SA delegation in Zim to seek investment

A 33-member South African business delegation is in the country to seek investment and trading opportunities as foreign direct investment (FDI) from Zimbabwe’s regional neighbours has surpassed $1,3 billion since 2003.

BY TATIRA ZWINOIRA

Money-saved

This came as total trading between South Africa and Zimbabwe for 2015 came in at $4,2 billion, nearly half of the total trading bill.

Speaking at the 6th Investment and Trade Initiative yesterday in Harare, South African Trade and Industry deputy minister Mzwandile Masina said the FDI investments were between 2003 to the end of 2015 period.

“A number of South African companies continue to operate in Zimbabwe, principally in the mining, tourism, agriculture, banking and retail sectors. According to FDI Markets, between 2003 and 2015, South Africa invested $1,29 billion (R20 billion) in Zimbabwe in the mining, agriculture, banking and retail sectors,” Masina said in a speech read on his behalf by South Africa’s deputy director general-trade and investment Pumla Ncapayi.

The trade and investment initiative is being held under the theme “Strengthening Business Linkages Between South Africa and Zimbabwe”. The programme runs up to Saturday.

“I am of the view that the South African business representatives accompanying me today also have a crucial role to play in growing not only our trade volumes, but also investments into Zimbabwe that would yield a multiplier effect as it relates to job creation, poverty alleviation and ultimately economic emancipation of our people.”

He said the 33 companies represent diverse sectors that are seeking to invest in agro-processing, mining, healthcare, infrastructure and information and communication technology amongst others.

The initiative is being hosted by government and the private sector to boost trade and investment from South Africa that in recent years was skewed in favour of the Southern African country.

In 2014, Zimbabwe exported goods and services worth over $2 billion, but its imports from South Africa were $2,73 billion giving a trade deficit of $684 million. Industry and Commerce deputy minister Chiratidzo Mabuwa said the way to balance the deficit between the two countries would be to seek investment in Zimbabwe’s productive sectors, amongst them manufacturing.

“Government is flexible on other investments to this end the government decentralised functions to line ministries to determine the proportion of local shares for their respective sectors on a case by case basis,” Mabuwa said.

Government is desperately seeking investment in the manufacturing sector to recapitalise it as the embattled sector has suffered from lack of capital investment, hampering the country from producing substantial exports.

6 Responses to SA delegation in Zim to seek investment

  1. Phiri March 15, 2016 at 7:55 am #

    Good move, they are a lot of business people who are driving for the African business community to do business among itself. Its time for Africa to retain most of the profits made from within our borders, that way we can be able to build our nations, positioning them better for more investments.

  2. garikayi March 15, 2016 at 2:09 pm #

    Hold on to your money RSA brothers lest you cry when your so called investment is taken over by the likes of Chidakwa. Policy making in Zim is not very consistent so it’s your choice unless you are going for the US$ but there isn’t much of it. The Chines and other traders are externalizing the US$. My poinion. I hope you know who you are dealing with in Zim.

  3. innocent zimbo March 15, 2016 at 5:16 pm #

    ummmmm umangoyi uyasola. i doubt tht s.a is trying to help boost zim’s economy …..at ths moment when their currency is so depressed. hw cn they invest in a country like ours. hence they (soutafrincans) hv been visiting zimbabwe fr quite a long period wthout any slightly positive outcome so far. get me well here i’m nt saying don’t want investors in zim bt they might be spying our economic position elsewhere.
    ummm pakaipa pakaip.

  4. Rawboy March 15, 2016 at 8:16 pm #

    How does the indiginisation and empowerment nonsense affect all these investors?
    Are they really going to give away 51% of their investments?

  5. tinapowell00001 March 16, 2016 at 5:08 pm #

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