Zimbabwe Sets Stage for Growth at Investment Summit in Johannesburg
His Excellency Mr David Hamadziripi, Ambassador of Zimbabwe to South Africa, discusses reasons why investors should invest in the Zimbabwean people. Image credit: Supplied.
Published by: Rorisang Masenya and Omphile Pule
The Zimbabwean government is gearing up to host a high-profile investment summit on May 2nd and 3rd, 2024, at the Radisson Hotel in Johannesburg, South Africa. This event, led by Zimbabwe’s Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, and Mr. Tafadzwa Chinamo, CEO of the Zimbabwe Investment Development Agency (ZIDA), aims to unlock significant investment opportunities across the country.
“People You Can Invest In”
The summit’s theme, “People You Can Invest In,” reflects a core Zimbabwean belief embodied in the proverb “Nyika inovakwa nevene vayo” (loosely translated as “a country is built by its owners”). This sentiment underscores Zimbabwe’s focus on not just its rich natural resources, but also its skilled and hardworking people.
A Showcase of Potential
The summit will showcase a range of investment opportunities in key sectors like mining, infrastructure development, agriculture, agri-processing, tourism, and information and communication technologies (ICT). Organizers are committed to ensuring investors get clear answers to their questions, according to Mr. Collin Mackenzie, one of the organizers.
“We want to make sure that investors who wish to participate in the Zimbabwean economy get all the answers to their investment queries by the end of the summit” .
Mr Collin McKenzie, on the objective of the Zimbabwe Investment Summit.
Beyond Resources: A Skilled Workforce
While Zimbabwe boasts abundant mineral resources, His Excellency Mr. David Hamadziripi, Zimbabwe’s Ambassador to South Africa, emphasizes the human potential as well. “Zimbabwe may probably be second only to South Africa in the region for its abundant mineral resources,” he acknowledges, “but it is also acknowledged as having the highest educated workforce in the SADC region.” This skilled workforce is a major draw for investors seeking a strong foundation for their ventures.
A Gathering of Expertise
The summit promises a distinguished guest list, featuring regional and international investment delegates, multinationals, and representatives from diplomatic missions. In addition to government ministers presenting opportunities in various sectors, prominent speakers include Dr. Akinwumi Adesina, President of the African Development Bank, and H.E. Elias Magosi, SADC Executive Secretary.
Things Investors Want to Know
Based on recent interviews with Collin McKenzie, one of the event organizers, and Dennis Mashabela, a key contributor to the summit’s strategy, investors can expect answers and clarity on the following pressing fronts:
- Ease of Doing Business: Top of mind is the progress made on streamlining business regulations and the effectiveness of ZIDA as a one-stop shop for investment needs. Investors are eager to learn how ZIDA’s consolidation of functions has accelerated processes like company registration and amended policies to offer better protection for investors. Mr. Mashabela highlighted that ZIDA has slashed company registration and setup time from weeks to a remarkable 48 hours, as an example of these reforms.
- Infrastructure Development: Investors want to understand the specific plans in place to improve Zimbabwe’s transportation networks, and can expect more information on available opportunities at the Summit. Investments in rail, road, and port facilities connecting Zimbabwe to regional hubs, such as the Beira corridor, hold significant potential for boosting trade and unlocking Zimbabwe’s strategic location as a gateway.
- Currency Stability: The introduction of the gold-backed Zig currency is a major point of interest. Investors can expect reassurances that this initiative will bolster currency stability and protect their investments from risks associated with fluctuations. Mr Mackenzie underscored the strategic importance of a gold-backed currency, emphasizing its potential to curb manipulation and foster confidence in the Zimbabwean market.
A Positive Outlook
The Zimbabwe Investment Summit is a testament to the country’s commitment to economic transformation. By showcasing its abundant resources, skilled workforce, and ongoing reforms, Zimbabwe aims to attract investment that fuels its ambitious growth goals. This event fosters optimism for a future of collaboration and shared prosperity between Zimbabwe and the global investment community. We’ll keep you updated on further developments. In the meantime, you can read more about the summit here!
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