Business / Economy
Zimbabwe's Bilateral Agreements under scrutiny
14 Apr 2012 at 10:27hrs | Views
Zimbabwe's Bilateral Investment Promotion and Protection Agreements (BIPPAs) with regional and international countries are under scrutiny as government seeks to increase investment inflows.
The Permanent Secretary in the Ministry of Economic Planning and Investment Promotion Dr. Desire Sibanda confirmed that government is assessing the impact of BIPPAs deals in restoring investor confidence within the economy.
"We are trying our best to restore the BIPPAs in terms of its impact in boosting investments in the country," said Dr Sibanda.
Zimbabwe has in the past 3 years signed BIPPA deals with regional and international countries but questions are being raised over whether such agreements are unlocking any meaningful investment projects amid revelations that several approved external businesses are failing to become a reality.
The bilateral agreement are driven by the belief of both governments that the BIPPA would itself encourage investment, and that this stimulation of individual business initiative will increase prosperity in both Zimbabwe and the other countries.
Through signing the BIPPA, both governments aim to signal to investors that investment is encouraged and that both governments recognise the need for internationally recognised protection of investors and investments.
Foreign investors have in the past been anxious about investing in Zimbabwe because of the high levels of uncertainty about the protection of their investments, particularly the protection of property rights. The BIPPA aims to allay this uncertainty.
Arthur Mutambara, Zimbabwe's Deputy Prime Minister, said that the agreements have worldwide significance and application and represented a bill of investment guarantees to any willing investor.
Further: "By signing a BIPPA, Zimbabwe will not have signed the BIPPA not with a single country but with the world. The BIPPA lays out the fundamental conditions that we are also going to offer the rest of the world."
The Permanent Secretary in the Ministry of Economic Planning and Investment Promotion Dr. Desire Sibanda confirmed that government is assessing the impact of BIPPAs deals in restoring investor confidence within the economy.
"We are trying our best to restore the BIPPAs in terms of its impact in boosting investments in the country," said Dr Sibanda.
Zimbabwe has in the past 3 years signed BIPPA deals with regional and international countries but questions are being raised over whether such agreements are unlocking any meaningful investment projects amid revelations that several approved external businesses are failing to become a reality.
The bilateral agreement are driven by the belief of both governments that the BIPPA would itself encourage investment, and that this stimulation of individual business initiative will increase prosperity in both Zimbabwe and the other countries.
Through signing the BIPPA, both governments aim to signal to investors that investment is encouraged and that both governments recognise the need for internationally recognised protection of investors and investments.
Foreign investors have in the past been anxious about investing in Zimbabwe because of the high levels of uncertainty about the protection of their investments, particularly the protection of property rights. The BIPPA aims to allay this uncertainty.
Arthur Mutambara, Zimbabwe's Deputy Prime Minister, said that the agreements have worldwide significance and application and represented a bill of investment guarantees to any willing investor.
Further: "By signing a BIPPA, Zimbabwe will not have signed the BIPPA not with a single country but with the world. The BIPPA lays out the fundamental conditions that we are also going to offer the rest of the world."
Source - Byo24News
