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Govt to sign more bilateral agreements

The Zimbabwean, UK

Govt to sign more bilateral agreements

Government will through the ministry of Economic Planning and Investment Promotion sign more Bilateral Investment Promotion and Protection Agreements this year in line with its goal of increasing investment to 25 percent of the gross domestic product.

11 January 2013

by Rebecca Moyo

Permanent Secretary in the ministry, Desire Sibanda on Thursday said following the success of investment road shows carried out last year, government was optimistic of concluding more BIPPAs with several investor countries.

“We are confident of signing more Bippas this year as we target to increase the country’s investment by at least 25 percent,” he said.

Despite an improved investment climate following the launch of the One Stop Investment Centre and the fast improving macro-economic environment, the country foreign direct investment remains subdued compared to other regional economies.

While Zambia grossed $2,9 billion through FDIs in 2012, Zimbabwe got a mere $380 million, a modest rise from $166 million in 2010.

The country last year concluded several BIPPAs including the one with Botswana aimed at unlocking investment in the country.

The ministry says improving foreign direct investment is vital in efforts to achieve the projected annual growth rate of 7 percent under the Medium Term Plan.