” Minister Moyo said.
The minister said the country’s foreign policy was focusing more on the economy following guidance set out by President Mnangagwa in his inaugural speech as Head of State and Government.
“The creation and formulation of our foreign policy is basically the prerogative of our President, the Head of State and Government. The President sets the parameters of a country’s foreign policy,” Minister Moyo said.
“President Mnangagwa has clearly laid out the country’s foreign policy thrust guiding the Second Republic and he clearly enunciated this in his inaugural speech when he was sworn-in as President. He clearly articulated that this country had been isolated for nearly two decades.
“We must allow our people to freely engage with the rest of the international community without any impediments and without any form of isolation.”
The minister added that the “Zimbabwe is open for business” policy indicated a shift of the country’s diplomacy.
“That meant a shift in the foreign policy of Zimbabwe. It is not just meant to look for friends, but it is transactional diplomacy. It is economic diplomacy meaning that each and very diplomat must have a different view and shift in mind and be guided to not only create friends, but ensure that it is a win-win friendship and transactional kind of friendship.
“That’s why even in an organisational structure, the Ministry of Foreign Affairs was further given responsibility to handle international trade and investment that meant a total shift within the discourse of international diplomacy,” Minister Moyo said.
He added that the country’s foreign policy was also predicated on Pan Africanism promoting national security, national economic well-being and the image of the country that transcends that of the Government of the day.