ZIMBABWE’s captains of industry and commerce are this week set to meet their European Union counterparts in South Africa as part of efforts to attract foreign direct investment into the country.
Business Reporter
Confederation of Zimbabwe Industries (CZI) president Charles Msipa yesterday told NewsDay Business that the Zimbabwean delegation would comprise CZI, Bankers’ Association of Zimbabwe and Chamber of Mines of Zimbabwe representatives.
“We will meet the European Chamber of Commerce and encourage them to invest in Zimbabwe. The country has not received meaningful investments in the past 14 years. We have never had dialogue with investors. We are starting to engage with potential investors,” Msipa said.
Early this year, a Zimbabwean delegation toured several European countries and South Africa to drum up investment support.
Msipa said the recent pronouncements on the flexibility of indigenisation laws were encouraging for investors.
The country has failed to attract significant investments since 2009 when it introduced multi-currencies due to policy inconsistencies and lack of clarity on its indigenisation policy.
Finance minister Patrick Chinamasa tried to engage the International Monetary Fund and the Chinese to inject capital, but all was in vain.
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“If we don’t do things differently, we cannot get different results. The slow growth that we have been experiencing will persist. If we are prepared to do things differently, then we can foster growth,” Msipa said.
During the first quarter of this year, the manufacturing sector remained subdued at 1,4% due to low investment, declining competitiveness and tightening of screws on lines of credit.
