Zim ready for investment

POLOKWANE — Zimbabwe is poised for growth and ready for investment, Institute of Chartered Accountants of Zimbabwe (ICAZ) president Bothwell Nyajeka has said.

BUSINESS REPORTER

Speaking at ICAZ 2014 Investor Conference at the Legend Golf and Safari Lodge in Polokwane, South Africa on Friday, Nyajeka said foreign direct investment (FDI) was key to making Zimbabwe work and increase production.

“It is our duty to do everything in our power and influence to attract investment into Zimbabwe. It is our intention as ICAZ, to use the action plans from this conference as a blueprint as we engage with the government, through the Ministry of Finance and other organisations who are also involved in the shaping of Zimbabwe’s economic revival,” Nyajeka said.

Speaking at the same event the Reserve Bank of Zimbabwe deputy governor Kupukile Mlambo has said the apex bank was exploring ways of attracting FDI to boost the liquidity situation in the country and support sustained economic growth and development.

Mlambo said the Zimbabwean economy was now facing serious challenges with the gross domestic product slowing down to above 3% as a result of limited financial flows especially foreign investment.

“Domestically, the economy is facing tight liquidity conditions and fiscal situation remains constrained. Export receipts, which are the major source of liquidity, have performed poorly as industry has failed to recover as a result of relying on antiquated and obsolete machinery,” Mlambo said.

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“Furthermore, the country has also been failing to mobilise resources from traditional creditors or from global financial markets due to external debt overhang estimated at around
$9 billion.”

He said the attraction of FDI remains critical in improving the competitiveness of domestic export products, reviving industrial production and the effective plugging of attendant supply gaps.

7 Comments

  1. This is unbelievable. Which investment are you talking about. Zimbabwe is not ready to accommodate foreign investors. The investment policies are not favorable for new investors to come. Some maroons are enjoying whilst the majority suffer.

  2. Since when did the government restore jaw & order ? As far as l know they still haven’t finished stealing farms .so who do you think going to invest in Zimbabwe if there’s no property rights ? or no rule of law.
    Take your head out of the sand shamwari.

  3. The World Bank’s Ease of Doing Business Report positions Zim at 170 out of 189 countries. And you tell us Zim is ready for investment. Whom are you hoodwinking?
    We still have a long way to go. Our policies must change, we need modern day policies.

  4. Ready for investment. People who I know who invest internationally, Zimbabwe isn’t even on the radar screen. This is so sad because Zimbabwe with it’s resources and tremendous people could be flourishing.

  5. When we have technical people talking like politicians and calling problems or crisis “challenges” we will not solve our problems. Why do you go to an FDI destination to tell people Zimbabwe is ready for investment? Prove it to Zimbabweans?

  6. Is the Institute of Chartered Accountants of Zimbabwe based in Zimbabwe? Because if they were they would surely not be painting such a pretty picture. Get real CAZ Zim is far from ready for real investment. At the moment its a paradise for China and Russia who can dictate terms and virtually get Zimbabwean resources for free as long as they pay a few backhands to zpf bigwigs and get fat contracts to build a few white elephants with jobs going to Chinese workers. This is not investment, people need real jobs and we need to be producing stuff, not a dumping ground for cheap Chinese junk that Western countries reject as substandard.

  7. I think the best thing before we call for foreign investors is to put our house in order on a number of sectors.One of it is CORRUPTION the second is SELFISHNESS the third is CRUELITY the fourth is INCONSIDERATE and lastly IGNORANCE BY THE TOP OFFICIALS.

    Lastly we need to give a close attention to these Chinese and Nigerian that are now all over in our country for no justified reason to the zimbabweans.The fun of it is that we expect our enemies to come and invest whilst we dont want them here but at the same time we want to use their money.Munoshata nokuruma ruoko runokupai kudya imi musina maoko pafungei ipapo.

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