mbulelo smpofu
Nokuthaba Brita Ncube, [email protected]
THE Investment Promotion for Economic Development (IPED) has commended Zimbabwe’s efforts to attract foreign direct investment (FDI), emphasising the significant positive impact on the country’s economy.
IPED chairperson, Ms Fely Mutsakani, noted that despite challenges, the country’s investment landscape holds immense untapped potential. She reaffirmed IPED’s commitment to the “Zimbabwe is open for business” policy as the nation progresses toward achieving upper-middle-income status by 2030.
“As we have just entered 2025, we remain committed to our mission of promoting economic development and business opportunities for Chinese companies and others interested in investing in Zimbabwe. Chinese investments have become a vital force in driving Zimbabwe’s modernisation and industrialisation,” she said.
Ms Mutsakani highlighted that under the “Zimbabwe is open for business” policy, Chinese companies have invested across various sectors, significantly contributing to the nation’s economic transformation.
She described 2024 as a year of triumphs and challenges. Ms Mutsakani noted that promoting Zimbabwe as an attractive investment destination had yielded positive results, boosting the country’s economy.
“Promoting Zimbabwe as an attractive destination for investment has indeed had a positive impact on the country’s economy throughout 2024,” she said.
Ms Mutsakani’s sentiments align with those of Finance, Economic Development, and Investment Promotion Minister, Professor Mthuli Ncube, who recently stated that FDI has a measurable positive effect on Zimbabwe’s economic growth.
Ms Mutsakani also praised Zimbabwe’s diaspora for their critical role in the country’s economic recovery. Financial remittances from the diaspora are projected to exceed US$1,6 billion for 2024, reflecting an 18 percent increase from the previous year.
“This influx of foreign currency is vital for Zimbabwe’s economy, providing crucial support to households and contributing to national fiscal stability,” she said.
She said the diaspora’s contributions extend beyond financial remittances, fostering economic rejuvenation and cultural renaissance.
Zimbabwe’s commitment to large-scale infrastructure projects, such as dam and road construction, further underscores its focus on economic growth and attracting global investors.
Ms Mutsakani applauded the Second Republic, under President Mnangagwa, for its engagement and re-engagement strategy with the international community. She noted that the diaspora has played a key role in forging beneficial business partnerships worldwide.
“The ‘open for business’ policy, coupled with infrastructure development, positions Zimbabwe as a competitive investment destination,” she said.
Siphakeme .Mnindwa
