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Minister Simon Khaya Moyo

Business Reporter
ZIMBABWE is ripe for investment in key economic sectors with the government lining up incentives to attract local and international entrepreneurs. Economic Planning and Investment Promotion Minister Simon Khaya Moyo yesterday said a new investment impetus was beckoning.

He said several policy measures being implemented would increase the ease of doing business in the country and open up new opportunities for robust economic growth.

Investment opportunities abound in value addition and beneficiation, infrastructure development, mining, energy and tourism.

Khaya Moyo said increased local and foreign investment in major sectors was critical towards realising the economic growth target of 7,3 percent set out in the government’s five-year Zim-Asset blueprint. “The potential remains untapped here in Zimbabwe as the sectors are highly linked. We invite local and international delegates here to invest in Zimbabwe,” the minister said while addressing the Global SMEs and Corporative Investment expo in Harare.

Khaya Moyo said major investment incentives will be realised under the value addition and beneficiation cluster and the anticipated establishment of special economic zones (SEZs).

The two are major components of the Zim-Asset blueprint that seeks to unlock the country’s economy through increased earnings from leveraging natural resources.

“We’re working tirelessly on the operationalisation of special economic zones. This afternoon I’ll be discussing with Chinese companies that want to assist us to set up special economic zones. We’ll before the end of the year see full operationalisation of special economic zones,” he said.

The minister said progress was being buttressed with crafting of export zones that are anchored on promoting increased beneficiation and value addition and creating jobs.

He noted how poor agriculture yields were affecting downstream growth along the value chain.

Given the country’s vast mineral wealth, the minister invited international companies to put up refineries and smelters to process minerals and increase contributions to the fiscus.

“We need to review the incentives and conditions of investments to make our country attractive to investors,” he said.

The growth of the small to medium enterprises sector, Khaya Moyo added, has proved to be a formidable source of livelihood for scores of people who have lost their jobs due to the collapse of industries in the last decade.

He, however, said the full potential of the sector remains to be realised due to limited access to finance, high cost of capital, managerial and entrepreneurial skills deficiencies and limited access to infrastructure and technology.

The government started implementing Zim-Asset in 2013 and the programme is expected to achieve 7,3 percent economic growth by 2018.

However, the country has fallen short of the set target so far, having managed growth rates of below four percent in 2013 and 2014.

Suppressed growth has been attributed to poor investment performance, low business confidence, liquidity constraints, infrastructure and energy deficit, limited fiscal space, depressed domestic demand and subdued international prices for major exports.