BY HARRIET CHIKANDIWA
PARLIAMENT has called upon Zimbabwean ambassadors to hunt for foreign direct investment (FDI) in countries they are stationed to boost Zimbabwe’s ailing economy.
In the 2020 Monetary Policy Statement released on Monday, FDI declined significantly to US$259 million in 2019 from US$717,1 million in 2018.
The central bank reported that the net portfolio investment inflows declined significantly to US$3,7 million in 2019 from US$54,7 million in 2018.
The decline was as a result of heightened country risk.
“Ambassadors must make sure that they get foreign direct investment to Zimbabwe and as a committee we are going to have a scorecard, on what they have brought in the country as an ambassador stationed in another country in terms of business,” said Foreign Affairs and International Trade Parliamentary Portfolio Committee chairperson Kindness Paradza, during a tour of ZimTrade’s premises yesterday.
Paradza said the ambassadors needed to be equipped with information to be able to do their work and appeal for foreign direct investment; they also should be able to interact with Zimbabweans living in the diaspora who wish to invest in the country.
“Our diplomats need to be equipped with all the information so that they will be able to do their work and attract foreign direct investment, they must be able to work and encourage diasporans who wish to invest back in the country” Paradza said.
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He urged ambassadors to tell people to work with ZimTrade to make sure that Zimbabwean exports are also going to the countries they are stationed in.
Cumulative merchandise exports were estimated at US$4,5 billion for 2019, about 3% down from US$4,7 billion in 2018, largely weighed down by lower agriculture and mineral exports, tobacco and gold in particular.
“Ambassadors must tell people to import from Zimbabwe and they must work together with ZimTrade to make sure that our exports are also going to those countries” Paradza said.
He said they are having a problem with their diplomats who don’t have information about exports and sectors lacking investment.
