Bernard Mutambudzi
Government is promoting mining investment in the country a move that is set to contribute to the country’s Gross Domestic Product (GDP).
Government assured foreign investors that the country has liberalized investment conditions to the extent that they are free to partner local businesses of their choice and can access their dividends as and when they want.
President Mnangagwa said this while officially opening the 35th International Chromium Development Association (ICDA) Conference in Victoria Falls this Wednesday where he said the country has laid ground for mining investment in the country.
The President assured investors that the Second Republic will continuously implement comprehensive economic reforms to ensure Zimbabwe remains a safe, favourable and competitive investment destination with a thriving and open economy that would be the envy of many.
He said this was the cornerstone of the country’s “Zimbabwe is Open for Business” mantra as he invited investors into the mining industry.
“We are a country endowed with vast natural resources and a huge growth potential particularly in the chrome and platinum group of metals mining sub-sectors. As our country accelerates its modernisation and industrialisation agenda, the development of these mining sectors will be given greater attention in our bid to accelerate economic growth.
“In response to market expectations and global best practices, we continue to make responsive laws to reform our business operating environment through policies that are transparent, consistent and predictable.We have implemented amendments to the Indigenisation and Economic Empowerment Act and investors are also free to choose to partner with locals on mutually beneficial and agreed conditions. All investors are free to repatriate their dividends in accordance with our laws,” said President Mnangagwa.
He also said his administration was committed and had liberalised investment conditions by removing restrictions on shareholding in the mining sector. Investors should chose to invest in mining chrome in the country’s since Zimbabwe has the second largest deposits of chrome reserves in the world.
“As a country with the second largest chrome reserves in the world, it’s most opportune that you chose Zimbabwe as the host for the 2019 edition of the ICDA conference.
“As the global demand for chrome steadily increases, we are determined to increase our national productivity and total output contribution to the global supply matrix in line with chrome resources in our country.
“To achieve this, Zimbabwe’s chromium sector is open for the injection of new capital and investment inflows. I therefore invite you to commit your investments in our chromium sector and explore possible investments in any of our wide range of exciting mineral resources some of which are not yet explored,” said the President.
