Mauritius Finance Expert Excited Over Zimbabwe's Plans To Establish Victoria Falls Financial Services Centre
The chief operating officer of Mauritius Finance Friday said he was excited over Zimbabwe’s plan to develop a regional financial services hub in Victoria Falls.
Vinod K. Bussawah, however, warned that for the plans to bear fruits, Zimbabwe needs to address challenges that usually affect crucial programmes, according to NewsDay Zimbabwe.
Bussawah who also chairs the board of Bard Santner Markets Inc, a Harare-based financial services outfit, made the remarks during a panel discussion at the Bard Santner – sponsored ZimTrade exporters conference in Harare. Bussawah said:
I am excited by plans to establish the Victoria Falls Offshore Financial Services Centre.
If done right, this will be the first step towards establishing trust and attracting global finance, bank deposits and capital.
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Our experience is that money initially starts timid and doesn’t stay in the banks for long, but over time it eventually settles and then finds its way into the mainstream economy.
The establishment of the Victoria Falls Stock Exchange is a good move. We have no doubt the exchange will attract quality listings and significant capital.
Bussawah added that his institution was working on listing a foreign asset on the exchange, a development premised on bringing breadth, diversity and opportunity to the capital market. Bussawah added:
A good foundation for these plans would be establishing a Mauritius-Zimbabwe Business Council with a joint secretariat of Mauritian and Zimbabwean businesspeople.
Mauritius, as an internationally recognised jurisdiction of major repute, is home to international banks, legal firms, corporate services, investment funds and private equity funds.
Zimbabwe has ambitions of doing the same, with Victoria Falls, the country’s premier tourist destination, being positioned to become its financial services hub.
