Investment talks open

Secretary for Economic Planning and Investment Promotion Dr Desire Sibanda said the delegation arrived on Sunday and held meetings with various Government ministries yesterday, ahead of the conference at the Meikles Hotel.

“We spread them among ministries,” he said. “They arrived yesterday and their visit follows the signing of the Bilateral Investment Promotion and Protection Agreement and a similar visit last year.”
Zimbabwe is strengthening its ties with India as an emerging global economic force and member of the BRICS while Zimbabwe seeks to tap into the Asian nation’s reservoir as an upcoming source of foreign investment.

Dr Sibanda said India was a platform which Zimbabwe could use to achieve the high economic growth rate espoused in the new five-year economic blueprint, the Medium Term Plan, covering the period 2011-2015.
The delegation represents about 25 Indian companies, all members of the Confederation of the Indian Industry, which visited the country last year on a similar mission to explore business and investment opportunities.

This comes after the BIPPA both countries have signed and ratified to aid co-operation, lack of which was previously blamed for poor investment and trade statistics between them.
India’s Minister of Industry, Commerce and Textiles, Mr Anand Sharma, is leading the delegation that ends its visit on Thursday.
Main objectives of the visit include facilitating partnerships, providing a platform for leaders of private and public sectors to discuss opportunities and holding an investment conference under the theme “Partnership for Growth”.

For the second year running, Zimbabwe and India will hold a joint business conference to be attended by senior Government ministers and captains of industry.
The tour will also enable Zimbabwe to provide information on priority sectors for investment as outlined in the Medium Term Plan and to appraise the Indians on investment and business conditions in Zimbabwe.

Investment areas to be explored include mining, textiles, agriculture, transport, infrastructure, information technology, automobile, banking, corporate advertising, cement, finance, manufacturing and SMEs, among others. Ratification by Zimbabwe of the BIPPA with India last year is expected to lead to greater business and economic co-operation between the two countries.

India had already ratified the BIPPA which has been endorsed by its president.
Dr Sibanda said through the MTP, Government was committed to raising foreign direct investment from 4 percent to 29 percent of gross domestic product. The MTP requires US$9 billion to finance investment projects.
“The Ministry of Economic Planning and Investment Promotion is intensifying its international investment promotion tours to showcase Zimbabwe as a viable investment destination in order to meet this target,” said Dr Sibanda.