HomeBusinessMugabe to lead push for foreign investment

Mugabe to lead push for foreign investment

President Robert Mugabe, who last week threatened to seize foreign-owned companies, will officially open the event.

 

It means Mugabe would have to convince the same investors he was bashing at the launch of Zanu PF’s anti-sanctions campaign last Wednesday to put their money in Zimbabwe.

Euromoney is a leading organiser of conferences for cross-border investment and capital markets for portfolio and direct investors, financial intermediaries, corporations, governments, banks and financial institutions.

In an interview on Friday, Economic Planning and Investment Promotion minister Tapiwa Mashakada said FDI has remained elusive to the country hence the need to continue canvassing for investment.

“This is an effort to attract private equity into the country. The country is US$10 billion short in capital for it to achieve a quick turnaround,” said Mashakada.

“We have to woo investors in order to complement our own resources from the fiscus.”

Mashakada said the country stood a good chance of attracting investment given its rich endowment with natural resources.

“The country has lots of opportunities to showcase to the outside world and be able to attract substantial amounts of investment.

“Local businesses should take advantage of the conference to network and establish common areas of co-operation,” Mashakada said.

Some of the topics to be discussed include the country’s internal political environment, debt relief negotiations and the effect of external political environment with regards to investment attraction by Zimbabwe.

Preconditions for exiting the multicurrency system, incentives put for foreign investors, how competitive the country’s telecommunications industry is and the challenges of attracting FDI would also be under the spotlight.

African Development Bank president, Donald Kaberuka, African Export-Import Bank president, Jean-Louis Ekra and German ambassador to Zimbabwe Albretch Conze are some of the high level delegates that would grace the event.

Prime Minister Morgan Tsvangirai, Finance minister Tendai Biti, Industry minister Welshman Ncube and Mines minister Obert Mpofu will represent government at the high-profile event.

The forum will bring together policymakers, businesspeople, financiers and key overseas players in a high-level meeting aimed at highlighting Zimbabwe as a destination for fruitful foreign direct investment.

Last month a delegation from the London Stock Exchange described Zimbabwe as an emerging market that provides immense opportunities for investors across the world but needs to be consistent in its policies.

“Zimbabwe is providing opportunities above other emerging markets and we are here to explore the depth of those opportunities,” said Ibukun Adebayo, the bourse’s head of business development for Africa, Middle East and South Asia.

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