President Jacob Zuma has reportedly told Zimbabwean leader Robert Mugabe that South African businesses are willing to invest in Zimbabwe only if the country deals with its “murky” investment policy.
Zuma said this during the launch of the Bi-National Commission (BNC) in Harare on Thursday.
According to News Day, Zuma demanded more clarity on the Zimbabwe’s investment policy.
Many investors have over the years been sceptical of doing business in the southern African country after Mugabe’s administration implemented an indigenisation law that compelled all foreign firms to cede 51% of their shares into the hands of black Zimbabwean groups.
“Our business community stands ready to play their part if, as government, you improve the ease of doing business and policy certainty,” Zuma was quoted as saying.
Meanwhile, a report by the state-owned Herald newspaper cited Mugabe as saying that business investments by South Africans were safe in Zimbabwe.
“Our thrust towards industrialisation through value addition and beneficiation of available resources offers vast opportunities for joint ventures and investment partnerships. We wish to see more South African investment here as much as we wish to see more Zimbabwean investment in South Africa. Let us work together to improve the flow of investments in both directions…,” Mugabe said.
Established on April 8, 2015, the BNC was set up to steer bilateral relations between the neighbouring countries, while seeking ways to promote and enhance co-operation in various sectors within the two governments.
The heads of state and government will meet annually to monitor progress on the implementation of agreed projects.
