Business / Economy
Zim govt reaches out to diaspora to invest, develop economy
20 Dec 2013 at 19:14hrs | Views
Zimbabwe's Finance Minister Patrick Chinamasa on Thursday revealed that the government will articulate policies to guide diaspora engagement and promote investment in the country.
"Information at hand suggests that Zimbabwe is in receipt of $1, 6 billion in remittances during January to November, 2013. Accordingly, Treasury shall develop and implement a framework for further facilitating tapping into this resource," said Chinamasa while presenting the 2014 national budget.
"To harness the diaspora potential, government will formalise the platform for dialogue through engaging the Zimbabwe Diaspora Home Interface Programme (ZDHIP), arguably the largest official diaspora organisation known to us."
He added: "Our engagement with ZDHIP will allow us to discuss the several engagement initiatives and policies that government could implement in order to grow their contribution.
"This will also help us to articulate policies to guide diaspora engagement and promote investment in the manufacturing and other capital intensive industries."
Chinamasa said the $1,6 billion remittances indicated that many Zimbabwean professionals were willing to invest in the country.
"Most countries in the world including our regional neighbours are benefiting immensely from financial transfers by the nationals in the diaspora," he said.
"Zimbabwe has a large part of its population living in the diaspora. These diasporans are desirous to contribute towards the development of their country."
Chinamasa said the government would fund some of the small scale hydro electric schemes through issuance of dispora bonds.
He said: "I have in mind to fund some of the small scale hydro electric schemes through issuance of diaspora bonds, and for the diasporans to participate in their economy through some of the opportunities arising out of the indigenisation policy programme.
"Many Zimbabwean professionals, artisans and other skilled persons who left the country, and may not return soon, still want to invest and contribute to the country's development process."
Chinamasa said many households survived on the remittances during the period 2002-2009 although the full statistics on diaspora remittances and other contributions had been difficult to verify.
Meanwhile, Chinamasa called for the removal of illegal sanctions, which he said had cost the country more than $6 billion.
"A total of $6,1 billion is the cost that we have had to pay for daring to reassert our sovereign control over our land. With respect to the illegal sanctions, I call upon the countries that imposed them to lift the sanctions unconditionally for the betterment of our economy," said Chinamasa.
He said removal of the sanctions would boost business confidence, reduce risk premium and improve access to lines of credit.
"Information at hand suggests that Zimbabwe is in receipt of $1, 6 billion in remittances during January to November, 2013. Accordingly, Treasury shall develop and implement a framework for further facilitating tapping into this resource," said Chinamasa while presenting the 2014 national budget.
"To harness the diaspora potential, government will formalise the platform for dialogue through engaging the Zimbabwe Diaspora Home Interface Programme (ZDHIP), arguably the largest official diaspora organisation known to us."
He added: "Our engagement with ZDHIP will allow us to discuss the several engagement initiatives and policies that government could implement in order to grow their contribution.
"This will also help us to articulate policies to guide diaspora engagement and promote investment in the manufacturing and other capital intensive industries."
Chinamasa said the $1,6 billion remittances indicated that many Zimbabwean professionals were willing to invest in the country.
"Most countries in the world including our regional neighbours are benefiting immensely from financial transfers by the nationals in the diaspora," he said.
"Zimbabwe has a large part of its population living in the diaspora. These diasporans are desirous to contribute towards the development of their country."
Chinamasa said the government would fund some of the small scale hydro electric schemes through issuance of dispora bonds.
He said: "I have in mind to fund some of the small scale hydro electric schemes through issuance of diaspora bonds, and for the diasporans to participate in their economy through some of the opportunities arising out of the indigenisation policy programme.
"Many Zimbabwean professionals, artisans and other skilled persons who left the country, and may not return soon, still want to invest and contribute to the country's development process."
Chinamasa said many households survived on the remittances during the period 2002-2009 although the full statistics on diaspora remittances and other contributions had been difficult to verify.
Meanwhile, Chinamasa called for the removal of illegal sanctions, which he said had cost the country more than $6 billion.
"A total of $6,1 billion is the cost that we have had to pay for daring to reassert our sovereign control over our land. With respect to the illegal sanctions, I call upon the countries that imposed them to lift the sanctions unconditionally for the betterment of our economy," said Chinamasa.
He said removal of the sanctions would boost business confidence, reduce risk premium and improve access to lines of credit.
Source - Chronicle
