LIVINGSTONE MARUFU
Zimbabwe Investment and Development Agency (ZIDA) chief executive officer Douglas Munatsi has called for “heavy lifting” by arms of government to turn Zimbabwe into an investment hub in the region.
Speaking at the signing of the Cooperation Agreement between ZIDA and the Singapore Cooperation Enterprise (SCE) yesterday, Munatsi said Singapore is by far the best in the investment promotion game globally and Zimbabwe takes it as a privilege to establish this relationship with SCE with the former embarking on an apprenticeship journey with the Asian firm.
“To achieve this however, the path we must travel is nothing short of transformational. Whilst it is true to say that Zimbabwe has made significant strides on the World Bank’s Ease of Doing Business ranking from 162 in 2017 to 140 in 2020, the work that lies ahead is significant and a lot of heavy lifting will need to be done by the various arms of government if Zimbabwe is to attain its ambition of being the leading Investment destination in the region,” Munatsi said.
He said it is anticipated that ZIDA will accelerate its efforts at mobilising foreign direct investments into the country through cooperation with the Singapore Cooperation Enterprise.
The agreement is intended to provide a platform for an exchange of knowledge between ZIDA and SCE and it gives ZIDA an appreciation of how Singapore’s investment promotion, special economic zones development and management journey transitioned over the years, as Singapore has transformed itself into the leading investment destination in the world.
“We are also keen to learn how Singapore has leveraged its Special Economic Zones as springboards of economic growth. This is particularly relevant as the government recently designated the Victoria Falls municipal area and Masuwe as Special Economic Zones, and it is the government’s intention to develop these two areas into world class SEZs. The cooperation with SCE could therefore not have come at a better time,” Munatsi said.
Foreign Affairs and International Trade minister Frederick Shava said AF Power, a local Independent Power Producer of Singaporean parentage, facilitated the cooperation between ZIDA and SCE.
AF Power is looking to invest in a 50MW Solar Plant in Bulawayo as the first phase of their proposed 200MW programme.
“The government of Zimbabwe remains committed to establishing and maintaining relationships with our partners across the globe and it is therefore my sincere hope that this event represents the first of many future government to government interactions between the government of Zimbabwe and the government of Singapore,” Shava said.
