This is how Zimbabwe can woo businesses - Trevor Ncube

Zimbabwe has long been grappling with economic challenges, but as the country transitions into a new era post-Robert Mugabe, there is a sense of hope and promise in the air. Trevor Ncube, a prominent Zimbabwean businessman, recently shared his insights on how the nation can attract more business investment and stimulate economic growth. In a recent interview with CNBC Africa, Ncube highlighted the importance of providing certainty and stability to both local and foreign investors as key steps in wooing businesses to Zimbabwe. Ncube pointed out that the recent developments in the country, including the swearing-in of new leadership, have already started to instill a sense of certainty among investors. He emphasized the need to reassure investors that Zimbabwe is indeed open for business by removing obstacles that hinder foreign investment. One such obstacle is the controversial laws of indigenization, which mandate local ownership in businesses. Ncube suggested that revisiting these laws and providing clarity on issues such as land ownership and currency stability are crucial in revitalizing Zimbabwe's economy. One of the key points raised by Ncube is the need to address the laws of indigenization, which have been a longstanding source of contention among investors. While the intention behind these laws was to promote local participation in the economy, Ncube argued that the approach taken in the past was not conducive to attracting foreign investment. He advocated for a more balanced approach that respects both local and foreign interests, ultimately creating a more investor-friendly environment. Another pressing issue highlighted by Ncube is the lack of clarity around land ownership in Zimbabwe. The uncertainty surrounding land tenure has been a major concern for investors, particularly in the agricultural sector. Ncube emphasized the importance of establishing clear and transparent policies regarding land ownership to provide reassurance to potential investors. By addressing this issue, Zimbabwe can demonstrate its commitment to creating a conducive environment for business growth. In addition to addressing policy concerns, Ncube also stressed the need to establish a stable and reliable national currency. The absence of a strong currency has been a significant barrier to economic development in Zimbabwe, leading to hyperinflation and a reliance on foreign currencies. Ncube proposed that developing a robust national currency aligned with the country's economic potential would instill confidence in investors and facilitate domestic economic activities. As Zimbabwe embarks on a new chapter in its economic journey, the insights shared by Trevor Ncube shed light on the critical areas that need to be addressed to attract business investment and foster sustainable economic growth. By focusing on certainty, policy reforms, and currency stability, Zimbabwe has the opportunity to unlock its full potential and emerge as a thriving hub for business and investment.