Zimbabwe: FDI target up to $2bn next year

The Zimbabwe Investment Authority wants to draw $2 billion (R21bn) in foreign direct investment (FDI) next year, double this year’s target, as the government clarifies black empowerment laws for investors. While FDI levels were “embarrassingly low” compared with neighbours such as Mozambique, clarity on Zimbabwe’s indigenisation law would probably lead to increased flows, Nigel Chanakira, the chairman of the investment promotion body, said on Friday. Finance Minister Patrick Chinamasa said in May that legislators were committed to changing black ownership laws passed in 2008 that compel foreign- and white-owned firms to sell majority stakes to black Zimbabweans. – Bloomberg


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