THE announcement by Vice-President Emmerson Mnangagwa that Government is set to give top priority to increasing Foreign Direct Investment (FDI) inflows into the country through the establishment of an Investor Roundtable is the spark that could reignite the country’s economy revival efforts after genuine concerns over the relaxed approach in handling investors by some officials.
The Investor Roundtable is designed to specifically handle Chinese businesspeople with minimum bureaucratic delays.
The important message that emerges from this announcement is that we have not been doing things the right way as a country and that the time has come for us to correct that in order to give life to the economy.
VP Mnangagwa, who was recently in China to follow up on the mega economic deals signed by President Robert Mugabe and Beijing in August last year, could not have made his pronouncements clearer and at more opportune time.
Zimbabwe is reeling from the debilitating effects of illegal economic sanctions that were imposed by the West and as such FDI inflows have been in dribs and drabs.
Yet the casual approach being taken by some entrusted to lead efforts to reignite the economy has been nothing but a serious cause for concern.
In the first instance there is need to look at ourselves in the mirror and do a thorough diagnosis of where we have gone wrong when it comes to dealing with our economy and investments into the country.
There are many things that have been lacking in how we have conducted business with investors such as unnecessary bureaucratic processes that frustrate those with money.
For instance, almost a year after the US$3 billion Darwendale platinum deal was signed between Zimbabwe and Russia, there has been little movement in terms of implementation.
VP Mnangagwa pointed out to the fact that it was unacceptable for Zimbabwe to have between six to 24 months to get investment approval.
It has been a frustrating wait for Zimbabweans who have their hopes pinned on the August 2014 mega deals between Harare and Beijing.
And VP Mnangagwa’s visit was a follow-up to the deals with impeccable sources indicating that there will soon be visible progress.
“Why are we doing that (taking long to approve investment proposals)? This has to stop,” said VP Mnangagwa.
“What we are now doing is that when an investor from China comes, the first thing is we call a meeting with all the ministers whose ministries fall under the investor’s area of interest.
“It will be easier to know which ministries are doing what and then make a follow-up with the minister.
“In countries like Rwanda, it takes an investor six days to know if the investment will go ahead.
“All the necessary processes of approval will then follow.”
VP Mnangagwa’s visit also coincided with the release by the British Embassy in Harare of a report detailing investment opportunities for British firms.
The report titled ‘Zimbabwe: Commercial Opportunities (2015)’ gave Government a thumbs up for adopting what they say were ‘more investor friendly investment policies’.
Although the report could be seen as part of London’s overtures to normalise relations with Harare, it offers some insights on how the country could do more to attract investment.
The UK has sent two trade missions to Zimbabwe between 2014 and 2015, signaling a positive movement towards restoring relations.
“Zimbabwe’s Government is increasingly calling for FDI,” reads the report in part.
“Despite continued mixed signals, there are encouraging signs that the Government is softening its stance on indigenisation and developing more investor-friendly policies.
“The policy shift offers UK companies an opportunity to increase trade and investment.
“A number of international firms, particularly but not only from BRICS (Brazil, Russia, India, china and South Africa) countries, have begun to make serious investment into Zimbabwe given high return opportunities.
“Zimbabwe’s highly diversified industrial base provides UK companies with a number of trade opportunities.
“Currently one of the key challenges facing the manufacturing sector is the use of antiquated equipment and machinery.”
The report says the British could explore opportunities in manufacturing, energy, agriculture, education and mining but expressed reservations about the diamond sector.
Almost two summers ago, when the European Union and America were both lured by the lies of the British to ostracize Harare, such talk of encouraging British investors to Zimbabwe would have been a mere footnote, yet now it is typical of a country that has changed tack.

Zimbabwe should now be trying to be the epitome of economic development.
And of course all that is required is doing things the right way.
The announcement by VP Mnangagwa should be the first step towards that goal.