Prof Ncube promises protection for Rwanda investments
FINANCE and Economic Development Minister, Professor Mthuli Ncube, has assured the visiting Rwanda delegation of investment protection as the two countries continue to broaden their trade ties.
Minister Ncube made the remarks at the ongoing Zimbabwe-Rwanda Trade and Investment Conference, which is running under the theme ‘Explore, Invest and Export’.
The conference is a reciprocal visit after the Zimbabwean delegation visited Kigali, Rwanda, in September last year to explore export opportunities in the East African country as the two seek to widen economic ties.
Resultantly, at least 60 Rwandan businesses are in the country to participate in this year’s edition of the Zimbabwe – Rwanda Trade and Investment Conference that will run from 28 – 31 March.
While speaking during a panel discussion at the ongoing conference, Minister Ncube implored the visiting delegation not to panic about making investments in Zimbabwe as the country ensures easy repatriation of dividends and investor protection as mainly provided for by the Bilateral Investment Promotion and Protection Agreement (BIPPA). He further highlighted that Zimbabwe had vast investment opportunities available particularly in the agriculture, mining, and tourism sectors.
Responding to a question from the Rwandan delegation about the guarantee of investor protection for foreign business in the country Minister Ncube explained to the delegates that the country had not seen challenges in the repatriation of dividends on the auction lately.
“You asked me about issues around investor protection in Zimbabwe, we have BIPPAs
that control bilateral investments between the two countries, and those are enforced and
they are respected, actually both countries are strong on that, so we assure you of
investor protection.
“When it comes to repatriation of dividends, you can take your dividends, I have been
watching the number on the auction recently and I have noticed that companies are able
to take out their dividends without difficulty,” said Minister Ncube.
He shed light on a myriad of incentives offered in the country’s diverse industries,
particularly the mining, agriculture, and tourism sectors.
He also explained about the tax rebates offered by the government and how they would help in the sustenance of their investments established in Zimbabwe.
“It is not just good investment protection in the country that we offer but we also have incentives, if you look at the manufacturing sector, there is total tax rebates for any investment, in equipment, for example, there are also tax rebates on raw materials for manufacturing goods for export purpose, that is a special rebate, our tax system is quite robust in giving incentives to any foreign investor.
“In the mining sector we have a lot of incentives obviously for equipment and special mining leases for foreign investors, so many rebates Rwandan Investors can take advantage of.
“In the Tourism sector, we have rebates we give to importers of buses, tourism vehicles,
while in agriculture we will give you rebates for fences, boreholes for research in agriculture and geo-surveys. We give you tax rebates for equipment and some selected activity, “ added Minister Mthuli.
Beata Habyarimana the Rwandan Minister of Trade and Industry said Zimbabwe’s trade investment body ZimTrade and the Rwanda Board initiated the important forum to promote bi-lateral trade and investment opportunities between the two countries.
“The conference is coming at an opportune time when the bilateral relationship we are forging between the countries is growing.
“Our co-operation has grown exponentially in the last five years with several agreements signed in various common areas of interest such as education, energy, industry, agriculture, mineral resources, ICT, tourism as well as construction,” she said.
The Rwanda delegation is being led by its Minister of Trade and Industry Beatha Habyarimana alongside the Minister of State in charge of the East Africa region in the Ministry of Foreign Affairs, Manasseh Nshuti.
Trade statistics show that Rwanda and Zimbabwean trade has been minimal thus the
reciprocal visits are intended to provide trade and investment opportunities for the two
countries.-The Herald
