Zimbabwe is battling to lure the much needed foreign investors for its ailing economy.
The Southern Africa country’s Minister of Industry and Commerce, Michael Bimha told CNBC Africa that the country was open for investment.
“There is vast investment potential in all of our productive sectors that include mining, agriculture, manufacturing, and tourism as well as services sectors such as ICT,” said Bimha.
(READ MORE: Zim targets billion dollar investments in 2015)
“What we are looking for is investor who will bring capital and technology and who will partner our locals in joint venture as well as public-private sector participation.”
The ruling party’s economic blueprint, Zim-Asset is failing to turnaround the economy as initially anticipated.
Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset) was crafted by the ruling ZANU-PF government in 2013 as part of its developmental and political campaign initiative.
Bimha says the biggest achievement on this economic blueprint was the awareness of citizens and stakeholders.
“The main achievement was getting the nation to be aware of what Zim-Asset is all about and get the generality of the population to be aware of the potential of this programme. What has been lagging behind is the mobilisation of resources required to implement Zim-Asset."
Bimha said the government was mobilising for foreign direct investment (FDIs).
“As government we are looking at FDIs and there are measures we are putting in place to attract foreign investments. We are also looking at special economic zones coupled with incentives,” added Bimha.
Zimbabwe has been battling to clarify its controversial indigenisation policy that is scaring away potential investors.
(READ MORE: IMF sees Zimbabwe economy weakening further in 2015)
“The issue of indigenisation has been about perception; the policy is similar to policies found elsewhere. There has been a misconception about the structure of 51 and 49 per cent ownership; it only applies to the mining sector as other industries are open to negotiation.”
Bimha said Zimbabwe has in place bilateral investments and promotion agreements with a number of countries including South Africa.