Zimbabwe govt assures on repatriation of profits

THE GOVERNMENT has re-assured foreign investors it was ready to facilitate easy repatriation of proceeds from their investments in Zimbabwe if they invest in the country.

Zimbabwe is on an aggressive drive to lure foreign direct investment to boost its economy while also enhancing improved business operations by local entrepreneurs. Guided by the National Development Strategy (NDS1:2021-2025) the country is working on transforming its economy towards an upper middle-income status by 2030.

Starting with the Transitional Stabilisation Programme (2018-2020), and now the NDS1, the Second Republic led by President Mnangagwa has continued to enhance the ease of doing business, which has been implemented through fiscal consolidation and monetary policy reviews.

In the past, potential investors used to complain over challenges associated with repatriation of their proceeds from the investments, which is now a thing of the past.

Addressing potential investors who attended the Zimbabwe Health Investment Conference here on Monday, Acting Minister of Health and Child Care, Professor Amon Murwira, said Zimbabwe was open for doing business with any serious investor.

The health conference was one of the series of sectorial conferences being organised by Zimbabwe as part of the ongoing World Expo 2020 Dubai, which is being hosted by the United Arab Emirates.

The minister outlined the key investment opportunities in the sector and urged potential suitors to grab them as they were assured, through the reformed legislation, of good returns on investment and provisions to recoup investments and repatriate profits anytime.

"Through the regulatory framework investors are allowed to repatriate investment proceeds out of Zimbabwe, especially those who invest in Special Economic Zones such as the Victoria Falls City, home of one of the seven wonders of the world, the Victoria Falls and the recently launched Victoria Falls Foreign Currency Stock Exchange (VFEX) as well as in all the other areas designated as SEZs and in every aspect of the economy," said Prof Murwira.

"It is now allowed through our legal systems to be able to recoup your profits and be able to send them back home."

The minister's remarks come at a time when the agreement between Zimbabwe and the United Arab Emirates on promotion and protection of investment, signed in 2018 and ratified in 2020, has come into force following its recent approval by President Mnangagwa, in terms of the International Treaties Act.

"Essentially, the agreement lays down that business and citizens of the UAE can invest freely in Zimbabwe and that these investments will be protected and profits and returns shall be freely remitable," said Prof Murwira.

He also noted that investors who come to Zimbabwe were assured of getting skilled workers who have higher levels of commitment and ethical conduct.

"Our workforce is well trained and is guided by a regulatory framework, and so if an investor comes he/she is guaranteed of the well trained workforce to work for him.

"You just need to bring your company because the workers are already there," said the minister. This means that we can freely invest in the Zimbabwean health sector and other sectors without any hurdles."