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Penresa Focus on Zimbabwe PENRESA FOCUS ON ZIMBABWE AUGUST 2018 EDITION Produced in association with Inside this issue, exclusive interviews with H.E. Emmerson Mnangagwa Hon. Constantino Chiwenga Hon. Patrick Chinamasa Hon. Supa Mandiwanzira #visitzimbabwe ZIMBABWE Open For Business Under the new dispensation of President Mnangagwa, Zimbabwe’s economic transformation is driven by a stable political environment, improved business confidence, re-engagement of bilateral investments in the country and anticipated turnaround from key economic sectors such as agriculture, mining, industry, ICT and tourism. t the World Economic Forum in Davos this business, all moving towards the national January, President Emmerson Dambudzo vision to be a middle-income country by Mnangagwa put the global marketplace 2030. on notice that Zimbabwe is now “open for Since his announcement, the spirit of business.” Since coming into power last the new dispensation has spread outside year in November, ED, as he is affectionately the borders and the nation has been hugely known, has made his intention clear that encouraged by the goodwill it has received Zimbabwe has to discard its isolationist from abroad. Dr. John Mangudya, Governor A policies which led to the country being of the Reserve Bank of Zimbabwe, states: behind by nearly two decades. He has “We want to increase the footprint of underscored the urgent need to pursue business in Zimbabwe. It means that rapid economic growth and a trajectory of we are changing the narrative, from a transformation. “Opening up Zimbabwe closed economy to an open economy.” for business means that we can trade This renewed domestic and foreign investor freely with the rest of the world and that confidence has seen Zimbabwe’s projected we can access capital freely and invest economic growth increase from 3.7% to more in the infrastructure,” says Lazarus 4.5% in 2018. Investment as well, keeps Muchenje, CEO, NetOne. In this endeavour, on pouring in with the country raking in a this administration’s focus is on the pursuit record-breaking, US$16 Billion in foreign of investment-led economic recovery, job investment since January. This upward creation while enhancing the ease of doing momentum is underpinned by the AUGUST 2018 FORBES AFRICA | 3 new money coming in for explorations,” “ ‘Open for business’ positive performance in the agriculture, states Hon. Winston Chitando, Minister of sets a tone to mining, industry, tourism and financial Mines and Mining Development. As one sectors, and is further spurred by increased of the leading sources of investment and encourage a change revenue performance following the plugging export earnings, the new dispensation of revenue leakages. has sent a clear message to investors in attitude. If we by amending its Indigenisation Policy, take appropriate COMMAND AGRICULTURE limiting the 51:49% ratio to diamond and Agriculture to a large extent determines the platinum mining only. Already, the nation actions, the country potential growth of the economy and the has been inundated with multi-million dollar can experience an sector accounts for 50% of employment investments. The recently signed US$4.2 in the country. Agriculture contributes billion platinum investment agreement by unprecedented level 15% of the country’s GDP and accounts for Karo Resources is the largest investment 25% of total annual exports, with tobacco in Zimbabwe’s mining sector to date and of improvement in its being the country’s single highest foreign will directly create 15,000 jobs. Optimism economy.” currency earner. Building on the auspices remains high in the extractive sector with of Command Agriculture, the current gold production projected at over 30 tonnes Jonas Mushosho, dispensation has geared itself towards and 4.6 million carats targeted in diamond continued food self-sufficiency and production for the first time since organised Group CEO, nutrition, and increased land utilisation mining started. The country’s mineral ZIMBABWE - Open For Business - Open For ZIMBABWE Old Mutual and productivity, through mechanisation exports for the first quarter of the year leapt by 12% to US$372.5 million, owing to the new dispensation’s policies. MADE IN ZIMBABWE Following definitive local and foreign investment commitments, the industry and the manufacturing sectors have witnessed a steady increase in capacity utilisation and notable expansion of some big brands such as Nestle and Pepsi. “The US$16 billion worth of foreign direct investment commitments to Zimbabwe show the country is ready for business and the economic turnaround is around the corner,” states Confederation of Zimbabwe Industries (CZI) president Sifelani Jabangwe. As the big contributor to forex in the country, Zimbabwe’s industrial sector needs to reduce its import bill and ramp up its capacity. Rhett Groves, Head of Corporate and Investment Banking, Stanbic Bank, points out that “if the economy opens up and we are and modernisation of its agriculture sector. able to structure lines of credit, we should Hungry to re-establish the nation’s Bread have a very good pipeline in terms of Basket status in the continent, Mnangagwa resuscitating industry and commerce.” is looking abroad to help reinvest within the “ ‘Open for business’ sets a tone to www.penresa.com I [email protected] country. The People’s Republic of China has encourage a change in attitude,” states pledged to assist in the drilling of boreholes Jonas Mushosho, Group CEO, Old Mutual. “If This report could not be possible without the introduction throughout the country, while Russia and we take appropriate actions, the country and guidance of Zimbabwe’s Ambassador to Nigeria, Belarus have made firm commitments to can experience an unprecedented level H.E. Lovemore Mazemo. Special thanks to the Ministry of Information for their assistance in facilitating interviews and set up agriculture and engineering plants of improvement in its economy and its to Wilbert the “Strika” for always maintaining the position. in Zimbabwe. “The government-initiated operative environment.” With vast natural Command Agriculture has had a very resources and resilient human capital, PHOTO COVER: Tami Walker Photography positive effect,” states Peter Zimunya, Douglas Mboweni, Managing Director, Managing Director, CBZ Bank. “The support Econet, believes that “ ‘Open for business’ THIS REPORT WAS POSSIBLE THANKS TO: ignited interest in agriculture and now is an obligation for us to become people are seeing its potential, including attractive” while Samuel Matsekete, CEO, financial institutions which were doubting Barclays Zimbabwe, affirms that “the the profitability of the sector.” mantra has resuscitated the creation of business.” While there is still much DIGGING DEEPER INTO MINING work to be done to leapfrog development, “This new mantra is a drive for the mining Mnangagwa’s pro-business call to the sector to attract the much-needed capital, international investment community has to increase operational capacities, to have already begun to bear fruit in such a short new investments in new projects, to have time. 4 | FORBES AFRICA AUGUST 2018 H.E. Emmerson Dambudzo Mnangagwa President of Zimbabwe / Interview At the World Economic Forum in Davos, you stated that Zimbabwe is now open for business. Are you surprised by the number of investors that have come to the country? Winds Since Davos, this country has experienced a huge influx of business people from all over the world. Global companies and world organisations are coming to Zimbabwe to look for business opportunities. I am happy to say that many of them found a place in the various Of Change opportunities that exist in our country: in agriculture, in mining infrastructure development, tourism and ICT. These organisations have committed themselves to participate in the revival of our economy. For example, President Emmerson Mnangagwa’s I met the company that is taking over the Masvingo Cold promise to transform the nation by Storage Commission in Davos and they were impressed ZIMBABWE - Open For Business - Open For ZIMBABWE by my contacts when I talked about opportunities in broadening and revitalising its economic Zimbabwe. They came and they are going to reopen it by the end of July; providing the money to revamp the opportunities, while ensuring progressive systems, as well as investing in livestock. Fortunately, we have a programme, command livestock, to attract steps are taken towards a democratic future, most of our farmers into going into livestock; we support have consolidated a new era of law-abiding them with finances, technology and chemicals. Our agriculture, which is the backbone of our economy, transparency and openness and instilled is growing and modernising. A few days ago, we had an agriculture expo with companies from India, Brazil hope amongst Zimbabweans and the world. and others. There is now state-of-the-art agriculture equipment coming to this country and I can assure you that we will help actualise this vision for modern and mechanised agriculture. Our mining sector is attracting huge investments. resident Mnangagwa is on a mission to reassure Many companies have come; we have one company investors and western diplomats that Zimbabwe is a which is investing in a platinum project worth harmonious, convenient and safe place for investment. US$4.2 million and is creating 15,000 jobs. The Following his welcome at the World Economic Forum programme will be finalised by the end of this year, (WEF) at Davos in January, where the European but we are already on the ground. In four years, there Union (EU) pledged their support for Zimbabwe’s new will be production, increasing our platinum production dispensation, the President has made his top priorities by over 30%, and further down the line, it may go up clear: revive the economy and industry through an to 40%. P enhanced ease of business, attract foreign investment Tourism too is developing and we need more room and promote human rights. space in Harare, which means more hotels need to be In the past few months, he has, among other things, constructed.
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