Online Reporter
Wallace Ruzvidzo in New York, USA
PRESIDENT MNANGAGWA on Monday night engaged a group of 35 United States investors, including businesspeople already operating in Zimbabwe, as the country steps up efforts to attract more capital into key sectors of the economy.
The high-level engagement provided an opportunity for Zimbabwe to showcase the progress made under the Second Republic and highlight investment opportunities across various sectors.
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube told The Herald that the meeting sought to reinforce Zimbabwe’s message that it was open for business.
“His Excellency was very clear to the businesspeople on that message,” he said.
Prof Ncube said the engagement also focused on the progress Zimbabwe had made under the Second Republic, with the economy continuing to recover and expand.
“Last year we had a growth rate of 8.3 percent; this year it has been 5 percent, but the economy is in full recovery.
“Every sector is performing — agriculture, mining and manufacturing. So the opportunities are right across those sectors,” he said.
The Minister said the investors were able to outline the sectors in which they were interested, with discussions covering tourism, mining and financial services, among others.
“Some were interested in tourism, some were asking about the mining sector, some were asking about the financial sector. But right across the board there was interest from these billionaires, wealthy people, in investing in Zimbabwe. Some of them were already active on the ground, so they were able to share with the newcomers what Zimbabwe is like,” he said.
Prof Ncube said the dinner engagement would be followed by targeted engagements with individual investors to identify specific areas where Government could support their interests and facilitate investment.
He said follow-up meetings would be held with the investors based on the contacts established during the engagement.
“Some of them want to expand their businesses. Those who are already on the ground are expanding, and again they are asking us how they could be supported.
Our offices are open, and we are ready to support them. So we are going to follow up on each of them,” Prof Ncube said.
The Finance Minister said it was encouraging to see investor interest in Zimbabwe continuing to grow each year.
“Every year we have seen this interest grow — it is amazing. So every year it is incremental, but now I think it will really take off. You see, we have got some big investors coming in,” he said.
Victoria Falls International Financial Centre chairman Mr Marc Holtzman said President Mnangagwa had assured the investors of the positive assessments of Zimbabwe by the International Monetary Fund, while highlighting the reforms being undertaken by the Second Republic across the economy.
The engagement comes as Zimbabwe intensifies efforts to attract foreign direct investment by showcasing opportunities in sectors including mining, agriculture, manufacturing, tourism, infrastructure and financial services.
“Half the audience today were new investors that have never been to Zimbabwe and are encouraged by the President’s dynamic and bold reforms and vision,” said Mr Holtzman.
He said Africa was entering its “century” and Zimbabwe was now poised to seize its moment.
“The hard work that President Mnangagwa has done over the last eight years to boost the stock market, reform the economy, attract foreign investment and build out the sector is now beginning to be appreciated by American, European and Western investors,” he said.
Mr Holtzman said misconceptions about Zimbabwe were gradually falling away as the Government implemented reforms and opened up the economy to investment.
“The misconceptions are going away because this President has opened the mining sector, he has opened the country for business, he has reformed monetary policy, he has stabilised the currency.
“The stock market alone in Zimbabwe has increased by 62 percent in this past year, making it the number one performing stock market in the world, and this is only the beginning,” he said.
