ED Administration Desperate To Lure Investors
President Emmerson Mnangagwa’s administration is on a desperate bid to lure international investors into the country as part of efforts to resuscitate the ailing economy that has seen prices of basic commodities skyrocketing while unemployment remains high due to non-functional industrial sector.
Since replacing Mugabe last summer, Mnangagwa has pledged to turn around the economy but very little gains from his ‘Zimbabwe is Open for Business’ mantra.
While delivering his maiden address at the ongoing United Nations General Assembly (UNGA), Mnangagwa emphasized that Zimbabwe was committed to strengthening dialogue, co-operation and partnerships, underpinned by mutual respect, common values and shared principles.
Mnangagwa who has been luring the world with the “Zimbabwe Is Open for Business” since assuming office in November last year, said he has put strategies in place in the various sectors of the economy, to enable the country to enter the global value chains.
“My country remains committed to strengthening multilateralism and peaceful resolution of differences. In this regard, we should address the root causes of conflict which includes poverty, inequality, deprivation, disputes over land and resources, as well as struggles for self-determination,” he said.
Mnangagwa added, “The Land Reform Programme is behind us and is irreversible. Emboldened by the dreams, hopes, and aspirations of our people, and in tandem with the United Nations Agenda 2030 and the African Union Agenda 2063, we have outlined our vision to become a middle-income economy with a per capita income of about US$3 500.”
Earlier in the week, the United States of America (USA) called on the Mnangagwa administration to fully align the laws to the constitution and respect the laws of the land if relations between Washington and Harare are to normalize.
Economic sanctions imposed on Zimbabwe by the United States government have curtailed Harare from transacting with multilateral institutions such as World Bank and IMF, but Mnangagwa wants a change of approach.
“We emphatically call for the review and reform of the Bretton Woods institutions and other international financial institutions.
“Trade is an engine for development if conducted fairly and in accordance with agreed rules.
“We, therefore, call for negotiations under the World Trade Organisation which foster inclusive and shared economic growth and further advances the global development agenda,” he said.
Yesterday, the country’s state media was awash with reports that the World Bank had pledged to support Zim’s economic recovery after ED met with World Bank vice president for Africa Mr. Hafez Ghanem.