25 June 2017
   
Zim govt yet to fully reform, British envoy
Zim politics also needs Diasporans, Fay Chung
MP Langa’s terror gang torch homes
ZEC says has no copy of 2013 voters roll
Cops shoot armed robbers at children's bash
Alert brother foils school boy theft
Chombo legacy: residents stop paying debts
Magufuli says teen mums must quit school
MORE NEWS
Diamond production to double - minister
Chinamasa lauds SA's Gigaba, seeks money
MORE BUSINESS
Zimbabweans: Cde Chinx a national hero
UK-based author publishes Shona novel
MORE SHOWBIZ
Mushumba to remain at Highlands Parl
Messi could get fine instead of jail term
MORE SPORTS
We must not wait for Mugabe to die
Zim: The $100bln economy dream
MORE OPINION
 
Prophets: Africa’s major pull-back factor
2018: As the MDC-T threatens violence
MORE COLUMNISTS
 
 

China urges Zimbabwe to improve investment climate

16/04/2017 00:00:00
by Xinhua
 
CHINESE ambassador to Zimbabwe Huang Ping
 
RELATED STORIES

CHINESE ambassador to Zimbabwe Huang Ping urged Zimbabwe to improve its investment climate to attract more foreign direct investment (FDI).

FDI into Zimbabwe has been low over the years mainly due to poor economic conditions and policy inconsistency. FDI into the country stood at approximately 300 million U.S. dollars in 2016.

While delivering a lecture at Zimbabwe Staff College on Tuesday, Huang said any country wishing to attract foreign investment should have sound laws and regulations to protect investments, state-run news agency New Ziana reported.

"Whoever is ready for cooperation and has the cooperation conditions in place will be among the first for Chinese investors to develop such cooperation with," he said.

"That is why we have been stressing the necessity for the Zimbabwean government to foster a sound and favorable environment for investors to come here and carry out business," he added.

He cited the establishment of the Special Economic Zones (SEZs) as a positive step, which would help attract much needed foreign investment.

Government has so far identified three SEZs - Sunway City in Harare, Bulawayo industrial hub and Victoria Falls financial hub, as part of a raft of measures the government is implementing to lure FDI.

A range of tax incentives will apply in the SEZs, including exempting companies from corporate income tax for the first five years of operation and allowing duty free importation of capital equipment.

Apart from establishing SEZs, Zimbabwe is also in the process of amending various laws that have hindered ease of doing business.

Some of the laws being amended include the Companies Act, Shop licensing Act and the Procurement Act.

The government is also aiming to reduce the days it takes to register a business from 30 days to between 10 and 15 days.

The Chinese ambassador said Zimbabwe should work to attract funding from the 60 billion U.S. dollars that China pledged to push forward China-Africa cooperation at the 2015 Forum on China-Africa Cooperation summit held in South Africa.

Beijing promised the funding in loans and grants to Africa over the next three years. Chinese President Xi Jinping also unveiled a ten-points economic cooperation plan for China and Africa, to be financed by the three-year financing facility.



Advertisement

The plan includes financial support for, among other things, industrial, agricultural and infrastructural development in Africa.


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark
 
 
 
comments powered by Disqus
 
RSS NewsTicker