WATCH: Zim lures Turkish, global investors

22 Oct, 2021 - 00:10 0 Views
WATCH: Zim lures Turkish, global investors Industry and Commerce Minister, Dr Sekai Nzenza (second from right) poses for a photo with fellow counterparts, Ludovino Bernardo of Mozambique (left) and Omar Said Shaaban of Zanzibar (right) and other dignitaries during the on-going Turkey Africa Summit in Ankara yesterday

The Chronicle

Prosper Ndlovu, Business Editor
ZIMBABWE presents huge business opportunities for global investors and stands ready to facilitate fruition of win-win economic deals across different productive sectors, Industry and Commerce Minister Dr Sekai Nzenza said yesterday.

The minister is in Ankara, Turkey where she is leading the country’s delegation for the Turkey-Africa III Economic and Business Forum.

Zimbabwe is seeking leverage from the two-day high-level forum (October 21-22) to scout for new investment and trade opportunities.

In her address, Dr Nzenza said the convention was critical for Zimbabwe as it dovetails the country’s economic aspirations, as expressed in the National Development Strategy 1 (2021-2025), a key building block towards attainment of an upper middle-income economy by 2030.

The minister invited Turkish businesses and their global counterparts present at the meeting to take advantage of the Zimbabwe’s engagement and re-engagement drive to secure lucrative business opportunities in the country.

Turkey is one of the countries that accepted Zimbabwe with open arms immediately after the birth of the Second Republic in 2017.

Dr Nzenza said President Mnangagwa’s mantra “Zimbabwe is open for business” was real and that it has inspired comprehensive ‘doing business reforms’ that have been hailed by local businesses.

“For us, this Summit comes at an opportune time when we, like other nations, are not only recovering from the Covid-19 pandemic but are also harnessing the opportunities, which were provided by the pandemic beyond the pharmaceuticals and health services sector into international supply and value chains,” said Dr Nzenza.

“What ‘Zimbabwe is Open for Business’ means is that we have undertaken targeted and strategic measures to ensure; improvement of the ease of doing business environment through the creation of a one-stop-shop investment and trade facilitation institutions called the Zimbabwe Investment Development Agency (ZIDA) and ZimTrade.

“Creation and streamlining of our National Quality Policy with a view to have it aligned to regional and international practices – beyond that, pursuing Mutual Recognition Agreements to enable ease of export and trade.

“Integration of policies and stratagems under the whole of Government approach streamlining them with the international trade agenda including the African Agenda 2063.”

Dr Nzenza said Zimbabwe was pursuing an aggressive industrialisation agenda that is anchored on investment and private sector led economic development. To this end, she said the country has consolidated pro-market trade and investment policies under the ambit of the Zimbabwe National Industrialisation Development Policy, which is integrated under the aspirations of NDS1.

“In pursuit of re-industrialisation, Zimbabwe has embarked on sector specific strategies with a view to increase production, productivity and profitability as we leverage our economy into the international market,” said Dr Nzenza.

Targeted areas under this focus include the leather sector, pharmaceutical and agricultural sectors (prioritising production of raw materials for local value addition), iron and steel industry, sugar, cotton and fertiliser value chains, among others.

As part of the international re-engagement strategy, Dr Nzenza said Zimbabwe was also pursuing Bilateral Investment Promotion and Protection Agreements (BIPPAs) as well as Multilateral Investment Guarantee Agreements.

“This is being done with the support of our recently operationalized one – stop investment shop under the Zimbabwe Investment Development Authority (ZIDA),” she said.

Zimbabwe also has vast tracts of arable land accompanied with the best climate for agriculture as well as diverse natural resource endowments covering over 55 exploitable mineral resources.

Coupled with a strong human capital base and sound communication and infrastructure base, the minister said Zimbabwe remains one of the attractive investment destinations.

However, in its quest to transform the economy, the minister said Zimbabwe has aligned its drive to regional ideals as expressed in the African Agenda 2063, which is Africa’s 50-year blueprint and master plan for transforming Africa into the current and future global value chains.

The agenda has 15 flagship programs which include Establishment of the African Continental Free Trade Area (AfCFTA) as well as an African Commodities Strategy.

“As Africa and indeed working with Turkey, let us collaborate to compete as we leverage our various economies in the global spectrum and indeed endeavor to create a better and a conducive business environment that nurtures and sustains our business’ profitability as well as our people’s prosperity,” said Dr Nzenza.

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