Zimbabwe ambassador to Russia, Ambassador Major General (Rtd) Mike Sango, has said that a number of Russian investors were eyeing to do business in Zimbabwe but were often turned away by bureaucracy.
Sango told the Chronicle on Tuesday that he had informed president Emmerson Mnangagwa about the red tape which he said was a stumbling block to investment. He said:
A lot of Russian companies are willing to come and invest in Zimbabwe but at times our bureaucracy discourages them from doing so.
During the Joint Commission we had companies that showed interest in investing in the country and presented projects in the area of energy and mining but they are still waiting for the responses from our Government.
His remarks come after the president earlier this year alleged that some ZANU PF heavyweights were scaring away investors by asking huge kickbacks so as to quicken the process.
This comes at a time when the local industry is at its knees after company closure or offshoring which is the relocation of a business process from one country to another.
More: The Chronicle
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