‘Zim prime investment destination’
ZIMBABWE remains a prime investment destination in the region and given adequate international support it can quickly transform into a modern economy in line with Government’s vision of an upper middle-income status by 2030, the Zimbabwe-South Africa (Zim-SA) Chamber of Commerce, has said.
Last Thursday the business focused organisation held a conference with about 70 potential investors in Johannesburg, South Africa, and the topic for discussion was; “Business Unusual: Why invest in Zimbabwe?”
Zim-SA Chamber of Commerce president, Mr Anele Ndlovu, said the event generated a lot of investor interest.
He said the forum discussed the state of the economy and ongoing reforms being spearheaded by Government as well as the resilience of Zimbabwean companies in the face of challenging macro-economic environment. Mr Ndlovu, who also addressed the gathering, said the country has huge opportunities for local and foreign investors.
“President Mnangagwa has made it very clear that in the new dispensation, we talk economy, economy, and more economy.
“So, let’s get down to it. Zimbabwe is a country that is endowed with a lot of investment opportunities in energy, infrastructure, agriculture, mining and ICT, among others,” said Mr Ndlovu.
“These are the main virgin pillars of our economy. I use the word ‘virgin’ because what is happening now in terms of exploitation of these opportunities, is just a scratch on the surface.
“Zimbabwe’s untapped wealth is worth 10 generations from now. The country carries rare minerals that are so much needed in the world, and still has the capacity to regain its status as the bread basket of Africa, and the world at large.”
Mr Ndlovu said his organisation was in support of the marathon economic reform agenda being implemented by Government to stabilise the economy through the Transitional Stabilisation Programme (TSP).
While these have inflicted some painful scars on businesses and ordinary people, “the main objective being to boost the economy, and get it going again,” he said.
As the diaspora-driven group, Mr Ndlovu said they were closely following engagements with the IMF under the staffmonitored programme, which he hoped would yield positive results.
“While they (IMF) have expressed concerns in certain areas within the fiscal space, they have given an overall positive outlook on progress made so far. This is a strong positive sign which should guide your decisions on investing in Zimbabwe,” he said.
Mr Ndlovu commended Government for cracking down on manipulative cartels and fighting corruption saying this was good for the economy.
He expressed concern over Western sanctions imposed on Zimbabwe by the United States and the West and said his organisation backs regional efforts through Sadc, to campaign for the lifting of the embargo.
Mr Ndlovu said Zimbabwe deserves international support to grow its economy and called on potential investors to take advantage of the ongoing reform process to set up businesses.
He commended big foreign and locally-owned businesses operating in the country such as Old Mutual, CBZ, Pick n Pay, PPC, Delta, SeedCo, Nedbank, Innscor and Econet among others, for showing confidence in the economy through their footprint in the country.
“This is proof that investment opportunities exist in Zimbabwe, and investment is secure. Take note of their turnover,” said Mr Ndlovu.
“Moreover, the Government is getting rid of archaic policies and pieces of legislation that made it difficult to do business in Zimbabwe.
“Security is tight in Zimbabwe, from ports of entries to the streets. So, I can guarantee you, you are safer in Zimbabwe than anywhere in the world.” Mr Ndlovu said the Zim-SA Chamber of Commerce would continue to campaign for investment in Zimbabwe through rolling out more seminars and conferences at home and abroad with different economic stakeholders.
“Rebuilding Zimbabwe is not the task of Government only, but also the task of the citizens. We will stand in any platform and defend Zimbabwe,” he
said.