adminand be able to achieve the set targets.
He said FDI flows were still very low compared with other countries in the region because of the negative perception other countries had of Zimbabwe, high cost of doing business including cost of finance and poor rankings on doing business indicators and competitive indicators.
“For this target to be achieved, we have to encourage the culture of saving within our people because there is no economy that has grown on the bootstrap of another country,” said Mr Chanakira.
He added that the only way the target could be achieved was if 10 percent of the figure came from domestic savings while the other 10 percent would then come from FDI and the remaining 5 percent from Government in terms of multilateral funding.
“Those funds that we do not like to have deducted from our salaries, the pension and NSSA, that is an imperative for growth. We must become disciples to our own economy so that we can experience growth in that economy,” he added.
Mr Chanakira said it was critical for the country to attract foreign direct investment which will be complementary in boosting Gross Domestic Product to reach the aspirations of the Medium Term Plan and there was need to come up with strategies to reduce consumption while at the same time boosting productivity
“Zimbabwe has negligible domestic savings, which are necessary for adequate investment and capital formation and FDI closes this gap,” he said.
He also urged Government and key stakeholders to strive to create a conducive investment environment that would attract the right investment and bring about sustainable development.
Online Reporter