Zimbabwean finance minister urges more foreign investment after partial lifting of sanctions

HARARE, June 11 (Xinhua) -- Zimbabwean Finance Minister Mthuli Ncube on Tuesday encouraged foreign investors to take advantage of investment opportunities in the southern African country following the partial lifting of U.S. sanctions.

Ncube made the call during the Zimbabwe Investment and Capital Markets Conference in London, the United Kingdom, saying the Zimbabwean government is concerned that President Emmerson Mnangagwa, some individuals, and businesses remain under sanctions through the Zimbabwe Democracy and Economic Recovery Act (ZIDERA) of 2001.

"We still have the ZIDERA which affects our engagements with the international financial institutions. Notwithstanding this setback, I encourage all potential investors to have a glimpse at what the country can offer and take a step toward putting your money in Zimbabwe," Ncube said in a statement.

The minister said despite economic headwinds, Zimbabwe remains an attractive investment destination as the government is focused on rebuilding the country and recovering lost ground by implementing policies to transform Zimbabwe into an upper middle-income economy by 2030 through the promotion of domestic and foreign investment.

"Private sector investment activities, particularly foreign direct investment, will complement the country's national development efforts by enhancing technology transfer, deepening productive linkages and value chains, and boosting overall competitiveness," he said.

He noted that one of the weaknesses in the structure of Zimbabwe's economy, which presents an opportunity for investors, is its over-reliance on the primary sectors of agriculture and mining.

Zimbabwe, he said, has several investment opportunities across all sectors, both green and brown fields, making it one of the investment destinations of choice.

"Zimbabwe is open for business in all sectors of the economy and to all investors, issuers, and market intermediaries, including Zimbabweans in the diaspora," Ncube said.