The South African Ambassador to Zimbabwe, Mr Vusi Mavimbela says South African business people need to seriously consider investing in Zimbabwe as the country’s economy is a “sleeping giant” that is in the process of waking up. Mavimbela was speaking at a business seminar that was hosted by the Department of Trade and Industry at the Holiday Inn Hotel in Bulawayo, Zimbabwe today. More than 250 business people from South Africa and Zimbabwe attended the seminar, which was part of the Investment and Trade Initiative led by the Deputy Minister of Trade and Industry, Ms Elizabeth Thabethe.
“This is the most opportune time for the South African business people to invest in this country. You do not have to wait for this giant to wake up completely as it may be difficult to find opportunities when the economy has completely recovered. The time to invest in Zimbabwe is now. The economy here is growing on an average of 9% and this is unheard of in many parts of the world. Zimbabwe’s economic recovery will be driven mostly by the mining sector, the country is endowed with numerous productive mines, both big and small,” said Mavimbela.
The Mayor of Bulawayo, Councillor Thaba Moyo said there were countless opportunities for investment in Bulawayo, particularly in the manufacturing sector.
“The manufacturing sector had been under severe stress due to various reasons including lack of cash injection for re-capitalisation, absence of lines of credit and influx of cheap imports, amongst others. For many decades the city of Bulawayo has been the industrial hub of Zimbabwe. Our strong points have been in the heavy engineering sector, textiles, footwear and rubber industries. However, due to the demise of our economy over the last decade, characterised by hyper-inflation of immense proportions, those great achievements have been lost. There are therefore opportunities for the establishment of joint ventures between South African and Zimbabwean businesspeople and contribute in the resuscitation of Bulawayo’s industries,” said Moyo.
In her keynote address, the Deputy Minister of Trade and Industry, Ms Elizabeth Thabethe said both South African and Zimbabwean governments were committed to ensuring that the environment for making business in both countries was conducive in order to assist those who wanted to invest in them. She also indicated that she would be brining another group of businesspeople to exhibit at the annual Zimbabwe International Trade Fair taking place in Bulawayo in April, to showcase South African products and services.
Enquiries:
Sidwell Medupe (Departmental Spokesperson)
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
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