Zimbabwe, South Africa sign investment MOU
The Zimbabwe Investment Authority (ZIA) Thursday signed a memorandum of understanding (MOU) with South Africa’s Trade and Investment Limpopo (TIL) to promote two-way trade and investment.
The MOU comes about a month after Zimbabwe signed a MOU with Mauritius to attract investment from that country.
It aims to ensure the two countries retain the existing stock of investors and attract new ones to develop and expand the two economies.
TIL CEO Motalane Monakedi said the investment authority for South Africa’s Limpopo province wants to take advantage of the high demand for investment and finance in Zimbabwe.
“We will package business opportunities in mining, tourism and agriculture sectors of the Zimbabwean economy to lure investors into the country,” Monakedi said. “We want investors to bring in equipment and capital which is lacking in the Zimbabwe market.”
“A committee comprising locals and South Africans will be meeting today. This committee will work on an action plan, with time frames, for full implementation of the memorandum. This is necessary if we are to keep the momentum going,” Monakedi said.
He added investments in infrastructure would be needed to boost the cross-border investments.
ZIA CEO Richard Mbaiwa said the MOU would help the country to attract foreign direct investment (FDI) for economic turnaround.
“However in promoting FDI, it is important to have a regional outlook. Our country individually do not have the necessary critical mass required to attract the necessary levels of FDI to catapult us the desired levels of growth,” Mbaiwa said, adding ZIA was casting the investment attraction net as wide as possible.
“We will be inviting the CEO of the board of Investment from Mauritius to attend the launch for the One Stop Shop, to address us on how they have done it in their country,” Mbaiwa said.
In the first five months, a total of 69 projects applications valued at $95 million were approved by the investment authority.
It aims to ensure the two countries retain the existing stock of investors and attract new ones to develop and expand the two economies.
TIL CEO Motalane Monakedi said the investment authority for South Africa’s Limpopo province wants to take advantage of the high demand for investment and finance in Zimbabwe.
“We will package business opportunities in mining, tourism and agriculture sectors of the Zimbabwean economy to lure investors into the country,” Monakedi said. “We want investors to bring in equipment and capital which is lacking in the Zimbabwe market.”
“A committee comprising locals and South Africans will be meeting today. This committee will work on an action plan, with time frames, for full implementation of the memorandum. This is necessary if we are to keep the momentum going,” Monakedi said.
He added investments in infrastructure would be needed to boost the cross-border investments.
ZIA CEO Richard Mbaiwa said the MOU would help the country to attract foreign direct investment (FDI) for economic turnaround.
“However in promoting FDI, it is important to have a regional outlook. Our country individually do not have the necessary critical mass required to attract the necessary levels of FDI to catapult us the desired levels of growth,” Mbaiwa said, adding ZIA was casting the investment attraction net as wide as possible.
“We will be inviting the CEO of the board of Investment from Mauritius to attend the launch for the One Stop Shop, to address us on how they have done it in their country,” Mbaiwa said.
In the first five months, a total of 69 projects applications valued at $95 million were approved by the investment authority.
