BULAWAYO - The government has been overwhelmed by foreign investment applications and could not cope with the demand of processing the applications, a move that has frustrated investors, a cabinet minister has said. (Pictured: Minister of Industry, Commerce and International Trade, Welshman Ncube)Speaking on the sidelines of a MDC function in Tsholotsho on Sunday, the Minister of Industry, Commerce and International Trade, Welshman Ncube, saidprivate investors had flooded the ministry with applications to invest in different sectors of the economy.
They are only frustrated by the bureaucracy in processing their applications. The Zimbabwe Investment Authority has other applications. The response from private investors is overwhelming, said Ncube.
I am disappointed by the lack of ability to process the applications with speed. We also have a challenge with staff turnover. A lot of gaps exist in the ministry which needed urgent replacement, especially by skilled personnel, he said.
Ncube said the response was mainly from investors in the SADC region, particularly South Africa and Botswana, as well as the United Kingdom and Scandinavian countries.
It is difficult to talk of a percentage because we dont have a common base but I should hasten to say the response is encouraging. Most of the investors are eyeing interests in mining of nickel, platinum, gold and coal, the minister said.
On the revival of industries in the country, he said investors had started pouring in money into their existing investments.
We have investors who had invested in the country previously, but their investments were idle. These have started to put new money into their interests. For example Sable Chemicals, Olivine Industries and many other manufacturing companies, he said.
Post published in: Economy