He said Zimbabwe’s economy had the potential to grow but poor policies may contribute to the slow recovery of the economy.
Kwang-chul said the introduction of the Indigenization and Empowerment Act was ill-timed as the country was still recovering from an economic meltdown.
“I am not against the indigenization and empowerment of locals but I think the timing is not good considering that Zimbabwe’s economy is still fragile and in need of investors for a quick recovery,” he said.
He added that the policy was blocking foreign direct investment.
“Foreign countries are hesitating to bring high level of investment to the country,” he said.
South Korea experienced an economic crisis in 1997 but managed to recover through adopting policies such as market liberisation of the economy and free trade.
“Our economy was on the verge of collapse and we borrowed money from international money lenders such as IMF and World Bank. The crisis acted as a remedy to our crisis because we were able to stand the 2008 global crisis,” said Kwang-chul.
Post published in: News