Enacy Mapakame Business Reporter
Zimbabwe is enhancing its investment laws to attract more foreign direct investment (FDI) into the country, Industry and Commerce Minister Mangaliso Ndlovu has said.
Welcoming a Japanese business delegation to Zimbabwe, Minister Ndlovu said the country was positioning itself to tap into investments from friendly countries such as Japan. He told the delegation — comprising 16 Japanese companies as well as the Japanese Chamber of Commerce and Industries in South Africa (CCIJ) as well as the Japan External Trade Organisation (JETRO) — that Government was prepared to engage them on it policies and provide any clarity that may be needed to promote investment.
“Zimbabwe is a business friendly economy and we have adopted the mantra ‘Zimbabwe is Open for Business’ precisely to open up to friendly countries like Japan to open investment opportunities.
“We are happy to receive you and looking forward to fruitful discussions and engage on key issues of policy concerns so that we can clarify them so that you also understand our economic environment.
“We are moving swiftly to change our investment laws to ensure that we process investments applications much quicker and more efficiently at minimum costs,” said Minister Ndlovu.
Already the country has tweaked the indigenisation laws that were formerly an impediment to investment, which is likely to improve business flows into the country.
The Japanese business delegation will be in the country on their “Japan Business Mission to Zimbabwe” to meet their counterparts as they facilitate development of Japanese business activities in the country.
The two-day meeting will also foster the long-standing relations between the two countries.
Japan has strong ties with countries in the region and has identified Zimbabwe as strategic in their quest to expand their businesses in the Sub Saharan Africa region on the back of its rich mineral resources and natural beauty.