News / National
US thumbs up for Zimbabwe investment
15 Aug 2024 at 14:52hrs | Views
U.S. Ambassador to Zimbabwe, Pamela Tremont, has stated that Washington is actively lobbying American firms to explore investment opportunities in Zimbabwe, a country she describes as having significant potential. This initiative is part of a broader effort to encourage U.S. companies to return to the Zimbabwean market after years of absence due to sanctions.
"Our effort in March to abolish the Zimbabwe-specific sanctions program and reduce the number of people on the global Magnitsky list was a demonstration of our desire for a better relationship with Zimbabwe," Ambassador Tremont said. "We have also been engaging U.S. companies on how they can invest in Zimbabwe and the opportunities available. The U.S. Embassy offers services to help these companies find partners and opportunities here in Zimbabwe."
She also mentioned that discussions with U.S. financial institutions and companies have focused on re-entering the Zimbabwean market, addressing issues related to over-compliance. However, Ambassador Tremont noted that concerns about the economic environment, such as currency instability, regulatory uncertainty, and respect for property rights, are the main challenges companies face, not sanctions.
"In my meetings with the government, I've emphasized the importance of working together to improve the investment climate in Zimbabwe. Countries need to compete for investors, who seek the highest rewards with minimal risks. By enhancing the investment environment and reducing risks, we hope to attract more investors, not just from the U.S., but from other countries as well," she added.
In March, the U.S. expressed a willingness to engage in constructive dialogue with Harare after President Joe Biden terminated the Zimbabwe sanctions program. However, the U.S. Treasury imposed new restrictive measures under the Global Magnitsky Act of 2016, tightening sanctions on President Emmerson Mnangagwa, First Lady Auxillia Mnangagwa, and businessman Kuda Tagwirei, which Zimbabwe criticized as insincere.
"Our effort in March to abolish the Zimbabwe-specific sanctions program and reduce the number of people on the global Magnitsky list was a demonstration of our desire for a better relationship with Zimbabwe," Ambassador Tremont said. "We have also been engaging U.S. companies on how they can invest in Zimbabwe and the opportunities available. The U.S. Embassy offers services to help these companies find partners and opportunities here in Zimbabwe."
She also mentioned that discussions with U.S. financial institutions and companies have focused on re-entering the Zimbabwean market, addressing issues related to over-compliance. However, Ambassador Tremont noted that concerns about the economic environment, such as currency instability, regulatory uncertainty, and respect for property rights, are the main challenges companies face, not sanctions.
"In my meetings with the government, I've emphasized the importance of working together to improve the investment climate in Zimbabwe. Countries need to compete for investors, who seek the highest rewards with minimal risks. By enhancing the investment environment and reducing risks, we hope to attract more investors, not just from the U.S., but from other countries as well," she added.
In March, the U.S. expressed a willingness to engage in constructive dialogue with Harare after President Joe Biden terminated the Zimbabwe sanctions program. However, the U.S. Treasury imposed new restrictive measures under the Global Magnitsky Act of 2016, tightening sanctions on President Emmerson Mnangagwa, First Lady Auxillia Mnangagwa, and businessman Kuda Tagwirei, which Zimbabwe criticized as insincere.
Source - businesstimes
