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Mthuli Ncube urges Zimbabweans in the UK to invest back home

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By Alois Vinga


FINANCE and Investment Promotion Minister Mthuli Ncube has encouraged Zimbabweans living in the UK to consider investing back home considering the emerging convenient macro and micro economic environment.

In his keynote address at the Zimbabwe Investment and Capital Markets Conference in London on Monday, Ncube hailed the  United Kingdom as a strategic country and partner for Zimbabwe, not only because of the historical connection but because many diasporans are working there and keen to invest back home.

He said this year’s conference being the second visit provides an opportunity to reflect on progress made to date and improvements required to achieve this goal.

“For us, this is necessary that we invest in information sharing with all potential investors under the theme, “Investing in People Who Invest in Us”.

“As some of you may be aware, Zimbabwe has a Vision of becoming an upper middle-income status by the year 2030. Its achievement hinges on investment momentum by both the Government and the private sector,” he said.

The Treasury boss underscored that the thrust is to have a private sector-led economy with the Government playing a facilitatory role in ensuring a stable macroeconomic environment, investing in appropriate physical and technological infrastructure.

He underscored that Private sector investment activities, particularly foreign direct investment (FDI) will complement the country’s national development efforts by enhancing technological transfer, deepening productive linkages and value chains as well as boosting overall competitiveness.

“Let me hasten to inform you that the US has reviewed its sanctions on the country by abolishing the Executive Orders which empowered the Office of Foreign Assets Control (OFAC) to monitor transactions related to Zimbabwe.

“What this simply means is that private business is free to do business with Zimbabwe without fear of being sanctioned by the US Government,” said Ncube.

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He however said Harare still has concerns that the Head of State and some individuals and businesses remain under sanctions under the Global Magnitsky Act of 2016 over and above the continued existence of the ZIDERA which affects our engagements with the IFIs.

Notwithstanding this setback, Ncube encouraged all potential investors to have a glimpse at what the country can offer and take a step towards putting their money in Zimbabwe.

“To build economic resilience and accelerate the achievement of Vision 2030 and SDGs, the Government is reviewing the National Industrial Development Policy, focusing on value-adding and beneficiating products in sectors where the country enjoys comparative advantage.

“Significantly, the policy will focus on strategies that drive economic diversification, create quality jobs, and empower women and youth by promoting strong backward and forward linkages between sectors, particularly agriculture and mining,” added Ncube.