Mnangagwa gives investors his word

PRESIDENT Mnangagwa has assured foreign investors that the country has liberalised investment conditions to the extent that they are free to partner local businesses of their choice and can access their dividends.

Officially opening the 35th International Chromium Development Association (ICDA) Conference here yesterday, President Mnangagwa said the Second Republic will continuously implement comprehensive economic reforms to ensure Zimbabwe remains a safe, favourable and competitive investment destination with a thriving and open economy.

He said this was the cornerstone of the country's "Zimbabwe is Open for Business" mantra as he invited investors into the mining industry.

"We are a country endowed with vast natural resources and a huge growth potential particularly in the chrome and platinum group of metals mining sub-sectors. As our country accelerates its modernisation and industrialisation agenda, the development of these mining sectors will be given greater attention in our bid to accelerate economic growth.

"In response to market expectations and global best practices, we continue to make responsive laws to reform our business operating environment through policies that are transparent, consistent and predictable.

"We have implemented amendments to the Indigenisation and Economic Empowerment Act and investors are also free to choose to partner with locals on mutually beneficial and agreed conditions.

"All investors are free to repatriate their dividends in accordance with our laws," said President Mnangagwa.

He said his administration was committed and had liberalised investment conditions by removing restrictions on shareholding in the mining sector.

The ICDA conference is the first to be held in Zimbabwe.

President Mnangagwa said the platform couldn't have come at the best time for Zimbabwe as it will help showcase opportunities in the mining sector as well as capacitate the country's resurgence in the global chromium market and value chain.

He said there are vast opportunities for investment in the beneficiation and value addition across the entire chrome value chain.

"As a country with the second largest chrome reserves in the world, it's most opportune that you chose Zimbabwe as the host for the 2019 edition of the ICDA conference.

"As the global demand for chrome steadily increases, we are determined to increase our national productivity and total output contribution to the global supply matrix in line with chrome resources in our country.

"To achieve this, Zimbabwe's chromium sector is open for the injection of new capital and investment inflows. I therefore invite you to commit your investments in our chromium sector and explore possible investments in any of our wide range of exciting mineral resources some of which are not yet explored," added the President.

He said the country has a skilled human resources base, which is key to investment.

President Mnangagwa said Zimbabwe's peaceful environment is a catalyst for investment, adding that this puts the country in a position to be the industrial hub for Sadc as well as the gateway into the North-South Corridor.

He said besides capacitating the mining sector, Government is also implementing a number of projects across the all sectors of energy, infrastructure development, transport, water, and ICT to support investment.

Present at the conference were Matabeleland North Provincial Affairs Minister Richard Moyo, his Mashonaland West counterpart Mary Mliswa-Chikoka, Mines and Mining Development Minister Winston Chitando, Industry and Commerce Minister Mangaliso Ndlovu as well as other senior Government officials.