Sunday , April 18 2021

Investment research to reach $ 15 billion | Zimbabwean Day



Zvamaida Murwira Senior Reporter
By the end of June, Zimbabwe's Investment Board received 165 business applications worth more than $ 15.8 billion, driven by rapid economic growth based on various industries.

Professor Mthuli Ncube, Minister of Finance and Economic Development said Zimbabwe was one of the fastest growing economies in Africa, and the government will continue to carry out investment research to relieve the value of potential investors.

Prof Ncube said that last week on Wednesday the National Assembly met with a ministerial statement on the economic situation.

"Under the new government, Zimbabwe is gradually restoring business confidence and, indeed, Zimbabwe is open for business.

"In the first half of 2018, the Zimbabwe Investment Board received 165 applications worth $ 15.8 billion, which exceeded investment inquiries with various ministries and individual companies.

"The government is conducting a variety of investment surveys with the aim of increasing foreign investment of $ 1.8 billion, which is expected in 2018, with projected $ 2 billion by 2019," said Prof Ncube.

"We are one of the highest economies in Africa. Some of the leaders in terms of growth drivers in Zimbabwe are China's growth, with China expected to grow at around six and a half per cent annually, and that growth is closely linked to the prospects of goods, given the the fact that Zimbabwe is a manufacturer of goods. "

He said that India's growth also helped Zimbabwe's growth rate.

"Meanwhile, the economy is expected to surpass the initial budget growth forecast of 4.5 percent to 6.3 percent in 2018," said Professor Ncube.

He referred to agriculture, mining and construction as a growth industry.

"As for tax revenue, we collected $ 3.8 billion by September. I just got a signal that we are doing well. From yesterday (Tuesday), my Zimra team confirmed that we have achieved our annual goals in terms of collections and the chances are , that we will exceed the target by 2018, "said Prof Ncube.

In the past, Prof Ncube has urged legislators and ministers to tighten more belts, arguing that the purchase of vehicles may take a long time because of the limited fiscal space.

He answered the legislators questions about when they will get their vehicles.

Others also asked why government ministers and senior officials spent generously on foreign travel when ordinary people were asked to tighten their belt more firmly.

"As a government, we have not allowed the purchase of vehicles for the Minister and Members of Parliament. There is no great journey. On the contrary, one of our priorities is to cut the budget," he said.

"We are aware that you have a lot of work that needs to be done in full time, but now we have to announce to the executive and the Parliament that we are thinking of bragging.

"We are working on our budget. I will submit my budget statement on November 22, 2018. At this stage, I said when I provide vehicles, but so far I am not yet ready to provide them," said Professor Ncube.


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