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Temba Dube, recently in Dubai, UAE
THE recently ended Sixth All Africa Investment Forum held in Dubai, United Arab Emirates has surpassed expectations, attracting at least $30 billion in potential investment to the African continent. The summit ended on Tuesday and had been expected to result in about $10 billion worth of business deals.
In an interview, Titlas Zimbabwe director Ms Zibusiso Blessings Dube said the organisation was excited by the development.
She said the figure was likely to be higher as delegates were still networking with investors.
Ms Dube said Zimbabwean delegates had done particularly well, although she did not give details.
“What we have seen here shows that the world is ready to do business with Zimbabwe. Most investors have been shying away from the country simply because of deliberate misrepresentations in international media about alleged political meddling in the economy.
“We were getting strange questions like, ‘Won’t Mugabe and Zanu-PF arrest us and take our money? Some of the questions would have been hilarious, if they were not so shocking,” said Ms Dube.
She said Zimbabweans needed to work together with the Government to project the true picture of the country so that the potential for mega business inherent in its people and resources could be unlocked.
Ms Dube said a majority of the 54 members of the delegation from the country had signed memorandums of understanding with business people mainly from the Arab world and Asia.
“Businesspeople worldwide know the massive potential in the country. Indications are that, as soon as they realise how much they are being misled about Zimbabwean investment laws, they will be falling over each other to benefit from the lucrative business ventures all over the country. So far, major MoUs have been signed. We just need to make follow ups to turn these into actual investments,” said Ms Dube.
She said the Government needed to invest more in capacitating business people so that they had the necessary skills to meet investors, present coherent and factual business proposals and follow up potential deals to grow the economy.
Dr Khumbulani Mhlophe, president of Sojama Economic Development Institute (Sedi) said the Government had done more than enough to create a conducive environment for business to thrive.
“President Mugabe, by signing the Indigenisation and Land Reform Bills into Acts has done the best for business. We cannot ask for more. All that is needed is for business people to have the intelligence to partner with people who will respect the need for Zimbabwean structure deals that ensure value addition of products in the country. We should not export jobs but share technology and develop without selling the country,” said Dr Mhlophe.
He said it was Sedi’s dream to see Zimbabweans becoming part of the global economy, with its citizens commanding ownership and having a say in the use of the country’s resources.
“Through the summit, we have started engaging global economic players and their agents with a view of turning Zimbabwe into the second largest African economy inside 13 years.
“However, our advantage would be that ours will not be a foreign economy, but a Zimbabwean one working with willing partners for mutual benefit,” said Dr Mhlophe.
He said there was a need to incorporate Indigenisation laws into the constitution to prevent future leaders from tampering with them and dissipating the economic momentum gathering in the country.
“We will work with everyone in the world. However, if they are not willing to accept equality, they will join us later but they will lose in the process because we are making new alliances,” said Dr Mhlophe.
Bulawayo businessman Mr Davidson Hlalo, the managing director of Dataglove Investment, said the summit had opened many doors for his business.
“We should have more such summits. More Zimbabweans should attend. We have signed a number of agreements and representatives of businesspeople who attended, continue calling. I think the ripple benefits of this summit will echo into the future. All we need to do is to position ourselves,” said Mr Hlalo.
Other Zimbabweans who attended said the summit was an eye opener.
An Egyptian investor said he was pleased with the business he had conducted.
“As Africans, we should unite to uplift the continent. I am also very happy that business people are seeing for themselves the truth about certain African countries that are being maliciously portrayed as high risk investment areas in international media,” said the investor.
This year, the summit ran under the rallying call, “Africa, an emerging Investment destination.”
It was inspired by the popular belief that the next global economic boom would take place in Africa.
About 400 delegates from 41 African countries attended.
Online Reporter
Londile Moyo