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Victoria Ruzvidzo in ISTANBUL, Turkey
Turkish investors will soon pour in millions of dollars through investments into key sectors of the economy as they seize opportunities under the Zimbabwe Agenda for Sustainable Socio-Economic Transformation.
Speaking in an interview here yesterday, Turkish Confederation of Industries (Tuskon) representative in Zimbabwe Mr Yuksel Bayrak said investors from his country were keen to partner Zimbabweans in agriculture, mining, construction, textile and clothing and tourism.
“The interest on Zimbabwe by our businessmen is amazing,” he said. “So many firms from here are working on establishing businesses in Zimbabwe. We are talking about huge amounts of money which they are ready to bring into the Zimbabwean economy.”
Discussions were already underway on modalities to do business in Zimbabwe, with Government officials expected to visit Turkey soon.
Turkey, a previously timid investor, has over the past decade become aggressive, with businesses from that country exploring opportunities in other parts of the globe, particularly in Africa.
At least 40 percent of Tuskon’s trade and investment missions are headed for Africa, with Zimbabwe emerging a strong contender for Turkish investment given political stability and opportunities under the Zim Asset framework.
The peaceful July 2013 harmonised elections, that ushered in a new Zanu-PF Government has enhanced confidence in the country, particularly from countries that are not too entrenched in Zimbabwean politics, but were keen on opportunities that give them a good return on investment.
Under Zim Asset, the economy is expected to grow by an average of 7,2 percent over the next few years, driven by exploitation of minerals and other natural resources and foreign direct investment.
“Some of the companies, especially in agriculture, would like to bring in equipment, creating facilities where Zimbabwean firms can access machinery and pay for it after a grace period,” said Mr Bayrak.
“Much more is in the pipeline as Turkey and Zimbabwe strengthen economic ties.”
President Mugabe has repeatedly encouraged investors to come into the country through joint ventures with locals on a 51-49 share ownership, with exceptions where the Government deems it necessary.
In such instances, timeframes by which compliance with the rule should have been attained are also agreed upon, contrary to fears that the indigenisation programme is meant to scare investors.
With a Gross Domestic Product of US$800 billion, the Turkish economy is the 16th biggest in the world and boasts of the world’s second largest construction export industry.
Statistics show that in 2012, Turkey’s construction sector conducted business worth US$26,1 billion abroad, while building material exports registered US$20 billion the previous year.
The country ranks 8th in the world in terms of cotton production and is the 4th in world cotton consumption.
These statistics augur well for the Zimbabwean economy which requires foreign direct investment to augment local initiatives as it implements Zim Asset.
Online Reporter