Tsvagirai to woo investors in SA


  1. Justice Zhou, AfricaNews reporter in Johannesburg, South Africa
    In a new campaign to clear the country's image and woo investment, Zimbabwean Prime Minister Morgan Tsvangirai will deliver a keynote address at a business initiative forum gala dinner to be held on 31 July 2009 at the Sandton Convention Centre in Johannesburg, South Africa.
    Tsvangirai_Elles.JPG
    Tsvangirai is expected to brief delegates on the conditions and merits of investing in a new Zimbabwe at the banquet organized by Mlilo Projects Building and Civil Engineers.

    The indaba will focus primarily on matters to do with the business climate, investment opportunities, and property protection rights.

    Zimbabwe’s image as a safe investment destination had been dented by years of dictatorial laws by Robert Mugabe’s government.

    The country has been facing incremental condemnation for harping on counterproductive laws, including breaching business protocols, as well as policies that scare away potential investors and has been urged to review laws about protection of private sector investments if the country had any chance of getting its economy back on track.

    Policy experts and economists say that there is significant interest on Zimbabwe by investors and the prospects of recovery can only be underpinned by government's commitment in reforms that form the basis to attract foreign direct investment and comprehensive international donor funding. They say massive inflows of capital are crucial to sustainable economic growth, leading to job creation and economic prosperity.

    The prime minister appealed to Western nations for increased humanitarian support to Zimbabwe and to consider direct aid to the inclusive Government last month. The inclusive Government is struggling and needs about US$8.5 billion it says it wants to fund reconstruction of the economy and to restore basic services such as health and education.

    But So far it has raised only US$1 billion in credit lines from African countries and institutions, while the US and its Western allies have insisted on reforms first.

    The gala will draw participants from leading companies, business experts, policymakers, fund managers financiers and sectoral investors from all over the world.

    Meanwhile, Zimbabwe Finance Minister Tendai Biti last Thursday predicted the economy to grow 3.7 percent this year in his mid-year budget review. Biti told Parliament that the expansion of the mid-year budget review will be 0.9 percentage points higher than the 2.8 percent his ministry had previously forecasted.

    He also announced an increase in the salaries of the country’s civil servants to calm rising discontent and threats of industrial action increased. Government workers have been earning a US$100 monthly emergency stipend since the unity government was formed last February.



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