Reforms, Zimbabwe positive outlook excite foreign investors
THE Minister of Finance and Economic Development, Professor Mthuli Ncube, says the Zimbabwe Global Investor Roadshow, which he started in Cape Town, South Africa last week has excited higher investor appetite for the country.
Prof Ncube, who began his global investment campaign last Wednesday, met different potential investors and foreign business leaders in the neighbouring country to market the country as a fertile investment destination.
South Africa is regarded as a sub-regional economic powerhouse and is used as a launchpad for key investments in southern Africa.
The roadshow builds on the comprehensive economic reforms that President Emmerson Mnangagwa’s Government has undertaken to improve the country’s investment climate.
Guided by the National Development Strategy (NDS1 2021-2025), a successor blueprint to the Transitional Stabilisation Programme (TSP-2018-2020), the Government is working on transforming the economy towards an upper middle-income status by 2030.
The set vision would be achieved, among others, through revitalising domestic and foreign investments with the aim of widening job opportunities and fostering inclusive growth in line with the Sustainable Development Goals.
Dubbed the Zimbabwe Global Investment Roadshow, the initiative would, going forward, see a high-profile Zimbabwean team led by Prof Ncube invading key global capital powerhouses in Europe and the United States to showcase investment opportunities in the country.
In updates on his Twitter account Prof Ncube said he met several business executives who expressed excitement about the country’s economic outlook.
“I met with executives of Coronation, a leading asset manager. We engaged in a robust discussion on the Zimbabwe economy and they expressed positive sentiments about their current investments in Zimbabwe and general prospects, and had good ideas,” he said.
“I met with Mr Hendrik DuToit, the group CEO of 91 Group, an investment house that manages R3 trillion in assets. This is the former Investec Asset Management. We discussed investments through VFEX, especially corporate bonds.
“I had a great opportunity to engage in Zimbabwe with Mr Gareth Ackerman, the group chairman of Pick ‘n Pay. We discussed the positive economic outlook and the Government’s commitment to invest in energy and water infrastructure under NDS1.”
On Thursday Prof Ncube said he met with the investors and executives from Distell, spirits and alcohol producer in Cape Town who owns Afdis in Zimbabwe.
“They are keen to invest in expansion for the supply of apples for cider, wheat for spirits, and glass for bottles,” he said.
On the same day, the minister said he “met with investors from Pan-African investment houses — Sustainable Capital, Laurium, Prudential and Fairtee Capital. All expressed optimism about the improving economic situation in Zimbabwe, to which I committed to sustain,” said Prof Ncube.
On Wednesday Prof Ncube said he met with an investment team at Allan Gray, one of the largest portfolio investors into Zimbabwe and African markets.
During this meeting, he said he marketed Victoria Falls Stock Exchange as a hard currency investment platform.
The positive outlook on economic performance for 2021, on the back of successful economic reforms and good rainfall season, said Prof Ncube, speaks strongly to recovery.
Already the country expects huge impetus from the anticipated bumper harvest and the projected positive gains from the mining sector.
Revitalising domestic industrial value chains and enhancing more value addition and beneficiation are expected to be game-changers for Zimbabwe.
These are being complemented with interventions aimed at energising financial markets investments and unlocking savings for key development projects.
“In the Global Investor Roadshow, we positioned the Victoria Falls Stock Exchange (VFEX) as an attractive platform for investors aiming to raise capital in hard currency for investment into Zimbabwe and Africa in general,” said Prof Ncube.-chroncieclz.w
