Government applauds diaspora impact on economy
ZIMBABWEANS in the diaspora are a vital force in the transformation of the economy as they play a big part in fostering good relations and attraction of investments to different sectors, Foreign Affairs and International Trade Minister, Dr Frederick Shava, has said.
Speaking at the second edition of the Diplomats Forum held alongside the Zimbabwe International Trade Fair ZITF) on Thursday night, Dr Shava said the Government was impressed by the growth in diaspora remittances.
Zimbabwe International Trade Fair
This shows that Zimbabweans living and working abroad are passionate about developing their country and are playing their part to propel progress.
Despite the adverse impact of the Covid-19 pandemic, Ambassador Shava said Zimbabwe registered highest diaspora remittances.
“It’s interesting to note that Diaspora remittances during the Covid-19 pandemic surpassed the US$1 billion mark,” he told the gathering.
“This is a clear testimony that our diaspora remains a critical component of national development, not only in remittances but also as our brand ambassadors.
“The part they play in convincing their business partners to invest in Zimbabwe and in Zimbabwean products cannot be underestimated.”
Official statistics indicate that diaspora remittances clocked about US$1,4 billion last year while many Zimbabweans abroad are more than eager to invest in different sectors of the economy This year’s ZITF Diplomats Forum, which was held under the theme: “Advancing Economic Diplomacy for National Development” and attracted several captains of industry and commerce who used the platform to share diverse trade perspectives.
The forum was held in partnership with the Zimbabwe Investment Development Agency (Zida) and the Ministry of Foreign Affairs and International Trade.
It acts as a multi-lateral medium that brings together the Government, diplomats accredited to the country and business players.
The meeting sought to advance the Second Republic’s agenda of engagement and reengagement, at a time when international trade is picking up from the effects of Covid19.
As such, Amb Shava said through the National Development Strategy (NDS1), the Government was implementing programmes and policies that convince international investors in line with the mantra: “Zimbabwe is Open for Business”, as there are many trade opportunities to invest in.
“There are vast opportunities in sectors like manufacturing, agriculture, mining, services, tourism, infrastructural development, energy and power development, sanitation and housing.
“These range from micro enterprises, small to medium enterprises up to conglomerates with special considerations to those who would establish their facilities in small towns, growth points and rural areas,” he said.
Minister Judith Ncube
“Thereby developing the communities that are sources of the resources under exploitation is critical. This is in with the National Development Strategy (NDS1).” The minister said under NDS1, the country was aiming at increasing its international trade gains having set up an export target of US$7 billion and US$14 billion by 2023 and 2030.
“The policy is also complemented by incentives given to exporters, which include the removal of duties on imported raw materials, manufacture duty rebates, VAT deferments and foreign currency retention schemes,” said Dr Shava.
Dr Sekai Nzenza
He said the Government also plans to increase the contribution of value-added exports from the current levels of below 15 percent to above 30 percent by 2030.
Amb Shava thanked foreign exhibitors for utilising such trade platforms as the ZITF saying this demonstrates the level of confidence bestowed in Zimbabwe as a market of key products and a source of major raw materials.
Bulawayo Minister of State for Provincial Affairs and Devolution, Judith Ncube, Industry and Commerce Minister, Dr Sekai Nzenza, members of the diplomatic community and senior Government officials also attended the event.-The Chronicle
