EU ready to support Zim economic recovery

EU ready to support Zim economic recovery
Published: 26 April 2018
THE European Union (EU) has expressed readiness and commitment to assist Zimbabwe under the new dispensation in its efforts to turnaround the economy.

Zimbabwe has been under EU sanctions for close to two decades as punishment for the country's decision to redistribute land to the the landless majority which started in 2 000.

The new political dispensation led by President Emmerson Mnangagwa has since coming into office last November, embarked on a re-engagement programme that has seen  Zimbabwe's relations with the EU and the international community at large improving.

In a speech read on his behalf by the EU team leader for agriculture, private sector and trade, Mr Thomas Opperer, EU Ambassador to Zimbabwe, Mr Philippe Van Damme, said the re-engagement efforts would see the country benefiting from Europe's external investment plan.

"The re-engagement drive will ensure that Zimbabwe will benefit alongside with other African countries from an ambitious external investment plan of the EU. It (investment plan) is based on the realisation that the traditional development assistance alone cannot address the challenges and opportunities for sustaining economic growth," he said.

Mr Van Damme noted that the engine for economic growth was investments in the private sector and thus the EU was adopting a paradigm shift with a view to promote economic growth among African countries through its external investment plan.

"The EU will support Zimbabwe in its journey in areas such as strengthening economic and political institutions, public sector finance management and macro-economic policies, developing value chains in support of private sector development such as access to finance and quality infrastructure," he said.

The Government has said Zimbabwe is open for business and efforts are therefore underway to attract foreign direct investment from across the globe in sectors such as mining, tourism, agriculture and manufacturing.

In the past five months, Zimbabwe has approved investment proposals worth more than $7 billion.
- chronicle
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