After years of looking for foreign direct investment from the Far Eastern Countries such as China under the ‘Look East Policy’, the government has decided to focus on the Near East as well.
A report indicates that the government of Zimbabwe is trying to court investors from the United Arab Emirates. In an interview with the National, the legal advisor to the One Stop Investment Services Centre Meluleki Sibanda
Zimbabwe is going through a transition … we have a new president who is ready to go an extra mile when it comes to attracting UAE investors.
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From tax cuts to a duty-free import of capital equipment to cheaper land, water and electricity, Zimbabwe offers an array of incentives to foreign companies and investors.
… We want to collaborate with the UAE not only for the exploitation of our mineral resources but for the value-addition of the overall mining industry that has the potential to create new employment opportunities.
… Our literacy rate is over 90 per cent – the highest in Africa – and the majority of our population is tech-savvy. We are aiming to lead the African continent in the ICT sector and are looking forward to UAE tech companies setting up bases here. We are creating special economic zones for this purpose.
According to reports, Zimbabwe registered a trade surplus with the UAE. Exports to the Emirates were worth $366.8 million, while imports from the UAE were valued at $59.2m. This represents a surplus for Zimbabwe of $307.6m.