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Business Reporter
BUSINESS operators must take advantage of the Government’s re-engagement efforts and seek investment opportunities for some of the country’s capital-thirsty areas such as infrastructure development, one of Zimbabwe’s top business leaders has said.
Zimbuild Property Investments chief executive and immediate past president of the Zimbabwe National Chamber of Commerce Tinashe Manzungu, said the private sector had a massive role to play in support of such Government initiatives.
Mr Manzungu, who will be a guest speaker and honouree at the 2023 Leaders Without Borders Annual Business Summit and International Honours in the United Kingdom next month, hopes to sell Zimbabwe’s “Open for business mantra” at the Indaba.
The summit will run under the theme “Business Beyond Borders – Global Partnerships and Sustainable Investments”.
“The world has to know that Zimbabwe has what it takes to be a global player. With the Government position of international community re-engagement the platform presents an opportunity to share our story and change the perception out there,” Mr Manzungu said.
“Zimbabwe is open for business and potential investors should consider us. We are moving towards attaining an upper middle economy and this brings a lot of opportunities to be tapped.”
“Infrastructure development is capital intensive in nature and as the business community, we have a role to play to support government efforts. Such platforms can create synergies that can boost investment into the sector, worldwide the private sector controls capital. Benchmarking is a good measure to appreciate what other countries are doing.”
Zimbabwe has an estimated infrastructure backlog of US$30 billion, according to the Africa Development Bank, after years of little investment into the sector.
The huge debt overhang and arrears to the multilateral financial institution has also made it difficult for the country to raise long-term capital critical for infrastructure projects.
In the absence of significant lines of credit from multilateral financial institutions, Zimbabwe has for years been operating on a tight budget, with the bulk of revenue going towards paying wages, leaving it with little or virtually no money for infrastructure.
However, under the Second Republic, the Government is challenging more resources into infrastructure projects such as roads, dams, Information Communication Technology among other sectors in most parts of the country in line with the Government Vision 2030 and its thrust to leave no place and now one behind.
Mr Manzungu is also the co-founder of Zimbuild Property Investments and group chairman of TM Group whose interests span construction, financial services, and insurance.
Zimbuild Property Investments has done major infrastructure development projects that include housing construction, dams, road, water and sewer engineering.
The businessman is a member of the Common Market for Eastern and Southern Africa (Comesa) Business Council and Africa Business Council among other regional and continental business bodies.
According to the Leaders Without Borders Development Centre (LWBDC), the summit will attract international businessmen and women to England with the purpose of expanding their global reach.
“It will create an opportunity for networking and global recognition with international awards. Our drive is global investment opportunities and development for stakeholders across borders,” LWDBC said in a statement.
“For over a decade, LWBDC has partnered with over 60 international organisations through unique programmes that encourage business growth and expansion.
“Our investment forums are a vehicle to driving the agenda of global partnerships, trade and investment promotions.
LWBDC is known for assembling a robust group of high-achieving high-level individuals including high-end CEOs, family business owners, business moguls, technocrats, and boardroom experts.
Peter Tanyanyiwa
Online Reporter