Chinamasa in major u-turn

Finance Minister Patrick Chinamasa is virtually on his knees begging potential foreign investors to consider channelling funds to Zimbabwe.


In a major u-turn on indigenisation, Chinamasa has assured investors that equity taken by locals would be disbursed fairly and government would not take 51 percent of their money. He said investors could chose partners of their choice without government interference.

Officially opening a series of panel discussions in Harare on Monday, Chinamasa said Zimbabwe was open for direct foreign investment from all countries around the globe and was looking for new friends.

“Our indigenisation policy is flexible enough to attract investment for the benefit of the nation. We realise that systematic engagement with other countries is key to economic development and investment,” he said.

Chinamasa said it was in the national interest for the country to remain engaged with international financial institutions such as the IMF and the World Bank. “We are too small a nation to confront any country all what we want is re-engagement with the global family,” he said.

Repeating the tired and untrue Zanu (PF) mantra, he blamed ‘”sanctions” for the current economic crisis. Zimasset was cited as the vehicle to an enabling environment for job creation, economic and social development.

Zapu President, Dumiso Dabengwa, said for Zimbabwe to realise its economic ambitions it had to be a reliable business partner whose decisions should be certain and predictable.

“There is unquestionable need for observance and progressive interpretation of the constitution if the country is to cultivate confidence among investors,” Dabengwa said.

He urged government to open up to individual and business community advice. Besides transparency and honesty, he said government should demonstrate political will to fight corruption, demilitarise parastatals and state enterprises, and create non-partisan institutions.

The veteran politician and former Home Affairs Minister also recommended that government re-orientate its workers. The electorate should pressure elected officials to act, while independent and opposition legislators should play their role effectively to bring sanity in government, he added.

Respected economic analyst, John Robertson, said re-engagement would be a step in the right direction “but should be backed by political will and investor friendly laws.”

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