ZIMBABWE will host an investment conference next month where key global investors in various economic spheres are expected to share experiences and insights on how Zimbabwe can leverage on global networks to shore up foreign direct investment.
The conference, being organized by Oxlink Capital and coordinated by The Office of the President and Cabinet will run under the theme “Zimbabwe: Towards a Preferred Investment Destination”. It comes following a successful visit by President Mnangagwa to Davos, Switzerland for the World Economic Forum, where he encouraged investors to consider Zimbabwe as a prime investment destination.
At the forum, the President met and held high level meetings with influential global business leaders who endorsed his administration and pledged to support Zimbabwe’s efforts to revive the economy.
“At a time formal employment levels are very low, the conference reinforces the new political dispensation’s policy thrust that is focusing on attracting long-term capital that has potential to increase the private sector’s gross fixed capital formation,” Oxlink Capital managing director Mr Brains Muchemwa said in an interview.
“Zimbabwe has been experiencing very low levels of foreign direct investment in the region relative to its peers, with the high country risk, corruption and failing infrastructure being cited as the major impediments to attracting investment.
The coming in of the new dispensation has renewed hope and ignited interest in the prospects on investing in Zimbabwe, with both the domestic and international community expressing desire to invest in the various spheres of the economy,” he added.
Mr Muchemwa said the conference would provide the new dispensation with an opportunity to provide policy clarity regarding investment and for the various Government ministries to showcase the available investment opportunities. Some of the invited delegates include officials from private equity funds, international lenders and national ambassadors to Zimbabwe among others.
Among key speakers expected to grace the conference are the ministers of Mines and Mining Development and Agriculture, Land and Rural Resettlement who are expected to clarify the new policy thrust in mining and agriculture after investors previously overlooked Zimbabwe over the years on account of the unfavourable policies.
The mining and agriculture sectors contribute more than $3,3 billion in foreign currency earnings for Zimbabwe every year and at a time the country is facing foreign currency shortages, attracting investment into these sectors will provide the much needed stimulus to generate additional foreign currency.
Other ministers expected to provide the new policy thrusts and clarity include the Minister of Finance and Economic Planning, Minister of Justice, Legal and Parliamentary Affairs, Minister of Energy and Power Development and the Minister of Transport and Infrastructure Development.
Oxlink Capital is working with an inter-ministerial committee that is providing guidance to ensure that the conference succeeds. The committee includes the Ministry of Industry and Commerce, the Reserve Bank of Zimbabwe, the Special Economic Zones, the Infrastructure Development Bank of Zimbabwe and Zimbabwe Investment Authority.