The Deputy Minister of Trade and Industry, Ms Elizabeth Thabethe has urged South African business people to take advantage of the improving economic situation in Zimbabwe and invest in the neighbouring country. Thabethe was delivering a keynote address at a business seminar attended by more than 250 business people at the Rainbow Towers Hotel in Harare, today.
The seminar was part of the international investment and trade initiative currently undertaken by the Department of Trade and Industry (the dti) in Zimbabwe. It began in Harare today and will end in Bulawayo on Thursday. Thabethe is leading a delegation of business people.
“Zimbabwe has been carrying out economic and structural reforms, which have improved economic performance and sustained growth. Since 2009 Zimbabwe has had positive growth rates above 5% per annum, reaching 5.9% in 2010,” said Thabethe.
She added that investment in the development of infrastructure in Zimbabwe would have a high rate of return as it would lead to an increase in demand for manufactured and capital equipment.
“There are enormous opportunities in the development of the continent's vast resources, and the creation of critical infrastructure in roads, railways, ports and utilities. And business people from across the continent, including South Africa and Zimbabwe can take advantage of opportunities presented by these developments,” added Thabethe.
Since 2003, South African companies have undertaken investment projects in Zimbabwe, totalling more than R 10.87 billion. These projects have contributed to the creation of more than 2 000 jobs in the metals, minerals, tourism and financial services industries in Zimbabwe.
The Zimbabwean Deputy Minister of Industry and Commerce, Mr Mike Bimha and Deputy Minister of Economic Planning and Investment Promotion, Dr Samuel Undenge, also addressed the seminar. Undenge said his government had launched the medium term economic plan aimed at growing, stabilising and transforming the Zimbabwean economy, making it easier for foreign companies to invest in the country and establish partnerships with Zimbabwean companies.
Foreign Direct Investment (FDI) from Zimbabwe to South Africa between 2003 and 2010 amounts to US$ 154 million. She added that trade between the two countries stood at R20 billion in 2011.
Enquiries:
Sidwell Medupe -Departmental Spokesperson
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
