British investors target Zimbabwe but worried about property rights

British investors target Zimbabwe but worried about property rights

via British investors target Zim, worried about property rights | The Source  March 27, 2014

British Deputy Ambassador and HM Consul in Zimbabwe, Chris Brown

An increasing number of British investors are interested in venturing into Zimbabwe but remain worried about the perceived lack of respect for property rights and uncertain business climate, a diplomat said on Thursday.

British deputy ambassador Chris Brown told delegates at an economic symposium that British investors were interested in investing in the financial, power and railway sectors.

“I see much more interest now from investors than I saw before the elections, but even now most of the people who come to Zimbabwe still decide at the end of the game not to put their money here or to put less of their money here than they would have done,” Brown said.

“This is not about trade fairs or branding, we know what holds back the investors, it’s concerns about the business climate.”

Zimbabwe’s general elections, won by long-ruling President Robert Mugabe and his ZANU-PF party in July last year, have been disputed by the opposition which alleges widespread rigging.

Brown said investors were not worried about indigenisation and empowerment policies, but more about property rights.

“If the government doesn’t  soon articulate a really clear approach on achieving empowerment and respect property rights, Africa, I fear, will continue to rise without Zimbabwe,” he said.

Brown said Zimbabwe had potential to attract more investment than most African countries but remained hamstrung by unfriendly policies and environment.

Corruption, he said, was another investment barrier which British investors were concerned about.

Earlier, industry minister Mike Bimha had stressed the need for Zimbabwe to improve its investment climate.

“New capital is critical to create employment, boost domestic demand and growth which is at an all-time low, and to tackle poverty,” he said.

Zimbabwe was ranked 172 out of 185 countries in the 2013 World Bank Doing Business Report.

COMMENTS

WORDPRESS: 12
  • comment-avatar
    Funganayi Mutamiri (UK) 4 years

    I agree with the Ambassador that there is a great surge of inquiries about Investing in Zimbabwe and going into partnerships with Zimbabwean locals. I have been approached and I understand quite a number have been approached. The intrest to say the least is there, I have not experienced the like before, it’s has to be captured and realised. The sentiments has been righty put here by the Ambassador why there is a hold back which needs to be addressed. When they are talking about property rights they are not talking about agricultural farm land and the land issue but property rights as a whole which guarantees there investment and that has to be put in place by the Zimbabwean government before they do anything. Changing the bussiness climate and I have said at other forums “Making doing bussiness in Zimbabwe as easy as eating Sadza” referring to the staple food. Fighting corruption was also sighted.Maintan high business dlimate by critically resolving issues. Investment interest are coming in a wide sector as long as they are bankable projects with a good return in capital. Zimbabweans must have Three Ps, Prepare,Pinpoint,Predict and look at the past ,present and the future. Let’s manage what matters and do more with less. Funganayi Mutamiri is CEO Africa Resources Global Ltd and can be contacted at funganayimutamiri@yahoo.co.uk

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    Mlimo 4 years

    What are the other 13 North Pole , South Pole, Antarctica, arctica, goch island, bird island, Syria, Iraq and Afghanistan . Not many can be worse.

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    gonzo 4 years

    if you want to loose your money please bring it on in one of bobs mates will soon take it from you.

  • comment-avatar
    Funganayi Mutamiri (UK) 4 years

    The data of the ranking is from the World Bank’s doing business 2013 report published October 23 ,2012 on figures from June 2011 though May 2012. There are no major changes to this data and can be relied on for planning purposes. What we are talking of here is that Zimbabwe has great potential and should not be at this position and can do a lot better because of its numerous competitive advantages,mainly it’s vast mineral resource and it’s educated populace compared to non in Africa. Now this report is also very important in showing us what needs to be done ,what parameters are used for the ranking and how you can attract FDI. There is massive data on the Internet, PDF downloads which cleverly used with other reports can propel Zimbabwe to greatness as an economic hub and a reversal of most economic ills the nation is facing. To access the ranking report,the list of countries considered and their position you can go to www. gfmag /component/content/article/119-best-countries-for doing business-2013.

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    apolitical 4 years

    Tere is a need for journalists to understand protocol.
    There is no such person as a deputy ambassador – the post doesn’t exist.
    An ambassador shows credentials, when he is infirm or unavailable you can have a tyempory ambassador who also needs confitmation.
    His correct title forv those who really should venture in diplomatic circles. Brown is Deputy Head of Mission.
    It happens that you get those who pretend to know about diplomatic business and the way to publically teach them is to ask them how you address a DEP Ambassador – there is no address in any diplomatic book or on internet.
    You simply cant have two accredited ambassadors – you may have a deputy high commissioner but never ambassador.
    In saying this it illustrates the absence of fact from the article if the journalist doesn’t know who he spoke to or how to address him.

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    apolitical 4 years

    Brown is relatively new to Zimbabwe, poached from number 10.
    Currently there is no Commercial Attaché as the embassy remains down graded to” for political support only. Anti- government propaganda.”
    Therefore he would not be in touch with those on business from the UK as they are all directed to UK Trade and Commerce.
    This can be established on brit govt websites, so yet another reason to take what journalists say with a rock of salt – not a pinch.
    One there will come a journalist who researchs his stories before he writes them, who knows how to use google as well as word on his computer.

  • comment-avatar

    WHO CARES THESE THIEVES!!!

  • comment-avatar

    Instead they illegally smuggling weapons in Africa in order to divide and set against each other, but already we held them!!

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    Funganayi Mutamiri (UK) 4 years

    You say “who cares?” I care and the majority cares and most importantly God cares., on you desolate ground I will build my Jerusalem. With what because everything appears destroyed. With precious minerals , diamonds and a lot of resources which you have not discovered and have you not heard how you will feed other nations? How many good prophesies shall you hear about Great Zimbabwe and yet you harden your hearts.Did you not discover diamonds in Marange at your hour of need?Zimbabwe will lend and not borrow says The Lord. You will prosper again and I will not give up on you.

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      Saddened 4 years

      Funganayi Mutamiri as a fellow Christian I agree with a lot of what you say however as you are aware here in Zimbabwe we make political decisions that have huge economic implications. On top of that the economic decisions made have also contributed hugely to the collapse of our economy, so unless we have progressive legislation & sound economic policies no progress will be made. If it were possible we wouldn’t be where we currently are. Diamonds were discovered but the country at large didn’t benefit. In God’s time things will change.

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    Funganayi Mutamiri (UK) 4 years

    The Government of Zimbabwe is hearing these pleas and I understand is working on it and putting in place measure to be address some if not all of these concerns. The other thing this is not about which political party you belong to.Its about building Zimbabwe . So do not be left behind,let’s pull together, come up with viable bankable projects and we will finance them ( FDI) . A lot of other countries are coming on board, so Zimbabweans do not be left behind, I will repeat my email below send your proposals to funganayimutamiri@yahoo.co.uk.Funganayi Mutamiri is the CEO of Africa Resources Global Ltd.

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    Funganayi Mutamiri, you care personally, but don’t mix Africans who were blessed resourceful lands and technician elements, what is the use of fake papers, we don’t really need let them have in pocket until cockroach create in their pocket!!