‘EU summit snub spooks investors’

via ‘EU summit snub spooks investors’ – DailyNews Live by Kudzai Chawafambira  2 APRIL 2014

Zimbabwe’s refusal to attend the on-going European Union (EU)-Africa summit reveals its “bad boy” attitude and will further dampen investor confidence, economists say.

They say the boycott could scuttle efforts made by the business community for the restoration of full economic and commercial relations between EU and Zimbabwe.

Local business leaders and investors — through the Confederation of Zimbabwe Industries — recently visited the continent to seek bail out packages and lure foreign direct investment.

Zimbabwe is not participating in the conference after President Robert Mugabe decided to boycott because the First Lady, Grace, was denied a visa to enter Europe. “Nobody is going to take us seriously,” said John Robertson, an economist.

“Over the years the country has come out with nothing out of these forums because there is no change of attitude in our leadership,” he said, adding that “unless there is a change of attitude as well as the investment climate, Zimbabwe remains a bad investment option.” Robertson said Zimbabwe desperately needed attention, but questioned if the country had what it took to deserve it.

“Even our own citizens are trying to leave for better countries. We really need to find solutions such as improving conditions for foreign investment, good governance and address economic fundamentals.

“Right now we have already done enough damage to really earn credit from investors,” he said. Independent economist Takunda Mugaga also said Zimbabwe stood to lose out more than the European bloc despite not getting much over the years because of restrictive measures imposed on the country’s regime.

“The country could have done more to re-engage its business community with their European counterparts.

“We really need to find each other in this global village, we cannot survive in isolation,” he said.

Mugaga said the summit could have provided an opportunity for the country’s leadership to explain the position of its economy and also raise the profile of doing business in Zimbabwe.
The business delegation to European countries in January this year was to re-establish links and integrate with regional global value chains as part of restoring its competitiveness

This comes as the level of trade between EU and Zimbabwe underscores the significance of the commercial and economic relations.

The EU is Zimbabwe’s second largest trading partner with a total trade of $942 million in 2012, under which the southern African country exported goods valued at $620 million and had imports of $322 million.

The union and its member countries account for over 55 percent of Zimbabwe’s public external debt.

 

COMMENTS

WORDPRESS: 5
  • comment-avatar
    Littledorrit 7 years ago

    We all leave – for Australia, New Zealand, Canada, USA, Brittain; we even DROWN trying to get back to our gentle colonial safetynet. Why don’t we ask our Colonial mama to come back here – then we can have England with sunshine !!
    This land could have been the Jewell of the World had if not been for our selfish stupidity. Sorry Mr Smith- you loved this land and cherished it.

  • comment-avatar
    Senzachena 7 years ago

    It was the jewel of the world, then along came a bunch of murdering thieves who stole everything they could and now it is the laughing stock of the world. Well done to Bob and the boys, nobody in its right mind would invest one cent in your sewage pit. Even the Chinese are wary and for anything they do put in they will reap tenfold the rewards, take the money offshore and spit you out when they have finished chewing on you! So very sad.

  • comment-avatar
    Charles Chamunorwa 7 years ago

    Zimbabwe’s future is being decided in Mugabe’s bedroom but african leaders refused except Zuma

  • comment-avatar
    Johnson@yahoo.com 7 years ago

    YES YOU’RE DAMN RIGHT! MAN….ATTITUDE…BAD INVESTMENT CLIMATE, POOR PRIORITISATION, SELF ENRICHMENT, THIEVERY, LAW OF THE JUNGLE, INSENSITIVITY, HATE SPEECH, HIGHLY EMOTIONAL POLICING. OH DEAR WHY WERE WE SO CURSED……..AH WHAT MUST WE DO NOW…NO PROGRESS…NEW GOVT….BRAND NEW…..LIKE NEW CAR….YET NO PERFORMANCE. WHAT THE HECK IS WRONG…WE NEED DIAGNOSTICS ON OUR NEW NIKUV MACHINE. BUT THEY SAY ISRAELIS ARE GOOD IN TECHNOLOGY

  • comment-avatar

    If one African leader refused, it means all are together!