Zim works to expeditiously implement Bippas

Charity Musareva

Government is working on expeditiously ratifying several Bilateral Investment Promotion Agreements (Bippas), some of which stalled for more than two decades owing to strained bilateral relations under the old political administration.

It is believed that ratifying the agreements, which is part of the new Government’s drive towards economic diplomacy, will naturally open the window for foreign direct investment (FDI).

Bippas are reciprocal agreements by two countries meant to promote and protect investments in each other’s territory.

The Ministry of Foreign Affairs and International Trade said in a statement last week 20 Bippas await ratification, while 22 are still being negotiated.

“We are creating an environment that is conducive to foreign direct investment and improving the investment climate in the country by giving assurances to investors that their investment is guaranteed.

“The ministry is working on ratifying all agreements, with the latest being the one with Botswana, which was signed in 2011 and only ratified in 2018,” read the statement.

“Some of these agreements stretch back to 1994 when they were signed, but are yet to be ratified.

“Zimbabwe so far has signed and ratified Bippas with 13 countries, while 20 have been signed and await ratification, two await signature and 22 are under negotiation.”

Most treaties were reportedly blighted by strained relations between Harare, on the one hand, and Brussels and Washington, on the other, especially after the land reform programme implemented at the turn of the millennium.

But relations are expected to improve through the engagement and re-engagement programme that is being pursued by the President Emmerson Mnangagwa-led Government.

“The land reform programme together with amendments to the Constitution after 2000 led to no further ratifications, except for a few countries such as Russia.

“There is political dialogue happening with other countries, which we previously had sour relationships with after the land reform, and we are saying lets ratify these agreements.

“Now we have the new national Constitution which has new provisions relating to land compensation; it is positive development for re-engagement,” added the statement.