African countries urged to focus on attracting investment

AFRICAN countries need to focus on attracting investment into their economies to fully unlock their potential for sustainable economic growth and development.

Speaking at the Africa Investment Leaders Forum (AILF) stakeholder meeting at a Harare hotel ahead of the AILF workshop onJune 26, Deputy Minister of Finance, Economic Development and Investment Promotion David Mnangagwa said the workshop came at a critical juncture following the recent finalisation and launch of the mid-term review of the National Development Strategy 1 (NDS1).

Deputy Minister Mnangagwa said the review revealed the need to accelerate efforts in order to realise Vision 2030 of becoming an upper-middle-income country.

“The mid-term review has shown us that as a country, Zimbabwe must continue striving in order to realise our development goal of prosperity for all,” he said.

“One of the key tools to realise that important national goal will be to attract investment both domestically and globally. Our target as a country is that by 2030, Zimbabwe will have achieved an investment level of more than 30 percent of GDP, currently we are at about 15 percent of GDP.

“Zimbabwe, like most developing countries has had its fair share of economic challenges which have had a negative impact on investment and economic development. However, our Government has implemented reforms aimed at improving the business climate and attracting investment, both domestic and foreign.”

Deputy Minister Mnangagwa said Zimbabwe was making great strides to improve the ease of doing business by implementing reforms to streamline processes, reduce bureaucracy, and enhance investor protection.

Government through the NDS1 was making great strides in investing in infrastructure, such as road and transport networks, and energy and telecommunication networks to improve connectivity within the country which are key to investors.

“The Government is implementing policies and incentives to attract and promote investment through measures such as tax breaks, investment protection and streamlined procedures for setting up businesses.

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