Zimbabwe is now open for investment in all sectors and the new administration led by President Emmerson Mnangagwa is doing everything possible to create a conducive environment for investors by amending various pieces of legislation.
Addressing a highly-subscribed business meeting on his maiden foreign assignment here yesterday, President Mnangagwa said it was no longer business as usual in Zimbabwe.
He appealed to Zimbabweans in the Diaspora to return home and exploit business opportunities presented by the new dispensation.
“Zimbabwe is open for business. Yes, there will be political issues, but primarily it’s economics and trade for Zimbabwe. To achieve that, we need to revisit our own legislation in Zimbabwe to open for business,” he said.
“With my team, we first began to look at the indigenisation legislation. We are in the process of amending and updating that legislation, but we allowed the Minister of Finance (Patrick Chinamasa) to announce a major shift to that policy with regards to extractive industry in Zimbabwe. In the past, the policy was that investors coming to Zimbabwe were required to agree to 51 percent for Zimbabwe and 49 percent for the investor,” he said.
“We have now changed to limit that application to two minerals only which we believe for now we do not have adequate technology or knowhow to access the quantum of those minerals, that is platinum and diamonds. We have reserved those two minerals so that question of 51/49 applies to those but for the rest of other 19 minerals in Zimbabwe is totally open.”
President Mnangagwa said there was still a reserved sector for locals comprising businesses that do not require special skills. He said they had given discretion for special circumstances in cases that could require a Government waiver.
President Mnangagwa outlined several businesses opportunities presented by the new dispensation. He said Government had already awarded a US$400 million contract for the refurbishment of the National Railway of Zimbabwe to Zimbabweans in the Diaspora but the area had other vast opportunities.
“In the area of railway, we need to refurbish, modernise the current network in the country. Secondly, we need to introduce a new network of railways in Zimbabwe and thirdly we need to construct the railways because both Maputo and Beira are now congested. Durban is also congested,” the President said. The Herald