Zim trying to shake off the Pariah state image - Mashakada

Zim trying to shake off the Pariah state image - Mashakada
Published: 21 March 2012 (2435 Views)
HARARE - Zimbabwe's Economic Planning and Investment promotion minister, Tapiwa Mashakada has told delegates to the Euromoney Zimbabwe Investment Conference here in Harare that the two day indaba is not only focused on luring Foreign Direct Investment but on how the country can harness its abundant local resources.

He said the country would take advantage of international investors to shake off the bad investment climate imaged brought about by the controversial indigenization law.

Officially opening the second edition of  Euromoney Zimbabwe Investment Conference, Mashakada said, "We are trying to shake-off the pariah state imageā€¦ We are a growing economy and our macro-economic fundamentals have stabilized," said Mashakada in his brief address.

Zimbabwe has vast untapped natural resources which the country is not utilising to the benefit of the economy.

However, he said that process would take some time to achieve desired effects.

The minister said the country's growth rates of over 9% paralleled those of emerging economies India, Brazil and China.

Zimbabwe's economy is expected to be grow by at least 9,4% this year.

The country's efforts to attract FDI has continued on a slow pace as it only managed to garner $250 million against $55 billion that went into African economies last year.

At least 400 people are attending the event which ends Thursday.

Participants are upbeat that the conference would ease negative mind sets on Zimbabwe being a risk business destination. Potential Investors have long expressed concern on several policy inconsistencies by government which make it difficult to reach firm decisions to invest.

Speakers at today's event will include Finance minister Tendai Biti, Deputy Prime Minister Thokozani Khupe, Minister of Economic Planning and Investment Promotion Tapiwa Mashakada, director of Euromoney conferences Christopher Garnett, Emerging Capital Partners chief investment officer managing director Andrew Brown, founding partner African Century Jonathan Chenevix Trench, Institute of Directors UK chief economist and director Graeme Leach, AICO Africa group chief executive officer Patrick Devenish, World Bank Zimbabwe African Development Bank lead economist Damoni Kitabire.


- Byo24News

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