Addressing a 15-member Japanese delegation which is in the country to scout for investment yesterday, Tsvangirai said allowing foreign investment would increase participation in wealth and create employment.
"We cannot move without Foreign Direct Investment and that is why it is critical to create a conducive political and business environment.
We need investment in five critical areas, (namely) infrastructure, mining, transport, agriculture and technology," he said. The visit by the business delegation is a follow up to Tsvangirai's trip to Japan last month.
Tsvangirai told the delegation that since his meeting with Premier Yoshisito Noda in Tokyo last month, there have been major political developments in the country which could lead to free and fair elections.
Democratic elections are expected to transform Zimbabwe into a progressive, investor friendly nation. He further expressed his revulsion for the indigenization law which forces foreign investors to cede 51 percent of their business stake to locals.
"We do not agree with the expropriation of businesses. Any policy that undercuts job creation is not acceptable. We will revise this law because it is not in our best interest," he said.
The business scouts who were drawn from a cross-section of Japanese industries have pledged to invest as soon as opportunities arise.
Companies represented in the delegation include Mitsubishi Chemical Corporation, Hitachi Construction Machinery, Central Japan Railway Company, Japan Bank for International Co-operation, Nissin Foods and Rohto Pharmaceutical.
Defta Partners (venture capital), King Swing (water treatment), Nippon Koei (general consulting), Mitsui Fudosan (urban development), DIC Lifetech (Spirulina production) and Toray Industries (water treatment) are also part of the delegation.
Japanese investors have a strong interest in Zimbabwe as one of the key Southern African countries that have strong potential to experience rapid economic development by 2050.
Trade between Zimbabwe and Japan has increased by 18,7 percent to $89 million due to an increase in demand for local agro-based and mineral commodities by the Asian country.
Trade volumes between Zimbabwe and Japan are poised for growth on the back of proposed bilateral economic cooperation deals expected to be finalized next year.
Post published in: News