Govt to host investment indaba

Business Reporter
GOVERNMENT is in the process of organising an investment conference before the end of the year as it steps up efforts to attract foreign direct investment into the country.

The investment conference is one of the initiatives that Government is undertaking to improve the country’s economic fortunes.

Addressing one of the consultative meetings at the CZI congress recently, Vice President Emmerson Mnangagwa said the Minister of Industry and Commerce has been tasked to organise an investment conference preferably this side of the year.

“I’m aware that most companies in the country are currently operating at suboptimal levels with low capacity utilisation.

“This has resulted in high fixed costs and high unit production costs prevailing in the country. This unfavourable situation must be reversed without failure,” VP Mnangagwa said.

“However, allow me to appraise you on what Government is doing as a way of responding to the need to attract foreign direct investment in Zimbabwe. Government has tasked the Minister of Industry and Commerce, Mike Bimha, to prepare for an investment conference possibly this side of the year,” said VP Mnangagwa.

He said current efforts to attract FDI in infrastructure development were progressing well.

“I’m delighted to report that current efforts at attracting investment in infrastructure development specifically the rail and road transport network are progressing well,” he said.

According to the World Investment Report of 2014, Zimbabwe recorded $545 million in foreign direct investment which was 36 percent increase from the $400 million recorded in 2013 but much less than that received by other regional countries bordering the country.

Zambia recorded close to about $5 billion and Mozambique $8 billion in foreign direct investment and Government’s efforts are targeted at reversing the trend. Apart from engaging investors Government is also working on improving the doing business environment in the country. However, inflows into the country have marginally improved this year .