Let’s end hostility with West: Chinamasa

via Let’s end hostility with West: Chinamasa 06/05/2014 by Xinhua NewZimbabwe

ZIMBABWE is ready to fine-tune policies to lure foreign investment instead of enforcing policies that might cause confrontation with foreign investors, the country’s top economic official said Monday.

Finance Minister Patrick Chinamasa told an industrial conference in Harare that Zimbabwe is looking for new friendships, new opportunities while consolidating old ones.

“We are looking for mutually beneficial economic relationships not confrontation. We are too small a country to pursue a policy of confrontation,” Chinamasa said.

He added that Zimbabwe was open for foreign direct investment from all countries and that the business partnerships it forges must be done without preconditions.

The country is facing severe liquidity challenges and a slower economic growth rate of around 3 percent.

Critics have blamed the government’s indigenization policy, among others, for stalling foreign investment inflows.

The indigenization, which was enacted in 2010, requires foreign businesses operating in the country to cede 51 percent share- holding to black Zimbabweans.

But there are signs the government can show some flexibility on the implementation of the policy, especially in the struggling banking sector.

Meanwhile, Chinamasa said the government will also give the Zimbabwe Investment Authority the full authority to determine investment conditions as a one-stop-shop to cut down on bureaucracy.

The finance minister also said Zimbabwe expects sanctions imposed by the West to be removed as they have become an inherent constraint on the country’s economic recovery.

The U.S. sanctions, for example, effectively ban American citizens from doing businesses with individuals and entities on the black list.

 

COMMENTS

WORDPRESS: 29
  • comment-avatar
    mujibha 8 years ago

    Now Chinamasa I think u now know why Bennett beat u up. Zimbabwe can’t stand on its on u need the west. Not China.

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    Sanctions must remain until Mugabe and his murderous henchmen start to abide by the laws of the country.

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    Jono Austin 8 years ago

    Why? What’s changed? Turns out that treating the country as your own personal fiefdom and stealing everthing in sight has landed them in a tight spot. West please give us more money to steal. Then voetsek!

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    u-turn chinamasa

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    Tjingababili 8 years ago

    SENSE AND SENSIBILITY!

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    zvichanaka 8 years ago

    All because of a failed look east policy.

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    So Chinamasa wants FDI without conditions? How does he expect to get that, and why does he think the country deserves it? Mugabe and ZANU-PF have done nothing to earn the trust of international investors and will not until they repeal the indiginization law and start respecting the constitution, not just the parts they like!

    Most investors are of course looking for an opportunity to make money. They don’t want to be told by racists that they cannot have control of their own companies or investments, because only black locals must own 51% of everything. Nor are they comfortable putting their money into countries that do not respect the law or apply it fairly and without favor. They also don’t like it when the government helps itself to their bank accounts, either directly or through exorbitant taxes and fees.

    They also don’t like to invest in a country whose government lies. So you’d better stop trying to blame sanctions for your ineptness and you could start by eating some humble pie and admitting that your political party f*cked up bigtime and is going to show the world by jailing all of those corrupt politicians, starting with Ignacius Chombo, Obert Mpofu, most of the current and past cabinet ministers, and all of the salary gate executives. That’s it in a nutshell. Better get started, you’ve got a lot of work to do before you get any FDI.

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    Senzachena 8 years ago

    Chinamasa, give up making the right noises and realise that nobody in Zimbabwe or the rest of the world believes a word you are saying. The Government is filled with corrupt thieves and murderers and the rest of the world does not wish to deal with these people. The powers that be in civilised society are going to continue to slowly put the financial screws on until the Government and the country collapses economically. Then and only then will we be able to get rid of your Zanu trash and hopefully good people will take over and the country will start to pick itself up and engage with the international community.

    There is not the slightest possibility of any country or business making any meaningful investment in the sewage pond of Zimbabwe until your geriatric boss, you and all the rest of the trash have been consigned to the dustbin where you belong.

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    John Thomas 8 years ago

    Patrick there is an easy way to fix your problems. Call an honest election and the MDC government that results will attract all the investment we need.

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    Chinamasa you will never attact investors from the west, they are not stupid and don’t forget their skin colour is still white not yellow like china.rigged the election but you can’t rig the economy.

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    Mlimo 8 years ago

    China – master its too late we have had enough go to hell with your Mugabe bass. Sorry we don’t want you. Ever heard the expression cooked the goose that laid the golden egg. We won’t do business with you till your ilk is gone!

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    With a house full of dirt,chaos, trigger happy Police, a non-existent justice system,thieves , spoilt Party thugs and indiscipline its highly unlikely any one wants to visit let alone take up residence. Even its own children have deserted. Put your house in order Chinamasa otherwise you can plead until the cows come home no one is coming.

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    BWAHAHAHAHA… Zanu needs enemies to survive.

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    Oh yeah! Why now. Cos elections can be rigged but the economy can’t. God is judging. The economy is part of your judgment ZPF. Wake up and smell the proverbial coffee. repent and tell the truth for once!

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    Mukanya 8 years ago

    “Let’s end hostility with West” is it really a true quotation of Chinamasa? I’m afraid he needs ideological re-orientation, his utterances are at variance with the philosophies/principles/policies-etc of our revolutionary party. Please! the Commissariat your urgent attentive action on Chinamasa is required soonest.

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    I agree with John Thomas.

    The only course of action here Mr Chinamasa is to have an open voter registration process, free elections with those hated Western observers present and then the resultant admin, which is most certaimnly going to be an MDC one, can go about rebuilding our country.

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    mwana wevhu 8 years ago

    Emotions aside, Zimbabweans have hit the nail on the head all the time. ZPF just listen and act in the national interest.LOOK EAST POLICY is a wake up call to ZPF. Yes you are loking there, but where are the CHINESE looking….certainly not Zimbabwe.Can the ZPF govenment urgently form an indigenous company to recycle/manage the growing pile of CHINESE imports waste.Just imagine the “real” money expended in bringing in this.

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    jobolinko 8 years ago

    You may need to engage the west for whatever reason ,but why not talk about diaspora vote ,zimbabweans in diaspora can change zimbabwe ,but zanu is not intrested in them participating in the country s problems, its not going to work forget it.

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    kariba 8 years ago

    how many individuals make up the so called Zimbabwe. Only a group of individuals’ decisions will be referred to as ‘Zimbabwe has ……’, whether for the bad it will be like all the people support it.Who is going to hear the voice of the voiceless and lead the people in the manner God approves. Anyway only God is the voiceless’ voice.

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    adam jones 8 years ago

    Only thieves and murderers are on the list. Who wants to do ‘business’ with a thief?

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    adam jones 8 years ago

    Now you know that Zimbabwe is too small a country to go it alone? It never was about the size of a country – all countries need each other. It has now become a global village. Now you have stollen everything and there is nothing more to steal you want DFI money so that you can steal it? Uyahlanya.

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    Petal 8 years ago

    Spare me the HYPOCRISY from these scum bags leave them to look EAST with their shamwaries!

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    Petal 8 years ago

    “will also give the Zimbabwe Investment Authority the full authority to determine investment conditions as a one-stop-shop to cut down on bureaucracy.” BUREAUCRACY is like a cancer on the continent- it never stops

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    Petal 8 years ago

    and everyone will wake up THE NEXT DAY and find they are back to SQUARE ONE – what double standards

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    The only ones that are hostile are ZANU-PF. The rest of the world doesn’t give a rat’s ass about whether you succeed or fail. Time for some introspection comrades. What can YOU do to change the perceptions of others?

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    Mixed Race 8 years ago

    The indigenisation policy is what made ZANU-PF win the election because our brothers from the east like to reap where they have not sown.I am surprised that @Apolitical our greatest economist and technologist has not commented yet.Why?
    This policy was ill planned and it cannot be implemented without interfering with international human rights regulations-If implemented it can cause international reaction eg if locals suddenly take Nigerians shops and other foreign nationals,then their countries would retaliate.
    This indigenisation policy is a monster which was created mainly to get votes at all costs but it is now troubling the same people who formulated it to destroy the opposition.If they are not careful it will destroy them as well because economy cannot be resolved by false plans.Wait and see what happens next because those who voted thinking that they will be rich over night might try to enforce this useless policy with serious repercussions to the country’s economy

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    Will the Doctor 8 years ago

    Sanctions must stay.

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    Truth and Justice 8 years ago

    Zim Acid (Asset) is meaningless and wont yield anything when the Economy is full of corrupt minded leaders who are after their pockets, they are always chant anti-West slonans yet they are failing control and give direction to this economy, Indiginisation Flopped, 51% policy flopped, Land Reform flopped now comes Zim Acid