post

“It is easier to get up on an elephant lying down – so come to Zimbabwe now, don’t wait, because when we are standing up, it might be difficult for you to get a ride” – H.E Hon. Minister of Finance, Patrick Chinamasa

Speaking to representatives of the Swedish Private Sector at a round table meeting in Stockholm on the 27th of February, organized by SSACC, Zimbabwe’s Minister of Finance  spoke about the current business climate, policy changes and initiatives being taken by the Zimbabwean Government to restore business and investor confidence in the nation.

The Minister was in Sweden to meet with Swedish Government Officials on reviving the historical relationship of the two countries. Sweden and Zimbabwe’s relations go as far back as the beginning of the 20th century and saw through Zimbabwe’s liberation struggle. However, for the past 20 years the two countries official bilateral relationship has been strained. It is Zimbabwe’s hope, as the Minister stated, that they renew their relationship with Sweden to what it was 20 years ago.

Despite the countries challenges in the past two decades, the Minister thanked the resilience of the Swedish Private Sector, many of whom have remained committed to the Zimbabwean Market. Trade Between Sweden and Zimbabwe is at the moment Limited but there is huge growth potential. Zimbabwe is a growing market with increasing opportunities especially in mining, manufacturing and ICT

The standard of Zimbabwe’s infrastructure is reasonably good, but Zimbabwean companies need technical support, innovation, new technology and supplies from foreign companies to be able to rebuild the economy.

 

What next for Zimbabwe?

Some of the questions posed to the Minister by the private sector representatives at the meeting included question on the shortages in the dollar currency, access to capital, bonds issuing and the indigenization policy. The Minister conceded the challenges being faced by currency shortages, however assured that the Government is implementing key initiatives to make this challenge short term and not a long term factor, particularly by boosting access to capital for the retooling of export sectors. Furthermore, the issuing of bonds would provide incentives for export earning companies and reduce the cost of production.

Despite near complete isolation, Zimbabwe, the Minister said, has remained standing – wobbling – but still standing, this should be viewed as a testament of the countrys’ and its peoples resilience and should give investor confidence, particularly given the recent positive developments. Companies and investors can expect full repatriation of profits and a complete ratification of the indigenization policy. From March 2018, foreign companies will no longer be constraint by the 51 – 49 indigenization rule, expect for two minerals – Diamond and Platinum, pending a Diamond and Platinum policy. All sectors are open for business, said the Minister, Zimbabwe is open for business!

Further Reading: Investment Guidelines and Opportunities In Zimbabwe 

Join SSACC to Zimbabwe April 2018

SSACC is happy to announce, with the support of the Ministry of Finance from Zimbabwe and our partner Zimbabwe National Chamber of Commerce, a Business Delegation Trip to Zimbabwe this April!

Take the opportunity to get hands on information about the recent positive developments in Zimbabwe, take this opportunity to engage/re-engage in the Zimbabwean market, meet high ranking officials, potential business partners and customers and key industry players.

The Zimbabwe trip has been added to our existing Delegation Trip to Zambia  – Maximize your business potential and split 5 days between Zambia and Zimbabwe

Both Delegation trips are driven by your individual needs!

contact us at info@ssacc.se or call us at +46 70 751 71 38

 

Successful pre-meeting with Hon. P. A Chinamasa, before the round table meeting with representatives from the Swedish Private Sector, organized by SSACC. Pictured(right to left): Amb. Chipaziwa, VP SSACC, Eva Hytenget. Hon Chinamasa, Board member SSACC Fredrik Gisle