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Herald Reporter

Zimbabwe has investment opportunities across economic sectors, President Mnangagwa told the Africa Reconstruction Global Summit hosted virtually by the World Economic Congress yesterday as he continues to stress the country’s willingness to accommodate investors and attract foreign capital.

The WEC was formed in 2016 by a group of Christian and business leaders from around the world and is head-quartered in Zimbabwe. 

In his address, the President said a thriving economy was not just for one country, but can positively contribute towards the African Union’s Agenda 2063 and the realisation of the “Africa we all want”.

“The vast opportunities in our country are expansive and extend across all sectors of the economy,” he said.

In agriculture, the thrust was on fully using the land, taking advantage of good soils and climatic conditions in the country. 

“The Agriculture and Food Systems Transformation Strategy, being implemented by Government has attendant vast opportunities. These are in horticulture, agro-processing, development of rural industry systems, irrigation development and agriculture mechanisation,” he said.

In mining Zimbabwe already had found reserves of more than 55 minerals and that scope and breadth of riches should underpin the country’s future economic growth.

Exploration, mining, beneficiation and value addition were all open for investment. 

“The strategy of creating a US$12 billion mining industry by 2023 is a reflection of our commitment to facilitate and support investment in the mining sector.

“Reforms in the sector saw the removal of the previous shareholding restrictions for investors,” President Mnangagwa said. 

Incentives had been put in place for those who invest in exploration, development and operations of mines.

Manufacturing was open for investments. 

“The 2020 growth of the manufacturing sector, highlighted by our Central Bank statistics reflect the potential of the sector to spur development and attract investment,” he said.

Sub-sectors where opportunities could be the greatest included food and beverages, textile and ginning, clothing and footwear, printing and publishing, chemicals and petroleum products.

The tourism sector, he said, had potential for growth despite being affected by the global Covid-19 restrictions.

The President added that functional infrastructure was key to development and Zimbabwe was in need of investments in roads, rail and dam construction projects among others, through partnerships with Government.

“Meanwhile, the fourth industrial revolution is upon us and the need to deploy technology made in Zimbabwe and Africa has become urgent and important. The ongoing pandemic has further accelerated the need for the establishment and growth of a digital economy as well as expansion and investment in e-commerce, telemedicine, video-conferencing, online teaching and financial technologies,” President Mnangagwa said.

Government had also launched the Victoria Falls Stock Exchange, which was designated as a financial services Special Economic Zone to raise capital in foreign currency.

During a question and answer session with participants, President Mnangagwa said there was scope for Sadc countries to jointly mobilise resources for investment in projects of mutual benefit while the church, women and youths had a critical role to play in their countries’ development.

Mr Alexander Chisango, WEC president, said the organisation’s goals were to mobilise Africans at home and in the diaspora to invest on the continent.