23 August 2014

Zimbabwe: Minister Laments Restrictive Investment Laws

STRINGENT investment policies are scaring potential investors away from Zimbabwe, a junior minister has said.

The country's current economic sneeze has been blamed, in part, on the country's failure to attract meaningful foreign investment.

Freddy Moyo, the deputy mines minister lamented the meandering and seemingly endless process involved in allowing foreign investors into the country.

"Ease of doing business is where we fail," Moyo said while addressing the Cephas George Msipa scholarship fundraising dinner held in Gweru on Friday night.

He said Zimbabwe's tight investment laws were a major drawback, especially when competing with other countries in the region.

"The leading country in Africa is Mauritius; they conclude investors' investigation in 48 hours and we conclude in six months plus. So if someone can do it in 48 hours then that is where potential investors will," said Moyo.

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