News:Chanakira Says Investment In Zimbabwe Down By 70%. Cites Bond Notes, Corruption As Some Of The Reasons
Zimbabwe Investment Authority (ZIA) today gave evidence on the Ease of Doing Business in Zimbabwe during a Parliament Portfolio hearing on indeginisation in the capital today. ZIA chairman Nigel Chanakira who arrived late, pointed out that 2016 is Zimbabwe's worst year with investment in the country 70% down in terms of investment value.
He cited that in 2015 investments in Zimbabwe had an application worth $3.1 billion, $1.2 of that is related to the Dangote investment and that only $500m of the 3.1 billion has flown in.
Chanakira pointed out that the issue of bond notes was one of the issues that had killed investor confidence in the country. He mentioned that he got calls from potential investors and and those who have already invested in Zimbabwe seeking clarification on the issuing of bond notes.
Apart from delivering statistics on the state of investment in Zimbabwe, Chanakira also called on the Zimbabwe Anti-Corruption Commission to deal with the scourge of corruption as it made investors sceptical about investing in Zimbabwe. He also called for the establishment of a Commercial Court with the Justice Ministry having ceded to that requirement.
The ZIA Chairperson highlighted that him and his team were currently on investment promotions activities and that they will be in South Africa next week as well as in China in September. Chanakira 9https://twitter.com/OpenParlyZw/status/766215502184255488 said] that ZIA officials do not travel alone to meet with investors.
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