Zimbabwe invites South African investors
HARARE – The struggling Zimbabwe government has challenged South African investors to come and invest in Harare, as the on-going economic breakdown continued to be a burden to the neighbours across the Limpopo River.
Addressing a ministerial meeting of the bi annual summit of Zimbabwe and South Africa in Harare on Monday, Foreign Affairs and International Trade minister Sibusiso Moyo said Zimbabwe was in need of capital injection from South Africa or it collapses.
“It is for this reason that the republic of South Africa should find it in its interest to create an environment and conditions that stimulate a quick turnaround of Zimbabwe’s economy,” Moyo said.
Moyo added that; “A stronger Zimbabwe is one that is capacitated to effectively partner South Africa in shouldering the burden of leading the Southern African development region towards prosperity”.
The conference which runs through Tuesday will be presided over by President Emmerson Mnangagwa and his South Africa counterpart, Cyril Ramaphosa who was due to land in Harare Monday evening.
Moyo said once Zimbabwe’s economy start to function, South Africa would be the biggest winner.
“Furthermore, it goes without saying that a stronger Zimbabwe offers an expanded market for South African manufactured products,” Moyo said.
Moyo offered free tax incentives under the Special Economic Zones to South African investors if they decide to invest in Harare.
“I am inviting South African businesses to take advantage of the varied incentives provided for by special economic zones in Zimbabwe. These zones offer incentives that include among others, duty free importation of capital equipment and tax variables The special economic zones that we aim to set up in Zimbabwe’s 10 provinces of Zimbabwe offer opportunities to create Cross broader value tax through partnerships between Zimbabwean companies and South African investors in areas that include mining and engineering, leather, textile and clothing,” he said.
“A prosperous Zimbabwe makes for a prosperous South Africa and vice versa. As we continue to break new ground within the framework of our bilateral cooperation, I am delighted to note that we have registered tangible progress delivered from our agreements and Memorandum of Understanding (MOUs) which forms building blocks of our Bi-National Commission,” Moyo said.
“Delivering concrete results for the benefit of our people and countries remains our paramount objective bestowed upon us by our leaders and by history. Trade is the major driver for the growth of our two economies, for that reason it has become our major focus of cooperation between our countries. In this regard I wish to express my gratitude to the republic of South Africa for the understanding they have shown that Zimbabwe continues on its path to economic revival,” Moyo said.