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Prosper Ndlovu in Victoria Falls
THE local business community should collaborate with the Government to dispel negative perceptions about the country in the international community so as to improve investor confidence and attract more foreign direct investment (FDI), a visiting Nigerian head of business association has said.

Dr Bassey Edem, the president of the Nigerian Association of Chamber of Mine and Agriculture, who is attending the 2016 Zimbabwe National Chamber of Commerce (ZNCC) here, challenged the business community to play its role in portraying a good image of the country and reverse the risk factor.

Country risk is a subjective yet critical factor in the attracting FDI for a country as it affects investor confidence and informs the level of interest rates charged by financial institutions.

“The government and the private sector should jointly work together to remove negative perception about the country. This is critical in attracting FDI, said Dr Edem.

“You need to take policy decisions that will boost investor confidence and improve access to markets.”

He said Zimbabweans should carve their own economic history despite criticism by the country’s detractors saying Nigeria went through a similar experience when in 1979, it embarked on the state takeover of farms.

Since the turn of the millennium, Zimbabwe has been under a fierce onslaught from the West and its international media after it embarked on the successful land reform programme that has benefited more than 200,000 previously marginalised families. “Progress has been made in Nigeria despite negative perception. Progress has been achieved through collaborative efforts between the private sector and the government’s role has been implementing policies that incentivise business,” Dr Edem said.

“Sanctions or no sanctions we have resources, we have people and we have to move. ZNCC should play its vital role and differentiate between perception and reality. This will go a long way in enhancing business in Zimbabwe.”

He said business associations should not tire from advocating for improved ease of doing business through infrastructure development and access to financial support for businesses.  Dr Edem said it was such input from the business sector that should guide policy formulation.

“Forget about sanctions. We in Africa love talking to the West and the East and forget to talk to ourselves. We can do so much together,” said the businessman who was critical of the economic suggestions for Africa by the Bretton Woods institutions such as the IMF and the World Bank.

“The chamber of businesses must collaborate at all levels, seek more incentives for both local and foreign investment.

“Remember foreign investors will only come when they see benefits being awarded to local businesses,” said Dr Edem. “Africa will achieve its development goals as long as we try to remove our country risk perception. We must believe in ourselves.”