Harare — Outgoing Zimbabwean Ambassador to South Africa Simon Khaya Moyo says Zimbabwe is ready to assist South Africans who want to invest in the country.

The ambassador was speaking at the 17th Southern African International Trade Exhibition for Retail Products in Midrand, South Africa yesterday. He urged potential investors to take advantage of the robust bilateral ties between the two neighboring countries.

"Zimbabwe and South Africa enjoy excellent political, social and economic relations and hold bilateral meetings within the framework of the Zimbabwe-South Africa Joint Permanent Commission.

"Zimbabwe and South Africa successfully finalised and ratified the Bilateral Investment Protection Agreement on May 11, 2010 that ensures that investors from South Africa and Zimbabwe are protected," he said.

Ambassador Moyo highlighted some of the key structural reforms and strategies that the Zimbabwean Government was presently instigating in respect of its foreign investment promotion drive including monetary reforms, investment promotion and the indigenisation regulations.

"I am happy to note that Zimbabwe has deregulated its exchange control regulations and off-shore payments are now processed through the banks without the Reserve Bank of Zimbabwe's prior approval.

"Businesses are now able to finance up to a maximum of US$5 million without approval from the Central Bank. Corporate clients and residents can now deposit up to US$1 million without declaring the source of money.

He added that the country was also in the process of realigning its investment strategies.

"The country through its Zimbabwe Investment Authority is finalising the establishment of a one-stop shop for investment that will facilitate approval of investment and reduce the number of days that investors have to wait for the necessary go ahead.

"The indigenisation policy framework will facilitate the identification of a local partner of your choice; it is similar to the Black Broad Based Economic programme in South Africa.

"The recent amendments to the regulations have clarified matters, indicating that the process will be industry-specific and each case subject to the negotiation. There is no grabbing of anyone's shares," he said.

According to the Ministry of Economic Planning and Investment Promotion Zimbabwe is in the process of crafting a new investment policy and law (the National Investment Policy and the Investment Promotion and Protection Act), both of which are expected to enhance the country's investment and overall economic standing.

Ambassador Moyo also took time to outline the various investment opportunities that the country was promoting.

"In the agricultural sector we are inviting investments in contract farming, supply of agricultural inputs and implementations, irrigation equipment, value addition in tobacco, canning of fruits and sugar cane milling. Investment is also welcome in the transporting of agricultural commodities to the market within Zimbabwe and to our export markets.

"Our manufacturing sector is currently operating at an average of 35 percent of capacity utilisation. We are therefore promoting investment opportunities in toll manufacturing, the production of fertilizer through the coal bed methane, the manufacturer of chemical and petroleum products, and the value-addition in cotton, production of drugs and bio-diesel.

"The manufacturing sector also requires investments in the production of industrial and intermediate capital goods and consumer goods. In order to increase capacity utilisation we are encouraging investments through joint venture in distressed existing companies," he said.

The ambassador added that the mining sector remains a key component for the recovery of the Zimbabwean economy as it is projected to grow by 31 percent.

"The country's mineral resources are estimated to be 13 million tonnes of gold, 28 billion tonnes of platinum, 930 million tonnes of chromite, 45 million tones of nickel, 26 billion tonnes of coal and 30 billion tonnes of iron ore. Zimbabwe therefore needs investments in resuscitating of existing mines in the gold sector and other base metals.

"Zimbabwe has 25 percent of the world's diamond deposits. The recent decisions per the Kimberely Process to allow the exports of diamonds will facilitate investments in the diamond industry. Investors are also welcome to put plants that can value add our diamonds in cutting and polishing of this precious stone," he said.

He also called for potential investors in key infrastructural areas such as transport, telecommunications and the energy sector.

"Investment opportunities exist in the refurbishment of upgrading of power stations, power transmission lines, re-capitalisation of the Hwange Colliery, Gokwe Thermal Power station, Kariba Hydro expansion and production of bio-diesel.

"Transport remains a key component for industrial growth and it is regulated by the National Regulatory Authority. Financing the upgrade of the railway network is welcome, as well as modernisation of signaling equipment, telecommunications systems, development of missing links such as the Lion's Den-Lusaka/Kafue and direct links with Namibia and Angola via Botswana.

"In the ICT sector investors are encouraged to offer software development, assembly of hardware, multimedia development and rural communications," said the Ambassador.

Zimbabwe is targeting to raise its Growth Domestic Product from the current 4 percent to levels of at least 25 percent by year-end, which is generally conjectured to be favorable to economic growth.