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Mnangagwa pledges economic reforms

by Staff reporter
29 Aug 2019 at 07:44hrs | Views
President Emmerson Mnangagwa yesterday assured the world that his government would institute more economic reforms in order to make Zimbabwe a safe, favourable and competitive investment destination.

Speaking at the official opening of the Tokyo International Conference on African Development (TICAD) 7 in Yokohama, Japan, Mnangagwa said the private sector was a valued partner in sustainable economic development in the quest to transform, modernise and industrialise the economy.

"We are promoting private sector-led investment, particularly in agriculture, mining, energy, infrastructure, manufacturing and ICT," he said.

"Zimbabwe has vast resources and remains ready to increase trade and investment with Japan on a mutual beneficial basis."

Mnangagwa said his government had since put in place comprehensive reforms to accelerate the economic development agenda.

He said Zimbabwe had embarked on the ease-of-doing business reforms, which seek to enhance the country's investment environment.

"The Zimbabwe Investment and Development Agency will ensure that all investment information is available and processed under one roof. Specialised Commercial Courts have also been established," he said.

Mnangagwa said Zimbabwe had liberalised its investment conditions by repealing the Indigenisation and Economic Empowerment Act to allow greater investment by the private sector.

"This should further accelerate our economic transformation and industrialisation," he said.

Officially opening TICAD 7, Japanese Prime Minister Shinzo Abe said his country was committed to the development of Africa with companies from his country having invested over US$20 billion on the continent over the past three years.

He said the challenges facing Africa could only be resolved through science, technology and innovation (STI).

Abe added that Japan would support the training of 5 000 young Africans at Egypt's University of Science and Technology and Kenya's Jomo Kenyatta University in order to advance STI into the future.

He also announced the establishment of a new Japanese initiative for peace and stability in Africa, dubbed NAPSA.

Abe said NAPSA would work with the African Union and regional economic communities to support conflict prevention and mediation efforts.

"NAPSA (will) also assist making judicial and legislative systems stable and secure so that nation building does not move backwards," he said.

Abe further noted that Japan is currently training 676 police officers, public prosecutors and judges from 39 African countries on justice and crime prevention.

Over 15 heads of State and governments are attending the three-day event, among them Cyril Ramaphosa of South Africa, Paul Kagame of Rwanda, Yoweri Museveni of Uganda and Egypt's Abdel Fattah Al-Sisi.

Source - newsday