'Rebrand Zimbabwe as safe destination for investment'

THE Bankers Association of Zimbabwe (BAZ) says the country needs to implement reforms that will address downward risks to reignite economic growth. BAZ president Sam Malaba said the country requires interventions such as the current engagements with the international community which he said were beginning to bear fruit.

"There's an absolute need to make Zimbabwe attractive as an investment destination. In other words, the country must work on improving the areas which make it unattractive to investment.

"Zimbabwe requires comprehensive economic reforms to improve the investment environment and making the country attractive to investment, ensuring policy consistency and improved policy implementation," he said at the just ended Institute of Chartered Secretaries and Administrators of Zimbabwe conference in Victoria Falls.

He said the government should deepen and widen engagements with the international community while also committing itself to implementation of agreed parameters. Malaba said investors need to be guaranteed of their business' safety. "All investors require certainty in their investments including safety of the funds. As such, a guaranteed safety especially property rights need to be considered in promoting a conducive environment for investing.

"The country needs to deal with the negative perception in respect of property rights and focus on rebranding Zimbabwe as a safe destination for investment," he said. By improving conditions of doing business in the country, Malaba said this would promote a conducive environment for investors.

"Our country is ranked 170 out of 189 countries in the 2013 World Bank Doing business index. Investors are still encountering bureaucratic and procedures delays as well as high cost of doing business in Zimbabwe. "The country still needs to work on perfecting its internal operational investment processing procedures in order to reduce bureaucracy encountered by investors when setting up business."

He said downside risks facing the country include continuous negative inflation. "Also, depreciation of the rand, which has lost by about 27 percent to the US dollar since January 2014, low and declining international commodities prices which depresses export revenue for the country since mineral exports contribute more the 50 percent of the country's export earnings are some downside risks which combine to weigh down output and subsequently growth prospects for the country," Malaba said.

Speaking at the same occasion, Eastern and Southern Africa Management Institute director general Professor Bonard Mwape challenged professionals to work with their governments to change socio-economic lives. "I'm persuaded that Zimbabwe has a lot to offer in terms of professionalism. Commitment, being a team player, good attitude and honesty are some attributes one has to possess to make a difference," said Prof Mwape.

The two-day conference which ended on Saturday was held under the theme, "Chartered Secretary - Making a Difference." It was attended by about 180 delegates from the business sector.