Advisory council is not a major issue but, Investor confidence is critical

Our major problem is not advisory but we lack basic components of political tolerance and divergence of views. We can have as many advisors as possible, but if basic fundamentals are not looked into then it's a waste of resources to have an advisory council. We have a political question which remain unanswered, we have legitimacy questions, lack of confidence, our politics is not inspiring, we have structural problem, and we have the root of corruption and deviation from the rule of law. My question is who will accept Zimbabwe for future re-engagement when we have several problems. This entails that we are far from resolving our political and economic impasse. As a development practitioner I welcome the move of roping in key advisors though I have reservations over some names which appeared on the advisory list. From my own assumption, some of the names are too compromised in business and political circles and this could jeopardize the President's efforts for re-engagement. The idea is good though it's a bloated figure. I would suggest the figure can be reduced to eight, to cut expenditure and avoid duplication of roles and conflicts of interest. From my previous articles, I over emphasized the need for an advisory council which must be independent. I'm not sure about those who are aligned already and who have business interests, how they are going to advise the President on matters of national interest, both morally and ethically it may be viewed as conflict of interest. Generally the idea is good because it is an eye opener to potential investors and business community. This will also give a proper reflection and direction in terms of policy consistency basing on political goodwill.

Investor confidence is critical
Investor confidence is one of the key main drivers of equity markets. We can have as many advisors as possible, but the key question is, are we meeting the standards for investments? Are their investments safe? Is Zimbabwe a safe zone for investors? Both the investor and investments, are they safe? Do we guarantee the safety of their investments and property rights? With the current gross human rights violations happening throughout the country, can we safely say Zimbabwe is open for business? You can measure the strength of investor's fear and greed by looking as the changing prices of treasuries compared to that of high-yield bonds. Investor's willingness to engage in the investment opportunities and associated intermediation channels available to them based on their perception of risk and return. The ball is in our hands. What Zimbabwe Government needs to do is to restore confidence in the markets, banks, judiciary, and all arms of Government, inspire investors with their conduct. This note decomposes investor confidence-optimism about the fundamental risk and return of their investments. There are key issues which investors will raise before putting their money on the ground.

Constitutionalism and rule of Law is key
We can have good advisors from the mars, with expertise but failure to adhere to simple rules of the constitution and upholding the rule of law may chase away the few potential investors remaining in the country. Events leading to the mass stay away are regrettable and should never be repeated. The Zimbabwe is open for business has been cast into doubt further derailing the optimism for re-engagement with potential investors and the international community. The President's image has been dented with 01 August, 2018 shootings and the alleged abductions and gross human rights violations by the armed forces. We cannot have a situation where our country is being discussed in international forums, so how then do we engage potential donors when we have grey spots? It explored how laws and legal practices in the region could be harmonized to ensure the legal environment is conducive to attracting investment.

The idea should be, maintaining a suitable legal framework for a sustainable investment and business environment'. Investors want to know that when they invest in a country there is the rule of law, in particular that laws are certain, there is access to justice and there is an independent judiciary. Similarly citizens want to know that investment taking place in their country is being properly regulated. There is a legal issue that many people in Zimbabwe, especially those in business, often take for granted. It's called the rule of law, and it's more important than anything else you'll read about leasing, trademarks and investment opportunities. We have to correct our ways or else we are not going anywhere.

Divergence of views and political tolerance is key
Political tolerance is defined as a willingness to extend basic constitutional rights -the right to speak, to publish, to run for office to offensive groups and ideas. History is littered with examples of political repression made possible by widespread intolerance among the mass citizenry. The component of progressive politics is tolerance and divergence of views. It is critical for the Government to accept critical criticism and allow mixed feelings and reactions amongst citizens.

Tinashe Eric Muzamhindo writes in his personal capacity as the Head of Global Institute of Policy Analysis and Research (GIPAR), which is responsible for Policy and Research. He is leading a Project Management Consultancy (Tantem Investments), he holds a B.A from Solusi University, M.A from University of Lusaka, He is studying Doctor of Philosophy (PhD) at Women's University of Africa - Development Studies and he can be contacted at tanteminvestments@gmail.com