Zimbabwe signs up $11 billion FDI in five months

President Mnangagwa has assured the nation that Zimbabwe is in good hands under his administration, saying the new administration has attracted $11 billion Foreign Direct Investment (FDI) commitment in the past five months. He said sweeping investment reforms were underway as Government works towards attaining a middle income economy by 2030.

Addressing traditional leaders during the handover of the second batch of chiefs' vehicles in Harare yesterday, the President said Government was working on lasting solutions to the current cash shortages.
"Let me assure you our traditional leaders that Zimbabwe is in good hands," he said.

"We should sleep comfortably. I also believe that the communities which you lead are also in good hands. It will be bad if the country is in good hands and the communities are not in good hands. Since our last meeting (Gweru), great strides have been made towards the revival and rebuilding of our economy.

"To date, we have witnessed about US$11 billion worth of investment commitments from foreign investors. Cross cutting reforms are in motion to make Zimbabwe an attractive place to do business for locals and foreign investors alike.

"Locally, there has been an upsurge in capacity utilisation and overall industrial growth. While cash liquidity shortages and foreign currency availability continue to be constrained, my Government is implementing a cocktail of measures that will see the sustainable resolution of the challenges."

President Mnangagwa urged traditional leaders to ensure that local authorities create an enabling environment to ease the doing of business in their communities.

He said it was important to inculcate a culture of hard work among Zimbabweans.
President Mnangagwa said Government was intensifying rural development, especially refurbishment of roads.
"I have directed the Ministry of Transport and Infrastructure Development, through the Zimbabwe National Roads Administration to identify priority roads so as to facilitate prompt movement of goods and people," he said.

"I also exhort District Development Fund and local authorities to equally accelerate rehabilitation and maintenance works on local and feeder roads under their purview. Urgency in this regard cannot be overemphasised as the recovery and development of our economy is underpinned by prompt movement of goods and services.

"As we pronounce that 'Zimbabwe is Open for Business', we also say Zimbabwe is in good hands. So the state of our roads should reflect that Zimbabwe is in safe hands and is open for business."

President Mnangagwa said Government recognised the institution, status and role of traditional leaders as provided for by Section 280 of the country's constitution.

He said they appreciated the crucial role played by traditional leaders in governance and he would want to have regular interfaces with them.

During yesterday's ceremony, 84 traditional chiefs received their vehicles.
Those who received the vehicles were identified by the traditional chiefs through their provincial councils.
Mashonaland East and Manicaland provinces received 10 vehicles apiece, Mashonaland West (9), Mashonaland Central (7), Masvingo (13), Matabeleland South (8) and Midlands received 14 vehicles.

Out of the 281 chiefs across the country, 124 are yet to receive their service vehicles and President Mnangagwa promised that Government would honour its commitment to provide the vehicles as soon as possible.

With regards to the allowances of traditional leaders, President Mnangagwa said a review would be made during the Mid Term Monetary Review in June.