'Zimbabwe needs genuine investors'

DUBAI-based businesswoman Edith Chibhamu says there is little evidence that Zimbabweans are benefiting from the "so-called foreign investment".

Chibhamu said authorities must consider engaging genuine investors who have Zimbabwean interests at heart.

"When President Emmerson Mnangagwa assumed office replacing the late former President Robert Mugabe there were high expectations from all sectors, particularly on the economic front," said Chibhangu.

"Mnangagwa declared: "We want to grow our economy, we want peace, we want jobs, jobs, jobs", and courting international investors was one of the strategies meant to address the deep economic crisis. With this vision the President needed the best team on his investment programme.

"We needed to mobilise investors that would bring real money into the country and allow the money to circulate inside the country. By now the country would have been in a much better state."

Chibhamu, however, said the opposite was true.

"The calibre of investors that the country has been engaging is not as good as they appear to be," she said.

"For instance, we had investors who inject less than US$5 million in a project, but would realise US$100 million which they take to their countries. Most investors do not have Zimbabwe at heart since their projects do not add value to the country's economic trajectory efforts."

Mnangagwa said his administration was on a re-engagement drive to boost investment to the country after years of international isolation.

"It is high time all Zimbabwean businesspeople joined the President in bringing real valuable investment in the country. We are ready to also help if the President will accept our investors and more," the Dubai-based businesswoman said.

"Zimbabwe needs real people with Zimbabwean people at heart."