The country has failed to unlock funding from bilateral investment promotion and protection agreements (Bippas) signed with several regional and international countries soon after the consummation of the inclusive government four years ago.
The Bippas were supposed to act as guarantors and opening ways for much needed lines of credit to enable industry to retool.
Neighbours South Africa pledged to assist the country with an excess of R2 billion while a Bippa with Botswana was touted as a key to unlocking a P500 million ($70 million) in lines of credit.
Economic Planning and Investment promotion Tapiwa Mashakada said none of the signed bilateral agreements had come into effect.
“Negotiations are still in progress, but we still need to hope. A beggar is not a chooser,” he said in a recent interview.
He said the Finance ministry was now handling negotiations for the Bippas.
Mashakada said there were a lot of loose ends to be tied.
“On the Botswana and the South African Bippas, we have ratified them. We have done our part, but it is now beyond our control,” he said.
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Zimbabwe National Chamber of Commerce economist Kipson Gundani said Bippas could reinforce economic co-operation between countries.
“There is no harm in signing bilateral agreements, but they come in with sets of conditions attached,” Gundani said.
“The whole agreement is good, but some of the transactions do not happen automatically since they have to take into account many other issues.”
He said despite the Bippas signed by the government on behalf of private players, it was also up to the private players to take advantage of the agreements.
Another economist Brains Muchemwa said Zimbabwe had violated some bilateral agreements before and any commitments that were being made at the moment were viewed with suspicion.
“More so when we have an inclusive government that differs widely on key policies,” he said.
The country has also signed, but is yet to ratify the Kuwait, Opec Fund, Malaysia, Singapore, Thailand, Egypt, Mauritius and Austria Bippas.
It is also in the process of negotiating with Algeria, Argentina, Belarus, Belgium, Bulgaria, Ghana, Cuba and Kazakstan, among other countries.
