Chronicle Editor
Thupeyo Muleya, Beitbridge Bureau
FINANCE, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, has rallied Zimbabweans in the diaspora and foreign investors to take advantage of the increasing positive sentiment about the country to tap into various local investment opportunities.
The role of the private sector and the diaspora community, he said, is critical in transforming Zimbabwe into an upper middle income economy by 2030.
Previously, some individuals or organisations intending to set base in the country were being restricted by the Western imposed economic development sanctions against Zimbabwe.
Prof Ncube made the remarks in a speech read on his behalf, by the Acting Director in the Investment Promotion Department, Mr Matthew Sangu, at the recent Matabeleland South Hybrid Diaspora Investment conference in Beitbridge.
Nearly 400 delegates attended the conference under the theme: “Matabeleland South Province-Unlocking New Investment Frontiers through Diaspora Community Engagement.”
“Let me hasten to inform you that the US has reviewed its sanctions on the country by abolishing the Executive Orders, which empowered the Office of Foreign Assets Control (Ofac) to monitor transactions related to Zimbabwe,” said Prof Ncube.
“What this simply means is that diasporans and other investors are free to do business with Zimbabwe without fear of being sanctioned by the US Government.
“I have been briefed about some investment opportunities here in Matabeleland South Province, I call upon the diasporans and private sector to come back and invest.”
Prof Ncube said Mat South and the country in general have several investment opportunities across all sectors in both green and brown fields. These include mining, energy, agriculture, tourism, infrastructure development, technology, manufacturing, financial and banking, among others.
“I invite investors to come to Zimbabwe to introduce additional new instruments such as the catastrophic bonds, green bonds, infrastructure bonds, diaspora bonds, SME infrastructure,” he said.
“I am hopeful that this engagement, dialogue and networking has lived to its billing, by providing a platform to exchange views on how we collaborate with our diasporans and investors in formulating our development strategies, here in Matabeleland South.”
Prof Ncube said Matabeleland South was a strategic province not only because of the historical connection to South Africa but due to its huge diaspora community working across the border who are keen to invest back home.
He said Government was enthused to note that the diasporans were progressing from operating in an unstructured manner, to forming and registration of diaspora associations through the embassies in the different countries.
“For us as a Government, the diaspora communities are seen to serve as a vehicle for transferring resources, technology, knowledge and ideas to their home countries and thereby contribute to their economic and social development,” said Prof Ncube.
He said the Government considers diaspora investment as complementary or alternative source of financing for development due to the decline in development co-operation funds and rise in geo-political tension.
“As Government, we need to maximise the positive impacts of remittances, especially reducing remittances transfer costs and direct remittances to development projects,” said Prof Ncube.
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