Zimbabwe: UN Report Says Country's Investment Rising
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Zimbabwe Standard (Harare)
27 September 2008
Posted to the web 29 September 2008
Jennifer Dube
DESPITE a marked deterioration in the country's business environment, foreign direct investment (FDI) levels into Zimbabwe continue to rise, a report published by the United Nations Conference on Trade and Development (UNCTAD) shows.
The release of the report coincided with a function hosted by Ernst & Young in Harare on Thursday evening at which various presenters spoke about the readiness of the investor community to move into Zimbabwe and the international investment that is being rallied because in the Southern African region, the country represents unparalleled opportunities.
There are also other parallel processes such as the dialogue forum on economic recovery in Zimbabwe being spearheaded by the United Nations Development Programme.
Released last Wednesday, UNCTAD's World Investment Report shows that FDI inflows surged 73% from US$40 million in 2006 to US$69 million last year.
The report says total FDI into Africa rose 15% from US$46 billion to US$53 billion under the same period, propelled by a boom in the commodity markets, rising profitability of investments and improved policy environments, although analysts have said Zimbabwe lacks these conditions.
The announcement of Zimbabwe's growing FDI inflows comes at a time when the country is expecting more from external investors following the signing of a political deal touted as a crucial step towards curing the country's economic environment, largely criticised as unfriendly especially with regards to skewed government policy.
The UNCTAD report shows that FDI inflows fell from US$88 million in 2000 to US$9 million in 2004, peaked to US$103 million in 2005 only to tumble to US$40 million in 2006.
The Zimbabwe Investment Authority (ZIA) which recently hosted a Bangladesh delegation which was in the country to scout for investment opportunities says it has been inundated with inquiries from potential investors following the signing of the political deal. Speaking at a meeting last week, Confederation of Zimbabwe Industries (CZI) president Callisto Jokonya, Chamber of Mines president David Murangari and Zimbabwe Council of Tourism (ZCT)'s Emmanuel Fundira said their organisations had also received similar inquiries.
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Speaking at the launch of the UNCTAD report, outgoing Minister of Information, Sikhanyiso Ndlovu said his government was committed to creating an investor friendly environment especially in the light of the recent political settlement between the three major parties.
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