Friday, July 30, 2010

Ex-diplomat urges South African companies to invest in Zimbabwe

HARARE, July 28 (Xinhua) -- Former Zimbabwean ambassador to South Africa Simon Khaya-Moyo has urged South African companies to take advantage of good bilateral relations and improvement in the macro-economic environment to invest in Zimbabwe.

The former envoy, who was recalled by President Robert Mugabe this week to take up the full-time chairmanship of Zanu-PF in Harare, said economic and investment reforms being implemented by the government should help lure South Africans to do business in Zimbabwe.

Friendly bilateral relations as well as the abundant investment opportunities in Zimbabwe's recovering economy should also be an attraction to many South African companies, he said.

"Zimbabwe and South Africa enjoy excellent political, social and economic relations and hold bilateral meetings within the framework of the Zimbabwe-South Africa Joint Permanent Commission, " Khaya Moyo said while speaking at a regional trade exhibition in Midrand, South Africa on Tuesday.

According to the Herald newspaper on Wednesday, Khaya-Moyo outlined investment opportunities existing in the country's agriculture, manufacturing, mining and transport sectors that South African companies could take up.

Zimbabwe, he said, was inviting investment in value addition to its agricultural products and contract farming while in the manufacturing sector it was looking at investment that increases capacity utilization currently averaging 35 percent.

"We are therefore promoting investment opportunities in toll manufacturing, the production of fertilizer through the coal bed methane, the value-addition in cotton, production of drugs and bio- diesel," he said.

Khaya-Moyo's call for investment comes at a time when reports indicate that South Africa and Zimbabwe are closer to sealing a deal for South Africa to extend a 9 million U.S. dollars credit line to Harare.