United Refineries Ltd chief executive Busisa Moyo has said Zimbabwe should negotiate better deals with foreign capital to curb illicit financial flows in the country.
He said this at the ongoing CEO Africa Roundtable 2019 in Victoria Falls yesterday. Said Moyo:
We have to be smart about how we structure foreign direct investment (FDI) in this country so that we don’t experience high levels of illicit flows, because that is where they start. There are some deals that are just not good for us in the long-term. You can look at Malaysia back at 1965 and see that such investment has brought benefits. We want those kinds of deals where partners come in with private equity fund, time horizons and decent rates. The challenge that we have got are these illicit deals that come at a cost, for instance, 36 percent in United States dollar terms, you know you are just signing your life away. And that is the real challenge in structuring these inward FDI.