News / National
Zimbabwe, UK enter new trade era
23 Jan 2024 at 23:48hrs | Views
THE influential Westminster Africa Business Group has expressed its interest to set up camp in Zimbabwe and open doors for British investments to come into the country.
This comes as Zimbabwe has put in place appropriate policy and legislative frameworks to safeguard investors' interests and to guarantee the protection of investments.
Yesterday, Westminster Africa Business Group, an agency which seeks to connect companies and individuals with interests in the commercial and political sectors within Africa, met Foreign Affairs and International Trade Minister Ambassador Frederick Shava at his Munhumutapa offices and expressed satisfaction with the country's political and economic reform agenda.
Westminster Africa Business Group chairman Mr Laurence Robertson said the visit to Zimbabwe, which was his first, was a good starting point to promote business between the country and the UK.
"Westminster Africa Business Group has been running since 1947, and it really exists to promote business between Africa and the United Kingdom in a sort of political way, involving politicians to try and help move that business along. So that's what we do, and we do take an interest across Africa. But we have visited many African countries and we want to continue to increase business," he said.
He acknowledged the enormous opportunities that existed for the African continent and the UK, adding that his Government had been very clear about its desire to increase trade.
"A number of trade envoys are appointed across Africa. I cover Ethiopia, Zambia and Angola, not yet Zimbabwe, but as I say, we have to start somewhere. And when I do get back, I will speak to Minister Andrew Mitchell, Minister Greg Hans, about the opportunities which exist in Zimbabwe and how we can continue to work together and increase the trade which exists between our two countries," he said.
Mr Robertson said the UK had introduced favourable trading conditions for African countries which was testimony that his Government was keen to increase trade with Africa.
"We do recognise that there are enormous opportunities, but at the same time, we recognise the need to help emerging nations and help you achieve the goals which you've set, the very ambitious goals which you've set. But we'd like to see you achieve those goals. Of course, we do have a very pro-tradition of overseas assistance, but we also like to think that trade is really the best way forward and the best way to enable countries to really develop their full potential and achieve their full potential," he said.
The Second Republic has been on an engagement and re-engagement drive over the past five years where President Mnangagwa sought to renew old ties and form new ones with all countries.
This has seen the country reviving some of the bilateral relations which had gone cold.
"There has been no significant investment into the country by British companies since the year 2000. However, the United Kingdom is Zimbabwe's fifth largest export destination in Europe after Belgium, the Netherlands, Italy and Germany. It is my hope that this would improve opportunities for increased Foreign Direct Investment inflows. This, in turn, should contribute towards continued growth and the achievement of positive strides in line with our National Development Strategy 1 (NDS1) and the country's Vision 2030 to become an upper middle-income economy by 2030'," said Minister Shava.
Minister Shava added that Government is committed to the resuscitation of the bilateral technical and economic cooperation with the UK.
"I am confident that our mantra ‘Zimbabwe is a friend to all and an enemy to none' captures our utmost desire to engage in earnest with all people for mutual socio-economic benefits. It is my hope that your visit to our country presents you with the opportunity to explore areas for investment, which will result in a win-win situation for both parties. Our efforts are geared towards mending the broken bridges as a result of our divergent approaches to resolving land ownership issues. Now that the Land Reform Programme is a closed chapter, it is my hope that this new era will present opportunities for consolidating our economic cooperation," he added.
He said the reconstitution of the Zimbabwe Investment Development Agency (ZIDA) with a new mandate and streamlined structure for a One-Stop Investment Services Centre (OSISC) had simplified investment processes.
"Our investment laws and financial systems are now more investor-friendly and allow for foreign investors to repatriate their dividends to their countries, among others," said Ambassador Shava.
Through the country's engagement and engagement drive Zimbabwe has managed to open formerly closed doors mostly with the Western world while opening new diplomatic frontiers with a bias towards international trade.
This comes as Zimbabwe has put in place appropriate policy and legislative frameworks to safeguard investors' interests and to guarantee the protection of investments.
Yesterday, Westminster Africa Business Group, an agency which seeks to connect companies and individuals with interests in the commercial and political sectors within Africa, met Foreign Affairs and International Trade Minister Ambassador Frederick Shava at his Munhumutapa offices and expressed satisfaction with the country's political and economic reform agenda.
Westminster Africa Business Group chairman Mr Laurence Robertson said the visit to Zimbabwe, which was his first, was a good starting point to promote business between the country and the UK.
"Westminster Africa Business Group has been running since 1947, and it really exists to promote business between Africa and the United Kingdom in a sort of political way, involving politicians to try and help move that business along. So that's what we do, and we do take an interest across Africa. But we have visited many African countries and we want to continue to increase business," he said.
He acknowledged the enormous opportunities that existed for the African continent and the UK, adding that his Government had been very clear about its desire to increase trade.
"A number of trade envoys are appointed across Africa. I cover Ethiopia, Zambia and Angola, not yet Zimbabwe, but as I say, we have to start somewhere. And when I do get back, I will speak to Minister Andrew Mitchell, Minister Greg Hans, about the opportunities which exist in Zimbabwe and how we can continue to work together and increase the trade which exists between our two countries," he said.
Mr Robertson said the UK had introduced favourable trading conditions for African countries which was testimony that his Government was keen to increase trade with Africa.
"We do recognise that there are enormous opportunities, but at the same time, we recognise the need to help emerging nations and help you achieve the goals which you've set, the very ambitious goals which you've set. But we'd like to see you achieve those goals. Of course, we do have a very pro-tradition of overseas assistance, but we also like to think that trade is really the best way forward and the best way to enable countries to really develop their full potential and achieve their full potential," he said.
The Second Republic has been on an engagement and re-engagement drive over the past five years where President Mnangagwa sought to renew old ties and form new ones with all countries.
This has seen the country reviving some of the bilateral relations which had gone cold.
"There has been no significant investment into the country by British companies since the year 2000. However, the United Kingdom is Zimbabwe's fifth largest export destination in Europe after Belgium, the Netherlands, Italy and Germany. It is my hope that this would improve opportunities for increased Foreign Direct Investment inflows. This, in turn, should contribute towards continued growth and the achievement of positive strides in line with our National Development Strategy 1 (NDS1) and the country's Vision 2030 to become an upper middle-income economy by 2030'," said Minister Shava.
Minister Shava added that Government is committed to the resuscitation of the bilateral technical and economic cooperation with the UK.
"I am confident that our mantra ‘Zimbabwe is a friend to all and an enemy to none' captures our utmost desire to engage in earnest with all people for mutual socio-economic benefits. It is my hope that your visit to our country presents you with the opportunity to explore areas for investment, which will result in a win-win situation for both parties. Our efforts are geared towards mending the broken bridges as a result of our divergent approaches to resolving land ownership issues. Now that the Land Reform Programme is a closed chapter, it is my hope that this new era will present opportunities for consolidating our economic cooperation," he added.
He said the reconstitution of the Zimbabwe Investment Development Agency (ZIDA) with a new mandate and streamlined structure for a One-Stop Investment Services Centre (OSISC) had simplified investment processes.
"Our investment laws and financial systems are now more investor-friendly and allow for foreign investors to repatriate their dividends to their countries, among others," said Ambassador Shava.
Through the country's engagement and engagement drive Zimbabwe has managed to open formerly closed doors mostly with the Western world while opening new diplomatic frontiers with a bias towards international trade.
Source - The Herald
