Don't shun Zimbabwe, Euromoney chief tells investors

Don't shun Zimbabwe, Euromoney chief tells investors
Published: 21 March 2012 (1523 Views)
HARARE - Richard Banks, Euromoney's director for emerging markets has said there is no reason for international investors to continue shunning Zimbabwe as he believe the controversial indigenisation law does not bar investors doing business with the country.

Banks is in Zimbabwe attending the two day investment conferencewhich is on its second edition.

"My reading of the (indiginisation) law is that it does not bar investors from doing business with Zimbabwe. To me I think it's a good policy but authorities should clarify various clauses," said Banks.

On Tuesday, Banks gave a press briefing on international investment climate, Zimbabwe investment opportunities, the role of the media in promoting Zimbabwe's global image, the role of Asia and Arab investors in emerging markets and financing investment.

Banks said the indigenization law has some good elements for locals classifying some investors who view it as draconian as "incentive investors."

He said such investors leave the country once resources have been fully exploited but leave assets for the locals.

On why investment is not tricking to Zimbabwe, Banks explained that investors who want to do business in emerging markets take about two years to come with a firm decision.

He emphasized that his company is "Zimbabwe to stay" and investment climate in Dubai is not conducive.

Banks said Zimbabwe presented a lot of opportunity for investors.

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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