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Mnangagwa invited to World Economic Forum in Davos

by Staff reporter
05 Sep 2019 at 07:52hrs | Views
President Mnangagwa will next year participate at the global World Economic Forum summit in Davos, Switzerland, following an invitation by the executive chairman, Professor Klaus Martin Schwab.

This was said by Presidential spokesman and Deputy Chief Secretary (Presidential Communications) in the Office of the President and Cabinet Mr George Charamba yesterday after President Mnangagwa's meeting with Prof Schwab ahead of the official opening of the WEF on Africa, which opened in Cape Town yesterday.

"The President gave an update (to Professor Schwab) on the economic reforms that are happening back home to make Zimbabwe more attractive to FDI (foreign direct investment) and investment capital," said Mr Charamba.

"He also updated him on the re-engagement including the slow but sure pace we are having with the EU and USA. Critically, Prof Schwab promised that he is going to invite the President to the World Economic Forum next year in Davos (Switzerland) so that Zimbabwe can consolidate on its messaging on the back of ongoing reforms, which reforms will register with investors."

Mr Charamba said Prof Schwab was particularly impressed when he learned that Zimbabwe now enjoys a national budget surplus, saying it was "a key piece of information that he (President Mnangagwa) must deliver to the investment community".

Zimbabwe has undertaken widespread economic reforms that broadly seek to rein in the twin deficits; fiscal and current account deficits.

The country also wants to contain excessive and destabilising runaway Government expenditure, improve the investment climate, enhance ease of doing business, deepen re-engagements with western countries and global multilateral and bilateral partners, clearing burdensome external debts and restoring key and proper economic fundamentals.

Government has also embarked on parastatal and State-owned Enterprises reforms, repealing of investment and business laws that discourage investments, harmonisation of key pieces of legislation with the constitution, establishment of a central investment authority and crafting of sector-specific economic policies that promote sustainable growth and investment.

Source - chronicle

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