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Minister Patrick Chinamasa

Oliver Kazunga Senior Business Reporter
A MINISTERIAL delegation led by Finance and Economic Development Minister Patrick Chinamasa is in South Africa to attend the Zimbabwe Trade and Investment breakfast meeting in Johannesburg today.

Industry and Commerce Minister Mike Bimha, Transport and Infrastructure Development Deputy Minister Petronella Kagonye and Reserve Bank of Zimbabwe Governor Dr John Mangudya are part of the team that will interact with businesses in the neighbouring country and highlight investment opportunities in the country.

The country’s leading multimedia company, Zimpapers 1980 (Ltd) has organised the meeting aimed at highlighting the country’s vast investment opportunities.

The breakfast meeting runs under the theme, “Investing in Zimbabwe-Opportunities for South African Businesses and Zimbabweans in the Diaspora” takes place at the Industrial Development Corporation (IDC) in Sandton.

Coming a week before the announcement of the 2015 national budget in parliament, the meeting is set to yield increased investment in the country and boost economic development in line with the government’s five-year economic blue-print, the Zimbabwe Agenda for Sustainable Socio-economic Transformation (Zim-Asset).

Speakers from the Zimbabwe delegation will make presentations on building bridges for trade and industry between the two countries, industry and trade opportunities for Diasporans, state of the country’s financial sector, indigenisation and economic empowerment issues among others.

Zimbabwe has vast investment opportunities in different sectors of the economy, among them manufacturing, mining, tourism, agriculture, infrastructure development and information communication technology.

However, lack of capital due to limited access to long term lines of credit, trade barriers, illegal sanctions and competition from imports continue to have a negative effect on domestic industrial growth.

Zimbabwe needs significant foreign direct investment inflows to enhance technological progress, create employment, value addition and beneficiation on its resources such as minerals and agricultural produce.

As part of efforts to mitigate the adverse effects of the illegal economic sanctions imposed on the country by the west over a decade ago, the government adopted the Look East Policy that has seen countries from Asia, led by China tapping into different economic sectors locally.

The engagement of South African investors is also critical taking into account the neighbouring country’s significance into the regional economic bloc and its status on the continent and the world at large.

Hundreds of Zimbabweans are also running successful businesses in South Africa while thousands of others work there.

Zimbabwe has received support from South Africa through Public Private Partnerships. The Development Bank of South Africa (DBSA), Industrial Development Corporation, and Public Investment Corporation, among others have been active on the local market.

DBSA is already funding some of the infrastructural development projects in Zimbabwe like the rehabilitation of the Plumtree-Harare-Mutare highway.

A number of South African companies have also expressed keen interest to invest in infrastructural projects.