adminAddressing delegates at a Medium Term Plan forum in Bulawayo recently, Permanent Secretary in the Ministry of Economic Planning and Investment Promotion, Dr Desire Sibanda, said the Government would continue to improve the investment environment to make it favourable for potential investors.
“My ministry shall do everything to ensure that the investment climate is favourable and as Government we will also work tirelessly to improve the investment environment such that it suits all investors,” he said.
Dr Sibanda said the absence of Special Economic Zones (SEZ) and lack of Foreign Direct Investments (FDIs) hindered economic recovery and growth.
“The lack of SEZ and FDIs is a cause for concern as it is contributing to failure to revive and grow the national economy,” he said.
Dr Sibanda said there should be transparency and accountability if Zimbabwe was to create investor confidence and secure credit lines.
Over the past three years, Zimbabwe’s economy has experienced liquidity challenges among other fundamentals resulting in economic stagnation.
About $2 billion is required to resuscitate the manufacturing sector to competitive levels.
According to the Confederation of Zimbabwe Industries’ manufacturing survey report released at the end of last year, capacity utilisation in local industries was at 57,2 percent from about 10 percent in 2009.
Low production levels have seen the country becoming a net importer of goods and services.
In 2011, Zimbabwe had an import bill of $8 billion against $5 billion worth of exports, creating a trade deficit of $3 billion.
Online Reporter