Zimbabwe and Botswana have signed a Bilateral Investment Promotion and Protection Agreement (BIPPA) which is expected to boost trade and investment ties between the two countries.In terms of the agreement, both countries have resolved to increase cooperation in strategic sectors through joint ventures.
Furthermore, Botswana has made a provision of a US$70 million revolving loan facility which is expected to help the countryâ€™s manufacturing sector in recapitalizing operations.
Deputy Prime Minister, Professor Arthur Mutambara, told government officials as well as captains of industry and commerce at the signing ceremony that the BIPPA is a reflection that Zimbabwe is a safe and viable investment attraction zone to regional and international investors.
â€œThis agreement bears testimony of the work being done by government to restore business competitiveness,â€ he said.
The Botswana Chamber of Commerce Industry and Manpower (BOCCIM) deputy president, Mr. Thulasizwe Johnson, said his country is ready to do business with local companies in line with the BIPPA deal.
He added, â€œThis BIPPA will cement ties in our areas of cooperation in the short to long term.â€
The deal between the country and Botswana comes after a BIPPA agreement sealed between the two countries in 2009 with a view of restoring economic confidence in Zimbabwe through attracting fresh investment.