‘Zim still safe investment destination’
THE Government and captains of industry have said the violent protests instigated by the opposition last week have not shut down Zimbabwe as a safe investment destination.
Industry and Commerce Minister Cde Nqobizitha Mangaliso Ndlovu said the terror attacks, which saw property worth millions of dollars being destroyed and a number of retail outlets looted in various parts of the country was retrogressive on both investment and economic growth.
“If there’s violence and it seems to be targeting businesses that’s a very bad signal because everyone wants to know if their investment is safe and that there’s no act of hooliganism whereby people can decide to loot and walk away with it,” said Min Ndlovu.
He said the violent protests were also a major drawback towards Government’s efforts to revive industry with the recent developments likely to hit hard on Bulawayo, which has over the years suffered due to the effects of de-industrialisation.
“In December last year when we met the Minister of State for Bulawayo Provincial Affairs (Cde Judith Ncube) and the City’s thinktanks and council officials, which included the Mayor (Councillor Solomon Mguni) and his entire secretariat to deliberate on the Special Economic Zone . . . we agreed that in 2019 we needed to intensify marketing Bulawayo as a safe investment destination with a bias towards heavy industries. So I am looking at how the violence in Bulawayo has taken us many steps backwards,” said Minister Ndlovu.
Although the violence was perpetrated in most cities and towns, it was more devastating in Bulawayo, which recorded the highest number of shops destroyed and looted including the death of a police officer on duty.
“Already as I speak people that were intending to visit Bulawayo are saying its not safe going there. We had a number of people that wanted to visit the city with some coming from foreign countries but what they saw in the media has made them to abort their journeys and its hurting us,” said Minister Ndlovu.
The skirmishes come hard at a time when President Mnangagwa is trying to mend years of frosty relations with Western countries and luring their nationals to invest in the country.
Confederation of Zimbabwe Industries (CZI) Matabeleland chapter Mr Joseph Gunda said the violent skirmishes tarnished the country’s image to the outside world and are likely to deter investment.
“Most definitely it (the violence) tarnishes the image of the country and anyone looking at our country from outside will be of the view that is it a conducive environment for investment? Is their investment going to be secure? If anyone in their normal senses has money they would think twice and say look, if I were to invest in a factory or shop, I am likely to lose and will I be ever going to have any compensation? Will there be any insurance organisations that will make me recover and be back again in business and recoup any profits that are due to me? quizzed Mr Gunda.
Buy Zimbabwe chief executive officer, Mr Munyaradzi Hwengwere, said although the recent terror attacks had repercussions in the country’s prospects of attracting foreign investment genuine investors do not consider such societal mishap but take cognisance of the Government’s efforts to arrest it.
“If an investor is honest to himself or herself they must be able to understand that whenever there is a structural reform there are societal shifts and therefore what you look at is not that there are people who might want to derail but the commitment of Government to forge ahead despite the challenge. I think for me that is the story people are not telling, that it what was always known that things will be painful and when it’s painful there are those that will take advantage of it and try to tell a story of Zimbabwe,” he said.
Mr Hwengwere said the country’s leadership should exhibit their zeal to carry on with economic reform despite the works of detractors of frustrating their efforts.