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Fungi Kwaramba in LONDON, UK

Investor-friendly policies backed by the robust re-engagement and engagement drive has charmed British capital, with investors from the country keen to pour their money into Zimbabwe.

Yesterday, President Mnangagwa met, among other people, former British Prime Minister Tony Blair, British Minister of State (Foreign, Commonwealth and Development Office) (Minister for Development and Africa), and an array of investors.

President Mnangagwa, through his “Friend to all and enemy to none diplomacy” has opened his arms to every willing partner and from yesterday’s meeting, British capital is eager to come back to Harare, especially as it has confidence in the Second Republic’s policies.

At the meeting with investors, the President, who is here for today’s coronation of King Charles III, outlined vast opportunities in sectors of the economy such as mining, infrastructure development, agriculture and ICT.

In an interview after meeting with the business community, Finance and Economic Development Minister Professor Mthuli Ncube, who is also accompanying the President, said there was a huge appetite to invest in Zimbabwe by both British investors and Zimbabweans living in the Diaspora.

“His Excellency was able to lead us into a discussion with investors here in the UK, the investors come from a variety of sectors, mining, agro-processing technology sector, financial services and infrastructure, right across the board, it was really pleasing to see this spread of investors. 

“His Excellency with his team, which included myself, were able to explain to investors the various opportunities that Zimbabwe offers across the sectors and also the incentives that are available to investors. The President was able to make it known that indeed Zimbabwe is open for business, from wherever they come and that investors from the UK are indeed welcome to Zimbabwe and we notice that they are keen to invest in Zimbabwe and this is really pleasing,” said Prof Ncube.

The President, who is also accompanied by Foreign Affairs and International Trade Minister Ambassador Frederick Shava, Deputy Chief Secretary Mr George Charamba, Permanent Secretary in the Ministry of Information, Publicity and Broadcasting Services Mr Nick Mangwana and other top Government officials, wowed the investors.

One such investor is Mr Andrew Cartwright, who is in remote sensing and uses satellite technology to identify hotspots of minerals.

“Zimbabwe is becoming more and more conducive and I think that’s one thing that Mr President has done, he has made himself very accessible,” he said.

Another investor, Mr Ashish Patel of Growth Capital said his group is interested in coming to Zimbabwe.

“I lead a group that is listing on the JSE. We are in financial services and fintech as well, we are very much interested in investing in the private public partnerships with the likes of NetOne to create a whole new digital banking service for the whole region that can service both local communities, SMEs and also the Diaspora, particularly those living in regional countries that can help promote investment and development of the agriculture as well as commercial sectors,” said Mr Patel.

Asked about his view on Zimbabwe vis a vis the country’s engagement and re-engagement and the accompanying ‘Zimbabwe is open for business’ that is championed by President Mnangagwa, Mr Patel said British companies are ready to do business with Zimbabwe.

“Engagement and re-engagement will only improve with time, this will open opportunities for investors, as someone who grew up in Zimbabwe, my goal is to attract investors to Zimbabwe so that we demonstrate that Zimbabwe is an investable country that you can see significant returns for investments in the country. 

“For us, financial inclusion is a big part of our business, empowerment of rural communities, in the agri sector, we believe Zimbabwe has an opportunity to become a leader in food security in Africa, these are areas we would like to invest in,” he said.

Responding to President Mnangagwa’s call to come and invest in the country, a Zimbabwean, British investor Mr Tafadzwa Mugwagwa said the President has created the conducive investment climate.

“I think  what was key for me is how the President has articulated the environment now that Zimbabwe has created  through the Second  Republic that makes it conducive for investors like ourselves to feel safe to bring the capital on the table. The country is absolutely endowed with a lot of opportunities from agriculture, mining to   tourism, among others.

“I think the strongest and one which is really  stifling economic growth in Zimbabwe is the energy sector at this point  in time but again Zimbabwe  is not short of opportunities  in the energy  sector. 

“It was really comforting to hear the Minister of Finance talking about some of the statutory instruments  that they are now putting in place that gives us comfort as investors to place large infrastructure and capital that is required,” he said.

Zimbabwe is aiming to become an upper middle-class economy by 2030, and that target, economists say, is within reach as the country reaps dividends from huge investments, and increased output across all sectors.

Later in the evening, the President attended an exclusive soiree with other world leaders, royals and celebrities that was hosted by the British Monarchy at Buckingham Palace.