VP Mnangagwa leads business delegation to SA

VICE-PRESIDENT Emmerson Mnangagwa will this week lead a highpowered business delegation to South Africa to meet the Zimbabwe business community based in the neighbouring country.

Macro Economic Planning and Investment Promotion Minister Dr Obert Mpofu said the meeting was part of the Government’s efforts aimed at ensuring that the diasporan community participates in the turnaround of the country’s economy through investing in various sectors.

He said the delegation that would travel for the four-day meeting which begins on Saturday also includes five Ministers, Government officials and captains of industry.

“This is going to be a very interactive meeting. We are going to listen to what the investors need to invest in the country. This is a very important mission that can boost the economy of the country. We are also working with the Minister of Finance (and Economic Development) Patrick Chinamasa to create an environment that will attract investors to invest back in the country,” said Dr Mpofu.

Foreign Direct Investment (FDI) into Zimbabwe has been low over the years. FDI into the country stood at approximately $300 million in 2016. In an effort to help attract the much needed foreign investment the Government is in the process of establishing the Special Economic Zones (SEZs). Apart from establishing SEZs, Zimbabwe is also in the process of amending various laws that have hindered ease of doing business. Some of the laws being amended include the Companies Act, Shop Licensing Act and the Procurement Act. The Government is also aiming to reduce the days it takes to register a business from 30 days to between 10 and 15. Dr Mpofu said the Government would consider luring more potential investors to invest into the country’s m an u f a c t u r i n g sector.

“The Government will consider availing space in the manufacturing industry especially in Bulawayo where most industries are nonfunctional. These are part of those grey areas we will look at,” he said.