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From Felex Share in ABIDJAN, Cote d’lvoire
ZIMBABWE now has the resolve and political will to ingrain clear and friendly business policies for investors and the new dispensation is instituting sound rules to improve the investment climate, President Mnangagwa said yesterday.

The Head of State and Government said a new era had dawned on Zimbabwe and sweeping measures being implemented ensured all investments were guaranteed in the country.

President Mnangagwa made the remarks here while addressing more than 1 600 international investors and business leaders during the opening ceremony of the 2018 Africa CEO Forum.

The forum — an unparalleled gathering of most influential African and international CEOs, bankers and investors — ends today.

“We are determined to create an open, free and transparent economy,” President Mnangagwa said. “My administration’s top priority is the resuscitation and revival of the economy and re-engagement with the international community for the cumulative positive impact on the quality and standard of living of the generality of the people in our country.

“We have the resolve and political will to institute clear, coherent and sound-to-business policies which will allow for a vibrant private sector which can thrive and meaningfully contribute to our national aspirations and development agenda.

“Furthermore, we are committed to participatory governance, accountability and transparency in the economic sphere as well as in all socio-political activities.”

President Mnangagwa, who is leading a delegation of chief executives and business leaders, said the private sector was key to the development of any nation.

“My administration recognises the significant role that Foreign Direct Investment and private investment will play in the economic re-birth of Zimbabwe,” he said.

“As such, we continue to institute sound market principles to improve the investment climate and ease of doing business to make our country an attractive investment destination. Zimbabwe is alive to the fact that capital goes where it feels safe.

“We continue to put in place all necessary measures that will entrench our democracy and lower the risk of doing business in our country. We guarantee the safety of all investments and the respect of property rights, Bilateral Investment Promotion and Protection Agreements (BIPPAs) and the right of investors to repatriate profits within the confines of our laws.”

President Mnangagwa said astute and forward looking policies as implemented by other African countries, would see Zimbabwe achieving economic transformation.

“We stand ready to share knowledge and experiences, new technologies and innovations, as well as other aspects of global best practice,” he said.

President Mnangagwa said Zimbabwe was streamlining and simplifying import and export regulations in the spirit of Sadc, COMESA and the new African Continental Free Trade Area (ACFTA).

The mining sector, he said, remained “enormous” and the Indigenisation Act had been amended to limit the 51:49 percent ratio to only diamond and platinum sectors.

“With us, the question is not which minerals we have, but it’s simpler to ask which minerals we do not have,” said President Mnangagwa. “The percentage shareholding ratio of foreign investment into any other sectors may now be independently negotiated by the respective parties.

“The Ministry of Mines and Mining Development now has a dedicated Mining Investment Desk for your convenience and ease of doing business.”

President Mnangagwa said apart from mining, there were also opportunities in agriculture, livestock, fisheries, wildlife and forestry where investors could pursue value addition and beneficiation projects.

President Mnangagwa said Special Economic Zones, which are commodity based and geographical, presented fiscal and monetary incentives formulated to attract investment.

“My Government will strive to eliminate all investment impediments, bureaucratic bottlenecks, public sector lethargy, deliberate inefficiencies and corruption as they impede economic growth and goes against our mantra ‘Zimbabwe is open for business’,” he said.

President Mnangagwa took time to explain the peaceful transition that took place in the country last year to the delegates, saying “it was about the nation’s past, present and most importantly future, which had became threatened by a few individuals.”

He said attending the forum was ideal for Zimbabwe as it offered the new dispensation an opportunity to network with key decision makers in business, industry and commerce.

This year’s event is running under the theme “African Champions: It’s Transformation Time”.

Of the 60 countries participating at this year’s event, 44 are African.

Presidents Alassane Quattara (Cote d’lvoire) and Nana Akufo-Addo (Ghana) also addressed delegates during the opening ceremony.

President Mnangagwa continues with his schedule today, taking part in a presidential panel with former Nigerian President Olusegun Obasanjo.

He will give an overview of Zimbabwe’s economic recovery prospects, discussing how political leaders can revive economies and rebuild strong and reliable institutions in Africa.

Having emerged from a long period of economic isolation, Nigeria offers a solid example on which to base discussions on strategic priorities that must be implemented to revive Zimbabwe’s economy and put an end to sanctions.