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We Have Been A sleeping Giant: Mangudya

Reserve Bank of Zimbabwe Governor Dr John Mangudya has acknowledged that Zimbabwe has been a sleeping giant and needs to open up its economy to the world for investment. Speaking to Bloomberg News on Monday, the RBZ boss said the nation needs to open its doors to boost the economy.

“The first is that we have to rebrand Zimbabwe to change to say Zimbabwe is open for business. We need to open up the economy for both local and foreign investors.

“”We have been a sleeping giant, we now know what to do what is right for the country by inviting all the foreign investors, domestic investors then we can be on the run,” he said.

Mangundya noted how the country is endowed with many minerals.

“If you look at mining we have a number of minerals that we have gold, we have a quantum of about 13million tonnes of gold reserves underground. We also have platinum we are the 2nd largest country after South Africa in terms of producing platinum in Africa. We have lithium, copper, nickel all those products and therefore mining is the first call which we can invite investors and that we know that they will bring foreign currency,” he added

Mangudya went on to highlight some the investment opportunities in Agriculture and Tourism

“The 2nd part is Agriculture we have very good climate in Zimbabwe. The soils are good  perfect for Tobacco , perfect for horticulture and of course Tourism we have the 7th wonder of the world ,we have Vic (Victoria) Falls so those areas if people invest and invest well Zimbabwe can be a hub of Africa in terms of transport hub,” said the RBZ Governor.

One of the things that the President Emmerson Mnangagwa’s administration changed upon entering into office is relaxing the much abhored Indeginisation policy which once upon a time applied to all areas on investement to leave out just two minerals namely Diamond and Platinum.

Zimbabwe has experienced an increase in the foreign direct investment with the period from the inception of the new dispensation up to date over USD 3billion of foreign direct invest (fdi) and over USD 7 billion in commitments.

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