Harare — SOUTH African firm Neema Africa Holdings has taken up an invitation to explore investment opportunities in Zimbabwe and also advance the branding and positioning of Zimbabwe for global investment to compliment other initiatives being done by Zimbabwe and South Africa, Zimbabwe's Ambassador to South Africa Simon Khaya Moyo has said.

Speaking at the launch of the Zimbabwe-South Africa Business Connection at the Zimbabwean embassy in South Africa last week, Ambassador Khaya Moyo said the South African firm was going to work closely with some influential bodies in the country to boost production in all sectors of the economy.

"Neema Africa has taken up our invitation to explore investment opportunities in Zimbabwe.

"The company will work with the Zimbabwe National Chamber of Commerce. The partnership that is being cemented at this launch will result in ZNCC and Neema Africa Holdings collaborating on investment opportunities that will be in tandem with the economic development of Zimbabwe and South Africa " he said.

He added that South Africa was strategically located to take advantage of all investment opportunities available.

Ambassador Khaya Moyo bemoaned Zimba-bwe's lack of balance of payments support over a long period of time as having negatively affected the economy.

At the country's peak, Zimbabwe's manufacturing sector could produce 7 000 products, but due to challenges affecting the country the sector declined and has contracted.

He highlighted that the Government was seeking to raise the country's Gross Domestic Product under the Short Term Emergency Recovery Programme initiated to boost production in all sectors of the economy.

"Through STERP, Zimbabwe will consolidate its marketing by endeavouring to increase investment inflows from the current four percent of GDP to 25 percent of GDP," he said.

He added that the Zimbabwe-South Africa Joint Permanent Commission had also helped to cement the two countries' relations for economic, technical, scientific and cultural co-operation.

Speaking at the same occasion, Economic Planning and Investment Promotion Deputy Minister Stan Undenge said the launch was vital as it had opened investment opportunities for South African firms to take advantage of the vast business opportunities in the country.

"Investment opportunities are available in all key sectors of the economy including agriculture, manufacturing, tourism, mining, information technology, energy, infrastructure and finance.

"Zimbabwe is predominantly an agro-based economy and as such, opportunities exist in the manufacturing sector for value addition of agricultural produce among others," he said.

Identified areas of investment opportunities in the manufacturing sector include cotton spinning, fruit processing, avocado oil processing, manufacture of cosmetics, manufacture of vaccines and medicines and manufacturing of leather products.

Since the formation of the inclusive Government Zimbabwe has been receiving prospective investors interested in the country's diversified economic sectors, especially from South African firms. The two countries have signed a number of economic agreements and both are Sadc members. They are also signatories of the Free Trade Area.

Currently, Zimbabwe and South Africa are negotiating a Bilateral Investment Promotion and Protection Agreement the essence of which will be to enhance investor confidence in both countries as safe and viable investment locations, through guaranteeing the safety of investments against expropriation, and rationalisation and providing procedures for compensation should these occur.