2 March 2018

Southern Africa: Zim Most Sought After Investment Destination

Zimbabwe is now second most preferred investment destination in the region after South Africa, as confidence in the country continues to grow.

For years, Zimbabwe suffered investor confidence challenges due to high perceived country risk, a situation that is changing following a change in the country's administration last November.

Speaking at the Financial Markets Indaba (FMI) here yesterday, Mauritius Investment Attache', Trade and Investment global outreach Maheswa Oodit, said following the change in the country's administration, there has been growing enquiries from potential investors interested in Zimbabwe.

While the country is still battling currency risk, investors were scouting for available options on the back of increased positive sentiments.

This also comes as the "Zimbabwe is open for business" mantra is spreading after President Mnangagwa took it to the World Economic Forum in Davos - Switzerland, where he maintained the doors were open for investors.

"A lot of interest in Zimbabwe has been growing from potential investors and I would say Zimbabwe is now the second most preferred investment destination in Africa after South Africa.

"I get questions about Zimbabwe more frequently after the change in government, if I am to choose any other country outside South Africa, I will definitely pick Zimbabwe," said Mr Oodit.

Zimbabwe has not realised its full economic potential and failed to benefit from its vast natural resources as foreign direct investment took a dip on perceived risk.

Delegates at the one day FMI, said Government's thrust on fighting corruption was also a positive development in attempts to attract investment.

This is in addition to measures that are being expedited in reforming structural loopholes that hinder ease of doing business as Government works towards creating a conducive environment for business.

This should also improve the country's ease of doing business rankings.

Finance and Economic Planning Deputy Minister Terence Mukupe, said there will be more amendments to the laws, particularly to promote financial markets.

However, more still needed to be done to address challenges such as currency risk, which remained a limiting factor for investors as it had not managed to fulfill the economic functions of value.

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