via Zim open to FDI — Chinamasa – NewsDay Zimbabwe May 7, 2014
ZIMBABWE is open to foreign direct investment (FDI) from anywhere in the world and is ready to re-integrate into the global economy, Finance minister Patrick Chinamasa has said.
Speaking at a Sapes Trust conference on Monday, Chinamasa said the country was eager to forge new business partnerships and opportunities while consolidating old ones.
“Zimbabwe is open to foreign direct investment from all nations of the world, be they in the North, South, East or West,” he said.
“The business partnerships we forge must be without preconditions. FDI will hopefully bring into our country capital, technology and the much-needed managerial skills.”
The call by Chinamasa comes at a time when the government is struggling to get funding to grow the economy and in the face of serious liquidity challenges.
Zimbabwe’s FDI is still below $1 billion annually as the country is failing to attract investors largely due to policy inconsistencies and lack of clarity on the indigenisation law.
FDI started off at $65 million in 2009 when the country adopted the multicurrency system and stood at $400 million last year.
The figure is way below many other countries in the region that were recording over $1 billion in FDI.
Chinamasa said the country no longer wanted a confrontational approach and was looking for mutually beneficial economic relationships.
“We are too small a country to pursue a policy of confrontation.
Sanctions are one of many strategies in a policy of confrontation. Sanctions dignify what is termed in military terms low-intensity warfare,” he said.
He said government was working towards creating a conducive business climate and that’s why it was clarifying the indigenisation law.
The two-day Sapes conference which ended yesterday ran under the theme Zimbabwe Going Forward — Consolidating the Democratisation Process and Reinforcing Re-engagement with the Global Community.
Recently Chinamasa said a one-size-fits-all approach would not be applied in the implementation of indigenisation law.
He said investors would be invited to participate in power generation and development of road and rail networks, water and irrigation infrastructure and information technologies.
COMMENTS
Has the country previously been closed to FDI? I don’t think so! If it hasn’t been coming already and if it has not started coming by now then that means it might not be coming in a long time.
Problem is, no one trusts minced words of transformation. Government says it has had a rethink on its indigenisation policy yet will not amend the law to reflect the new thinking. Why? Even with well crafted laws in place it remains difficult to trust the government seeing as government chooses when to obey laws and when to disregard them. I am sure investors, even indigenous investors would want to see a consistent application of the laws on all citizens to be satisfied that the climate has actually changed.
Same old story. The question shd be why lenders r not coming to the invitation
Patrick is like a prostitute saying his legs are open for business knowing full well that aids and siph are what his customer will get.
We in the west are not so stupid chinamasa. we believe in property rights, freedom of speech and freedom of the press, respect for human life and the rule of law. Do you what the rule of law means. Oh, of course you do? You are a lawyer after all? or did mugabe give you your law degree in eturn for your loyalty to him. After all it is Zimbabwe, wher mugabe “reigns supreme”. He rigged the election and since he can’t rg the economy he has asked you to make nivce with the west. FORGET IT. We in the west will not invest in Zimbabwe. Bye Bye
Then do something to show you are seriou hey Chinamasser. Your China policy has failed. The Chink boss is coming to the continent except to ZIM, so much for ‘friendship’. Guys how long do you take to learn. This is a “global village, like it or not”. you oppose the winds of change, you inevitably collapse. It’s only a matter of time. Remember the USSR? A huge behemoth seemingly insurmountable! It toed the line eventually. Cuba is calling from the cold. Come to your senses….and fast. Jonho Moyo is learning faster than all of you. Gono is the wisest among the musketeers, but when did you learn to listen. Too bad!Yes we all make blunders but we can avert disaster if we own up and come to our senses. We have heard all the “GOOD NEWS” about becoming friendly, no longer doing violence etc. Now implement these words with works!!!NOW!! mr CHInerMasser.
Do you mean you had closed the Zim shop to FDI without telling us? Now what has changed?
with you and zanu holding the door, NEVER
Military involvement in the running of the country is the problem ,Chinamasa knows it. as long as there is no clarity in this ,everything is a waste of time.
Surprise surprise! Suddenly the buzz word has now become FDI even for the string of praise singing zanupf professors and those pretending on sophistication like Vince Museve. Naturally indigenisation is singing the blues. Unfortunately this has not spared any of zimbabwe’s smart people boasting 98% literacy and cupboards full of academic credentials.
But let us all acknowledge that Tsvangirai, even as uneducated as he is saw this before most Zimbabweans did. I just want draw conclusions controversial as they may be. So it makes our professors educated and sophisticated fools; some smart Aleck kind of and Tsvangson, the tea boy, hailing from the dust bowl of Buhera an uneducated genius.
I do not need any convincing that I should Vote for Tsvangirai.
So long as I can push/shove you and your whole gang from within Parliament to your jail cell in Chikurubi. Enjoy the Bennett experience.
Yap Yap Yap Yap!!
Oh, please. Can I keep 49 cents for every dollar I invest? What a great deal.
Instead Zimbabwe could be saved by changing it to a democracy with the rule of law. Please give the sovereignty that has been usurped to Zimbabweans. How long do you need to crush Zimbabwe under your boots?