Zimpapers Logo

Vice President Emmerson Mnangagwa

Prosper Ndlovu in Victoria Falls
VICE President Emmerson Mnangagwa says Zimbabwe is poised for a brighter economic future riding on the on-going investment reforms and partnerships that are aimed at reversing the prevailing challenges.

In his keynote address at the on-going Zimbabwe National Chamber of Commerce (ZNCC) 2016 congress here, VP Mnangagwa said the government in liaison with the business community, was implementing a number of strategies to fast-track economic growth through sustained recovery and progress.

“Indeed, despite the bad patch that we have gone through, the future looks bright and promising. I therefore exhort all congress delegates to pass on the message that Zimbabwe is ready for business and that as the Government, we are continually assessing our business operations to identify those areas needing urgent surgical therapy to improve our investment climate, empower our local entrepreneurs, attract investors in the diaspora and foreign investors to bring capital and technology to Zimbabwe,” said the Vice President.

Under the new economic dispensation, he said, investors will be guaranteed of a fair return for their investment. With the Government being alive to the fact that capital goes to where the environment is favourable, VP Mnangagwa assured the business community: “We shall strive to do everything in our means to be a destination of first choice for capital”.

He castigated corruption in both private and public sectors and said the Government has come up with a national code of corporate governance to deal with the vice.

VP Mnangagwa said corruption was a cancerous drawback to economic development as it increases the cost of doing business and negatively affects the country’s competitiveness and business viability.

“It’s high time that we walk the talk against corruption and ensure that those found on the wrong side of the law are ruthlessly punished, irrespective of their position or standing in society,” he blasted.

VP Mnangagwa said the government was negotiating with its bilateral and multilateral creditors on how to clear its external debt, estimated at about $10 billion in order to unlock fresh lines of credit. He said major creditors, the IMF, AfDB and the World Bank, have agreed on the repayment plan of about $1.8 billion, after which Zimbabwe will then negotiate for access to low interest rates, long term lines of credit for infrastructure development and retooling of industry. The VP said the reduction of external debt obligation will send the right signal to potential investors and improve the country’s rating, thereby attracting new foreign investment into the economy. He stressed the need to embrace value addition and beneficiation of agricultural and mining products so as to ensure that the country derives higher earnings through exports.

Among the delegates attending the congress are the Speaker of Parliament Advocate Jacob Mudenda, Ministers Mike Bimha (Industry and Commerce), Dr Obert Mpofu (Economic Planning), Cain Mathema (Matabeleland North Provincial Minister), Deputy Chief Secretary to the President and Cabinet Dr Ray Ndhlukula and the business community.