*US thumbs up for Zim investment.*

VIMBAI TANDI AND ANESU MASAMVU

US Ambassador to Zimbabwe, Pamela Tremont, says Washington is  engaged in the process of lobbying American firms to take up investment opportunities available in Zimbabwe which she described as a country with huge potential.

Tremont said the move is meant to have more US companies come back to the Zimbabwe market after many years outside due to sanctions.

“Our effort in March to abolish the Zimbabwe-specific sanctions programme and put fewer people on the global Magnitsky list, I think was demonstrating our desire for a better relationship with Zimbabwe. We have also been engaging U.S. companies on how they can invest in Zimbabwe, what opportunities are there. We offer services at the U.S. embassy to help them find partners and opportunities here in Zimbabwe,” she said.

“We have been talking to U.S. financial institutions and companies about re-entering the Zimbabwean market to try and overcome the issue of over-compliance. And so we are doing all sorts of things to try and improve that relationship.”

Ambassador Tremont added that some firms have expressed reservations about the economic environment.

“When we talk to those companies and financial institutions, the issue they raise with us is not sanctions. The issues they raise are currency uncertainty and regulatory uncertainty, the ability to expatriate profits, rule of law, and respect for property rights. So, one of the things that I have engaged the government on in all of my meetings is the opportunity to work together to improve the investment climate here in Zimbabwe because that’s what would really bring more investment.

“Countries have to compete for investors. Investors are looking for places where there is the highest reward and the most minimal risk. So, by improving the investment climate and reducing the risk in Zimbabwe, we hope to attract more investors, not just from the U.S., but from other countries as well,” she added.
In March this year, the US said it was ready to engage in constructive engagements with Harare after President Joe Biden terminated the Zimbabwe sanctions programme.

However, the country’s Treasury imposed fresh restrictive measures under the Global Magnitsky Act of 2016 and tightened sanctions on President Emmerson Mnangagwa, First Lady Auxillia Mnangagwa and businessman Kuda Tagwirei among others.

The retaining of Mnangagwa on the sanctions list irked Zimbabwe that described the move as insincere on the part of Washington.

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