Zimbabwe woos EU investors at Berlin tourism expo
ZIMBABWE has vast investment opportunities in all sectors of the economy and Government has enacted enabling business-friendly policies, which the European Union block could take advantage of and scale up trade volumes.
Europe is Zimbabwe’s major trading block. Exports to Europe increased by 172 percent from US$63 million in 2017 to US$171 million in 2021, according to official figures.
Speaking at the Berlin economic forum in Germany last week during the International Tourism Exchange (ITB), Minister of Environment, Climate, Tourism, and Hospitality Industry, Mangaliso Ndlovu outlined several investment instruments that the Government has put in to attract investments.
For instance, the Government promulgated and signed the Zimbabwe Investment and Development Agency (ZIDA) Act into law, which repealed and merger of Special Economic Zones (SEZs) Act, the Joint Ventures Act, and the Zimbabwe Investment Authority (ZIA) Act.
“The ZIDA Act has clear provisions on non-discriminatory business climate, repatriation of funds, ownership and other critical factors that are intended to make the ease of doing business better for investors,” said Ndlovu.
“The new law has also seen the operationalisation of the One Stop Investment Services Centre (OSISC), which gives investors a seamless registration and license application process.”
He said continued improvement on timelines to receive and process investor applications and provide continuous aftercare has created an almost seamless platform that allows investors to be on board quickly into the country.
“By creating this platform, ZIDA is allowing investors to focus more on their operations and getting value for their investments – allowing for economic activity to commence faster in all parts of the country,” said Ndlovu
He said the economic forum was an ideal platform to showcase Zimbabwe’s investment opportunities, which can build on the current trade volumes.
The increase in trade volume figures signifies the growing trade relations between Zimbabwe and the EU, which is in line with Government’s economic diplomacy mantra “friends to all, enemy to none,” said the minister.
Over a four-year period from January 2019 to January 2022, Zimbabwe received cumulative foreign direct investment running into billions of dollars, he said.
During the period under review, investments from Germany alone amounted to US$798,768 representing 0,0034 percent of total investments into the country.
“However, an analysis of the investments for the year 2022 shows that Germany accounted for a total of $329,938 projected FDI against the ZIDA recorded total of $ 2 358 614 868, translating to 0.014 percent of total investments for the year. This, ladies and gentlemen, is an encouraging development,” said the minister.
President Mnangagwa
He noted that the is great scope for investment in private Partnership in Developing Special Economic Zones and that to date the country has five-gazetted special economic zones covering a total area of 6 000 hectares in Mutare, Beitbridge, Bulawayo, and in Victoria Falls.
The zones offer opportunities for individual and corporate investors interested in different sectors, tourism and manufacturing, as well as industrial, logistics and technological parks.
Since coming into power of the Second Republic in November 2017 under President Mnangagwa, the Government has embarked on a re-engagement drive with the global community to thaw relations.-chronicle
