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Cde khaya Moyo

Herald Reporter
Zimbabwe can achieve the average economic growth rate of 7.2 percent as envisaged in the country’s economic blueprint Zim-Asset, Minister of Economic Planning and Investment Promotion Ambassador Simon Khaya Moyo said yesterday.

Cde Khaya Moyo said this while presenting his ministry’s vision to staff, parastatals and agencies that fall under it in Harare.

He said although the economy was performing below the growth rate set in Zim-Asset, the country could reach its target given Zimbabwe’s abundant natural and human resources and sound macroeconomic policies.

“I am here to advise you that given Zimbabwe’s natural resources and the new economic thrust we can still achieve the Zim-Asset target of 7.2 percent average growth rate as envisaged in the economic blueprint,” Cde Khaya Moyo said.

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“Currently, the economy is performing well below the set target. This, as I have said, is below the Zim-Asset target and below the African average yet we are so blessed with natural and human resources.”

Cde Khaya Moyo said there was need to stimulate growth across all sectors of the economy to reverse the current economic slowdown and bring stability.

He said this could be attained through various interventions including ensuring increased foreign direct investment inflows into the country and improving the country’s investment climate.

Apart from that, Cde Khaya Moyo said the Government would offer incentives like low corporate tax and royalty payments for investors in order to stimulate exports and earn the country the much needed foreign currency.

“The Government will provide more incentives through special economic zones. This should be good news for investors wishing to invest in Zimbabwe,” he said.

Zimbabwe, he said, would continue signing Bilateral Investment Protection and Promotion Agreements (BIPPAS) with interested partners across the world to boost investor confidence.

In addition, Cde Khaya Moyo said his ministry had commissioned a study to evaluate the implementation of the millennium development goals (MDGs) in order to draw experiences and help craft the post MDG agenda.

He said there was need for extensive collaboration between his ministry and the Zimbabwe Investment Agency and the Zimbabwe Statistical Agency, among others.

Zimbabwe is estimated to have lost over $42 billion in revenue due to economic sanctions imposed by Britain and her allies which contracted the economy by a factor of over 40 percent.