Financial Gazette (Harare)
27 September 2008
Harare — DESPITE the worsening economic conditions in Zimbabwe, a report by the United Nations Conference on Trade and Development (UNCTAD) has highlighted a marked improvement in foreign direct investment (FDI) in the country from US$40 million in 2006 to US$69 million last year.
These investments have, however, not translated in the overall growth of the country's tottering economy, which means the funds could have been invested on the buoyant financial markets.
UNCTAD's statistics came as the Zimbabwe Investment Authority (ZIA) indicated an upsurge in enquiries on the back of a political settlement reached between the country's main political parties -- ZANU-PF and the Movement for Democratic Change.
"We have seen a serious interest on Zimbabwe in the past few weeks," ZIA chief executive Richard Mubaiwa told The Financial Gazette yesterday.
"Next week in South Africa there will be a conference on investment in Zimbabwe to be held at the Development Bank of Southern Africa headquarters. It shows there is interest on Zimbabwe after the political settlement," he added.
Information and Publicity Minister Sikhanyiso Ndlovu yesterday denied the country's policies were militating against new investments, laying the blame squarely on sanctions and the International Monetary Fund's reluctance to back Zimbabwe's economic reforms.
Confederation of Zimbabwe Industries president Callisto Jokonya revealed yesterday that the industrial representative body was due to meet a foreign investor keen to inject about US$250 million in investments in the country.
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