ZIMBABWEAN President Emerson Mnangagwa has called on investors to realise the massive investment opportunities in Zimbabwe and shun negative perceptions of risk.
Zimbabwe, self-sufficient in food production and a major exporter of wheat, tobacco, and corn to the 14-member Southern African Development Community, to other African countries and the wider world before 2000, saw its exports plummet. Before 2000, farming accounted for 40 percent of all Zimbabwe’s exports. In 2010 though, it dropped to 2 percent.
President Mnangagwa spoke on Thursday at a special event on the margins of the Africa Investment Forum Market Days 2022 in Abidjan, Côte d’Ivoire. The event dwelt on the broad range of investment opportunities in Zimbabwe. Several cabinet ministers accompanied the president, namely Foreign Affairs Minister Frederick Shava, Finance and Economic Development Minister Mthuli Mcube, Agriculture Minister Anxious Masuka and Industry and Commerce Minister Sekai Nzenza.
‘The focus is to persuade global capital assembled in this city to realize that there are opportunities for investment in Zimbabwe,’ President Mnangagwa said.
The African Development Bank and its seven partners set up the Africa Investment Forum—Africa’s premier investment platform—to attract investment and capital to Africa. The forum’s Market Days 2022 which runs from the 2nd to 4th of November, feature boardroom sessions that promote flagship sectors where Africa has a comparative advantage. Examples are women-led businesses, music, film, fashion, textiles, and sports.
President Mnangagwa said African Development Bank President Adesina invited him to the forum when Adesina visited Zimbabwe earlier this year. Adesina agreed to champion Zimbabwe’s debt clearance strategy. Zimbabwe has been hurt by sanctions imposed by the European Union and other Western countries.
‘Our mission here is to explain ourselves, assure investors that Zimbabwe is a safe investment destination,’ President Mnangagwa said.
Adesina said Zimbabwe could count on the African Development Bank’s strong support. He confirmed the bank’s approval of a $4 million grant to support the development of a secretariat to move the country’s debt arrears clearance issue forward.
‘I know the story of Zimbabwe, the opportunities and potential of Zimbabwe,’ Adesina said. ‘I think Zimbabwe is not as risky as you think…Private sector opportunities are limitless.’
Adesina outlined the country’s many potential areas for investment, including steel, agriculture and information technology. He said the bank was lending support in these and other sectors.
The African Development Bank also made a grant to Zimbabwe during the Covid-19 pandemic, stepping in where other institutions had not.
‘Zimbabwe is strongly committed… Zimbabwe will again be the breadbasket of Africa. I will swim right beside you,’ he said.
President Mnangagwa’s ministers also spoke bullishly about Zimbabwe’s investment prospects.
Finance Minister Mthuli Ncube said the Zimbabwe Investment and Development agency (ZIDA) was the country’s one-stop shop for potential investors. ‘With ZIDA, your investment is safe…we have the capacity…we are waiting for you,’ the finance minister said.