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Zimbabwe Business Leaders to Visit EU States

  • Blessing  Zulu

European Union Headquarters

European Union Headquarters

Nine Zimbabwean business leaders are expected to travel to European capitals in a bid to attract the much-needed foreign direct investment to stimulate economic growth.

In a statement, the Confederation of Zimbabwe Industries, says the mission to engage Europe begins January 26 next year.

Economists and business leaders are raising concern that the economic situation in Zimbabwe is fast deteriorating amid fears that most companies will close shop next year.

Speaking at the Mandel Gibs economic outlook symposium early this year, World Bank senior economist Nadia Piffaretti said African economies were expected to grow at an average of 5% this year.

She said foreign direct investment inflows into the sub Saharan African region were expected to reach $91 billion. However, she said Zimbabwe is getting peanuts out of it."

The country’s foreign direct investment in 2011 stood at close to $400 million but for countries such as Angola, South Africa and Zambia it was above $1 billion.

EU Ambassador to Zimbabwe Aldo dell Arriccia said the Zimbabwe delegation had approached him to facilitate the trip.

Economist Chris Mugaga, founder of Econometer Global Capital, says Zimbabwe needs to change its politicies to attract foreign investment.