Invest through difficult times: businesses urged

even through difficult times.
Addressing members of the Association for Business in Zimbabwe at an annual luncheon in Bulawayo last week, he said it was critical for investors to consider investing in Zimbabwe at a time when the country was struggling to revive its economy because investments created under economic hardships were the ones that paid dividends.
“You should continue to invest in the country as things are definitely going to change because there is hope for this country.
“From the way the economy has transformed since 2008, we have hope that the economy has the potential to grow if Zimbabweans continue to work hard as they are known for doing,” he said.
Following the adoption of a multi-currency system and the liberalisation of the economy in February 2009, Zimbabwe’s economy has been on a positive growth trajectory despite challenges such as the liquidity crunch on the market.
Minister Moyo attributed the positive economic growth rate Zimbabwe has registered over the past three years to the birth of the inclusive Government, which created an enabling business environment.
“The inclusive Government was really a breakthrough as it made the economy grow significantly though at the moment we are riding on a treadmill as economic growth is stagnant,” he said.
He said at the moment there was uncertainty in business due to the announcement of the envisaged general elections in 2012.
“People are anxious to know if elections will be on next year as the constitution is still to be finalised but I urge all people to plan for your business next year while the constitution will be finalised.”
Minister Moyo said the constitution must cater for decentralisation as the issue was massively affecting businesspeople in other parts of the country.
“Decisions must be made at economical levels as it saves time, money and resources to promote local development.
“At the moment, everything is done in Harare to an extent that the simplest paperwork has to be done in the capital to the disadvantage of people in smaller cities,” he said.
Minister Moyo said there was need for a paradigm shift in the evolution of decentralisation of political and economic power in the country.
On the issue of financing, Minister Moyo said the Ministry of Finance was incapacitated to give any loans to businesses because there was no money in the fiscus.
“I gather many people have been going to CABS and Old Mutual to look for the Distressed Industries and Marginalised Areas Fund (DIMAF) capital which is yet to be released.
“At the moment, there is nothing, but please don’t give up because the Ministry of Finance is working on that.”
He said DIMAF was for the formal sector and not the informal industries.
“This money is not for the informalisation of Bulawayo or a tool for campaigning, but it is meant for the reindustrialisation of the city,” he said.