Published by the government of Zimbabwe
Victoria Ruzvidzo
11 June 2008
Harare — The World Economic Forum on Africa ended in Cape Town at the weekend with Zimbabwean businessman Mr Nigel Chanakira telling participants Zimbabwe was still an attractive investment destination despite current economic challenges.
Speaking during a debate on the Reconstruction of Zimbabwe, the Kingdom Meikles Africa chief executive said there were immense opportunities in Zimbabwe which a serious investor could tap on. For instance, his company had achieved a 3 000 percent return on capital in United States dollar terms over the last two years.
"It's about high risk high return. There are business opportunities in Zimbabwe and I believe businesspeople can play a role amidst the unpredictable macro-economic environment. I believe genuinely that anyone with a passion for Africa and for Zimbabwe in particular, has a role to play," said Mr Chanakira. He said it was time for those committed to the welfare of Zimbabwe to stand up and be counted. "If we think we can make a difference let's do it," he said. Zimbabwe was endowed with a highly skilled labour force, a factor Mr Chanakira attributed to President Mugabe's commitment towards educating the nation.
"He (President Mugabe) educated us like no other African leader can." Mr Chanakira dispelled fears that Zimbabwe was a lost cause and came up with a 10-point economic plan for the next 100 days during which he proposed Zimbabwe to engage the West, hold an investment conference and a meeting for donors as strategies to confront current economic and political challenges. "I am optimistic that even by this time next year Zimbabwe will be in a position to host the World Economic Forum on Africa." Investment opportunities were many in all the sectors of the economy with mining presenting the most lucrative deals given the rising commodity prices.
The mining sector was rich, with over 40 minerals and 800 mines, although some of the mines were presently not functional. However, during the meeting MDC-T secretary-general Tendai Biti and Mavambo's Simba Makoni painted a gloomy picture about Zimbabwe, appealing to the international community to "rescue" the country. Biti described Zimbabwe as a "predatory state not averse to violence" and criticised the international community for failing to act while Makoni said the situation in Zimbabwe was "grave" reiterating the need for a government of national unity "so we can take the country forward". Some Zimbabweans attending the meeting challenged Biti and Makoni for exaggerating the state of affairs. "There is no genocide in Zimbabwe as you put it. Instead let's talk about national healing. Some of us are very positive that things will get better," said a local businesswoman Christine Chella.
Another participant charged at Biti demanding that he proffers solutions instead of expending his energy on narrating events. "What do you have to put on the table. Tell us what the solutions to the challenges are. This is what we want to hear," said the participant.
Read comments. Write your own.
Copyright © 2008 The Herald. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
The country doesnt respect property rights and the indiginisation act which gives other people a 51.49% stake in your business wouldn't attract investors. This is another load of guff from........The Horrid, brought to you by the Junta Of Ciminals.
Sorry Glynn but I'm forced to repeat myself. There is no security of tenure of stability in any business venture in Zim. Bob and Grace have looted everything worth taking and as you say...they are about to enforce all companies to sell or award over 50% of their shares or assets to Zimbabweans. I assume by this they mean ZPF cronies. There isn't a company or investor in the whole world who will expose themselves to that risk.
Why not get the Junta to invest. At least the FOREX will come back home from Switzerland or Malaysia.
who would waste their money investing into Zimbabwe? Its on the brink of a civil war.