SA-based group wants hassle-free business for Zimbabwean investors

Julius Shamu

In an interview with The Zimbabwean, Julius Shamu, the president of the recently-formed Zimbabwe South Africa Chamber of Commerce & Industry (Zimsacci), said the group seeks also to work closely with its local counterparts.

“We will act on behalf of our members in all matters affecting their businesses,” said Shamu, on the sidelines of a Zimbabwe mining investment seminar in Cape Town.

“That also includes abiding by the laws, reinforcing the SA constitution and establishing good working relationships with local authorities, local businesses and international businesses.”

He added that Zimsacci, launched in November 2015, would link its SA-based affiliates with the Zimbabwe Investment Authority (ZIA) so they may as well be able to invest back home.

“Ensuring a sustainable, growing and apolitical chamber of commerce for Zimbabweans would improve their quality of life and related interests. The chamber wants to contribute to the overall socio-economic stability of the SA community,” he said.

According to BMI research, a Fitch Group company, businesses in Zimbabwe have to deal with corruption, political and policy uncertainty and bureaucracy among other risks.

This undermined competiveness when compared with southern African neighbours, especially Zambia and SA, which are well-organised and have upper hands in attracting investment.

Shamu is director at Capetown-based Shamstone Production, an events company, and Impress Clothing, which specialises in men’s wear.

He also heads the Cape Town Zimbabwe Excellence Awards, which monitors and recognises Zimbabweans who are flying their country’s flag in SA.

Under his watch, more entrepreneurs in Capetown were now setting up sustainable businesses and contributing to the growth of the city’s economy, he said.

Meanwhile, the Zimbabwe Mining Investment Seminar held last Thursday in Cape Town, ended with mines minister Walter Chidhakwa arguing his country was friendly and safe to do business.

The minister gave a highly-skilled labour market, the use of multiple currencies such as the US dollar and SA rand and access to regional markets as some of the reasons investors should feel at ease with their money.

This was despite growing complaints about an unpredictable empowerment law which requires foreign companies to cede 51% of their shareholdings to locals.

The mining industry’s future now hangs in the balance, hit by falling global commodity prices, constant electricity blackouts and unrealistic royalty payments to the government, according to the Zimbabwe Chamber of Mines.

Asked for comment, Shamu said Chidhakwa appeared to focus on telling investors that the country had a diverse mineral wealth and that “measures were in place” to ensure their safety.

“The minister said the country remains one of the world’s most diverse mineral resource bases, housing more than half the world’s known chromium reserves and second largest platinum reserve after South Africa. So, his main objective was to say Zimbabwe was open for business.”

Ambassador to South Africa, Isaac Moyo and Boniface Mugobogobo, the consular general for Cape Town, were some of the delegates at the forum which was hosted by The Mail and Guardian Africa.