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We are on the right economic path: ED

 

Blessings Mashaya

SENIOR STAFF WRITER

mashayab@dailynews.co.zw

 

PRESIDENT Emmerson Mnangagwa, pictured, yesterday said the country is on the right path as all key economic sectors are showing growth potential.

Speaking during a virtual Africa Reconstruction Global Summit, Mnangagwa said the country’s mining, Information Communication Technologies (ICT), tourism and agriculture sectors were all moving in the right direction.

“My government has prioritised prudent fiscal and monetary policy and inflation control measures. To this end, bold reforms are also being undertaken to eliminate market distortions, improve the ease of doing business environment, ensure the protection of private property rights and overall consolidate democracy and bolster free market enterprises.

“Government has since stabilised the exchange rate and slowed down price volatility. The system has ensured foreign currency availability for raw materials, machinery and equipment, essential and strategic imports, including pharmaceuticals, chemicals and fuel. Similarly, the system enables availability of foreign currency for remittances of dividends,” Mnangagwa said.

He said in light of the on-going developments under the Africa Continental Free Trade Area, Zimbabwe is a strategic investment destination.

“A vibrant and thriving Zimbabwean economy will contribute to the attainment of Agenda 2063 and the realisation of the Africa we all want. The vast investment opportunities in our country are expansive and extend across all sectors of the economy,” the president added.

He said there were various opportunities in the mining sector.

“In the mining sector, the country has a diversified mineral resource base of over 55 exploitable minerals that should underpin economic growth going forward. The strategy of creating a US$12 billion mining industry by 2023 is a reflection of our commitment to facilitate and support investments in the mining sector.

“Opportunities exist for investors in the areas of exploration, mining, beneficiation and value addition, smelting, refining of minerals such as platinum, chrome, nickel, copper, gold and coal.

“Favourable conditions are available to investors, with the government allowing duty exemptions on imported capital equipment and raw materials used in the manufacturing of goods for export,” he said.

Mnangagwa invited private players to partner with the government in the expansion and modernisation of roads, rail, airports, shopping malls and industrial parks. He also said good rainfall patterns experienced this current agriculture season would boost production and productivity.

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