tapiwa machemedze.jpgBy Tapiwa Machemedze

 

Efforts to increase foreign direct investment in the country as set in the five-year Medium Term Plan are taking shape.

 

Last week, the Zimbabwean government led a multi-sectoral trade mission to South Africa.

The Zimbabwe Investment Conference was well received by foreign investors, while Zimbabweans resident in South Africa commended government for creating a better understanding of the state of the economy to dispel widely-held misconceptions. 

Thursday the 1st of March saw government officials, captains of industry and potential investors converging in Johannesburg to engage in dialogue on possible partnerships.

It emerged that many potential investors lack accurate information about the country’s investment climate although some of their questions were addressed by the Zimbabwe Trade and Investment Conference.

Zimbabweans resident in South Africa said they are currently coordinating with the embassy and their respective local authorities to facilitate organised business ventures in their homeland.

New investments are expected to contribute a further 6% GDP growth in the economy which would take economic growth to 15%.

Economic Planning and Investment Promotion Minister, Mr Tapiwa Mashakada said engaging South Africa is a big step towards achieving this goal as it houses some of the continent’s strongest financial houses, multinational companies and receives a lot of FDI.

Zimbabwe’s Ambassador to South Africa, Cde Bekezela Mpoko summed up the trade and investment conference as a step in the right direction.

The message was also clear that South Africa stands to benefit from a more powerful Zimbabwean economy as globalisation is now dictating strong regional economies in order to stay ahead of the competition.  

It remains to be seen whether discussions held here for the two days will translate to increased foreign investment inflows.