BY SYDNEY KAWADZA LOCAL investors should not be left behind Zimbabwe’s economic drive, which is expected to put them at the forefront of the ongoing transformation, modernisation and industrialisation, President Emmerson Mnangagwa has said.
Officiating at the inaugural Zimbabwe Annual Investor Forum held in Harare on Wednesday, Mnangagwa said collaborations between government and the private sector could drive the sustainable development of the country.
The forum was hosted by Alpha Media Holdings (AMH)’s Zimbabwe Independent newspaper in partnership with PiggyBankAdvisor.
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AMH are the publishers of NewsDay, The Standard, Southern Eye, Zimbabwe Independent and Weekly Digest, as wellas operate an online radio and television station Heart & Soul.
In his address, Mnangagwa said progress made under his administration was evident, adding that government was ready to work with the private sector on a recovery and long-term growth strategy.
🟤HE @edmnangagwa arrives for the #Zimbabwe Annual Investor Forum▶️Sustainable Long-term Investment Opportunities #ZimInvestment2022#MediaNDS1 pic.twitter.com/fOwnlZ4Wxd
— Zimbabwe Independent (@Zimindependent) August 24, 2022
“Our cross-cutting reforms have to date enhanced the investment environment and seen greater participation of the private sector. Additionally, economic management is continually being strengthened, while better public financial management and performance of State-owned enterprises is vigorously pursued,” he said.
“Key reforms have been further designed to achieve macro-economic stability, improve the business operating environment, and ensure that the structures of our industries are internationally competitive.”
The policies had seen government recording remarkable milestones with the economy remaining on an upward growth trajectory, with a 4,6% economic growth projection for 2022, he said.
Mnangagwa also assured investors that their investments were secure in a stable operating environment supported by policy certainty and regulatory safeguards.
“Deliberate policy decisions have been made by this government towards the construction and reconstruction of our national infrastructure,” he said.
According to Mnangagwa, the 2022 National Budget gives impetus to government’s commitment to infrastructural development as a critical enabler to national competitiveness and economic growth.
🟤@edmnangagwa touring exhibitors▶️Sustainable Long-term Investment Opportunities #ZimInvestment2022#MediaNDS1@MypiggybankC pic.twitter.com/24fQQxyWKo
— Zimbabwe Independent (@Zimindependent) August 24, 2022
Government launched the 2020 Infrastructure Investment Plan, which provides a roadmap towards infrastructure recovery to ensure that public assets are restored and modernised.
“To continue delivering this, public-private synergies remain imperative. Financial institutions, local and foreign investors are, therefore, invited to scale up their investments and partnerships to profitably provide solutions to Zimbabwe’s infrastructure gaps,” he said.
Mnangagwa proudly noted that government was building modern roads, airports and rail systems to connect Zimbabweans, while fostering a smooth flow of trade and increasing regional integration and inter-connectivity.
“These exciting projects will further position Zimbabwe as a logistics hub in southern Africa. Investments in these aspects are welcome from the private sector,” he said.
On the ongoing housing reform agenda, Mnangagwa indicated that this provided opportunities for investment.
‘Our country is ready for both foreign and domestic investment’ – @edmnangagwa#ZimInvestment2022#Media pic.twitter.com/MtM1b8LX6T
— Zimbabwe Independent (@Zimindependent) August 24, 2022
“We commend the efforts of financial institutions and authentic private property developers who have taken the initiative to increase investments in real estate.
“As government, we are keen to see development of not only luxury housing units but also entry-level housing schemes for the majority of our people, in both urban and rural areas.
“Additionally, investments in industrial infrastructure and factory shells must be considered more favourably, more so in the context of our rural industrialisation drive and devolution agenda.
“Through innovations centred on public-private partnerships, private sector players are called upon to come up with bankable and feasible projects to harness these opportunities.”
Government, the President said, had also undertaken extensive transformation of the energy sector in the last four years with the objective to realise energy self-sufficiency.
“Furthermore, Zimbabwe is keen to increase its footprint in green energy solutions and the realisation of Sustainable Development Goal (SDG) No 7 for affordable and clean energy.
“Independent power producers are, thus, invited to explore the prospects in more hydro and solar energy projects.”
Based on these prospects, investment commitments continue to be made, plants are being built while jobs are being created in addition to increased production, Mnangagwa said.
“Our abundant mineral resources base, which is largely unexplored and unexploited, makes us one of the mining investment destinations of choice. The unique and wide-ranging minerals which include lithium and other rare earth minerals of the future give us global competitiveness in the mining sector,” he added.
“The requisite investment in this sector, thus, has the potential to transform Zimbabwe into a key player in the global mining value chains.
“Riding on the value-addition of our mineral resource endowments, great opportunities exist for the establishment of strategic green industries, not only for our country, but the world as a whole.”
He also pointed out that building of human capital and well-functioning institutions required structural transformation through industrialisation.
“In this quest, my government is alive to the importance of establishing an industrial base which creates a delicate balance between satisfying the domestic needs and the international economy.
“In this regard, the role of innovation at the level of small and medium-sized enterprises and start-ups, in economic development can never be overlooked.”
He said government policies were continually expanding domestic manufacturing and production capabilities through an enhanced human capital base. “This has seen the support for robust and responsive education and training, anchored by a strong science, innovation, technology and engineering ecosystem.”
He said Zimbabwe’s agro-based economy pushed government’s quest to increase production and productivity while diversification of the agricultural sector was ongoing with a greater sense of urgency.
“This will not only enhance our national food and nutrition security but is also set to increase investments in high value crops for export. As such, vast prospects exist for investments and joint ventures in the agricultural sector,” he said.
Mnangagwa said government was open to dialogue as investors pursued business interests in the country, adding that the Zimbabwe Investment and Development Agency would facilitate the processing of investment proposals.
He applauded AMH and Piggy Bank Advisor for partnering with government in promoting the investment agenda in the country.
The Zimbabwe Annual Investment Forum was held under the theme Sustainable Long-Term Investment Opportunities.
Early this year, AMH also hosted the International Energy Conference in Victoria Falls, where Mnangagwa officiated.
