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'Zimbabwe ripe for investment'

by Staff reporter
19 Nov 2018 at 05:44hrs | Views
DEVELOPING markets investment bank, Exotix Capital Limited says Zimbabwe under President Emmerson Mnangagwa's leadership is ripe for investment with potential investors now looking at the country with "renewed spirit".

President Mnangagwa came into power last year in November after his predecessor, Mr Robert Mugabe, resigned. He won the majority vote in the July 31 harmonised elections this year, which gave him the mandate to lead the country up to 2023.

Since his elevation, President Mnangagwa has clearly articulated his vision for economic revival under the 'Zimbabwe is open for business' mantra.

Guided by vision 2030 that seeks to achieve an upper middle-income economy, the new dispensation has declared war on corruption and is on a crusade to foster investment reforms, trimming fiscal deficit and restructuring the civil service among others.

Commenting on the prevailing situation in the country, Exotix senior economist, Mr Christopher Dielmann said there was a huge contrast between former President Mugabe and President Mnangagwa's leadership. He said a number of investors who were reluctant to invest in the country during Mr Mugabe's leadership, now want to invest because the environment is now conducive.

"Since November 2017 when we saw the new Government come into power with Emmerson Mnangagwa as the new President, I think a lot of investors are looking at the country in renewed spirit," posted Mr Dielmann on his Twitter handle.

He said Zimbabwe was a rich and untapped market. Mr Dielmann said as a result of the favourable investment policies that the new Government has started implementing, many investors are now showing renewed interest in the country.

"It (Zimbabwe) is one of the biggest untapped market in sub-Sahara. There is tremendous untapped potential. The agriculture sector is at about 50 percent capacity, the country has some of the largest reserves of gold, platinum metals and diamonds on the continent and a lot of investors are looking at this and thinking how they can be part of the unfolding development," he said.

Government is working hard to turn around the economy following years of stagnation during Mugabe's era which saw the country being isolated by the international community. Economists are confident the on-going investment reform measures will transform the country's economy within a short period.

The country has also intensified its re-engagement and foreign debt clearance efforts as part of measures to normalise relations and create a conducive environment to attract new lines of credit as well as increase foreign direct investment.

The reforms have also been embraced by local and regional stakeholders with South Africa joining the wider voices calling for the lifting of Western imposed sanctions against Zimbabwe.

As part of the re-engagement efforts, the country is also seeking re-admission into the Commonwealth. Since 1999, Exotix has been assisting international investors to access the emerging financial markets and economies around the world.

The organisation provides access, knowledge and execution in equity and fixed-income markets, advisory investment banking, corporate finance and debt and equity capital markets.


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