Wallace Ruzvidzo — Herald Reporter
THE Reserve Bank of Zimbabwe will facilitate the smooth flow of trade and investment into the country through exchange control modalities to aid Zimbabwe's current economic growth trajectory, the Governor, Dr John Mushayavanhu, said yesterday.
A visiting investment delegation from the United Arab Emirates yesterday met Dr Mushayavanhu, Information, Publicity and Broadcasting Services Minister Dr Jenfan Muswere, Transport and Infrastructural Development Minister Felix Mhona and Local Government and Public Works Minister Daniel Garwe to discuss investment areas which the delegation is interested in.
In an interview with The Herald after the meeting held in Harare, Dr Mushayavanhu said the Reserve Bank was ready to facilitate the smooth flow of investments in terms of exchange control modalities.
"The investors are from the UAE and their businesses are headquartered in the United States. They are interested in investments in the country specifically to do with the new city in Mount Hampden, where they are planning for the smart city project.
"They are also interested in mining and other business ventures in the country and as the central bank, we are ready to facilitate those investments, especially from an exchange control perspective," he said.
Asked if he was confident about the investment deals coming to fruition, Dr Mushayavanhu said: "I am very positive. This was our first meeting, but obviously after this they will have to regroup and go and see the ministries, departments and partners they want to work with in the country."
Dr Muswere said the recent surge in investments into Zimbabwe reflected the success of President Mnangagwa's diplomatic thrust. Under the Second Republic, trade between the UAE and Zimbabwe has increased in leaps and bounds.
"The visit follows the engagement and re-engagement strategy to try and bring as much investments into the country as possible. The President has visited the UAE many times and that has also strengthened our political economic relationship, which has now culminated in a positive balance of trade which is favourable to Zimbabwe.
"The trade between UAE and Zimbabwe has grown tremendously over the years and the UAE business delegation that met the President yesterday is interested in tourism, mining, energy, sports, ICTs, information, publicity and broadcasting," he said.
Dr Muswere said timelines for the implementation of the investments would be determined by the due processes to be done for each deal.
"The investors are also interested in the construction of railway lines, local government and infrastructure and housing and social amenities.
"So these are some of the discussions held today by ministers representing a number of portfolios, including the Governor to give monetary policy direction in terms of investment, exchange control and all the financial issues.
"They toured the new city today, so they are interested in the construction of low-cost housing, the development of the railway line including the Harare-Chitungwiza railway line, construction of hotels and conference centres.
"The timelines will now be based on each individual ministry. For example, Local Government and National Housing are going to do an analysis of the masterplan, the magnitude of investments that is required for the construction of low cost housing, the prioritisation from the new city to many other areas and provinces. So the timelines will be determined in terms of the masterplan of the cities and jurisdictions," said Dr Muswere.
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He said it was heartening to note that foreign investors continued to warm up to Zimbabwe's appeal as an investment destination of choice.
"This follows the first meeting that we had with them in 2021 and also in 2022, 2023 and finally in 2024 they decided to come to Zimbabwe to look at potential investment.
"We are very sure and positive that working together with ZIDA, we will be then in a position to know the exact timelines and the exact size of portfolio for each and every ministry," Dr Muswere said.
Special Presidential advisor on investment Mr Paul Tungwarara, who is leading the business delegation, said he was positive that all the deals would sail through.
"I am always positive when it comes to investors. I deal with them everyday. We are expecting that they will definitely invest and this is not the first time we are bringing investors. We always bring investors so let us give them a chance," he said.
