British Business Executives Visiting Zimbabwe to Promote London Stock Exchange, Boost Local Bourse

A high-powered British business delegation with representatives from the London Stock Exchange (LSE) and company executives is in Zimbabwe for meetings on foreign investment and the need to bolster the Zimbabwe Stock Exchange (ZSE).

British Ambassador Mark Canning said the visitors will assess the business climate and help local companies raise the much-needed foreign capital to ramp-up activity.

Canning said hopes are high that Zimbabwe companies might tap the London market.

However, economist John Robertson said Zimbabwean businesses are not yet ready to list in London.

"I doubt that the British business executives will learn from us anything that will be of value to them other than the deeper knowledge of what we have done wrong in the country in recent years,” said Robertson adding “we have done a lot of things wrong (so) we need their advice on how to fix it.”

Meanwhile, civic groups in Bulawayo have started mobilizing local people to boycott products of companies relocating from the City to Harare.

Bulawayo Progressive Residents Association spokesman Roderick Fayayo said his organization is assessing the relocations.

Fayayo said indications are that many factories are closing down opting to re-open their businesses in the capital city.

He said pressure groups like Ibhetshu Likazulu, National Youth Development Trust and several others have teamed up to boost the campaign.

Hunyani Printopak, Cotton Printers and National Foods Limited are some of the companies closing shop in the city of Kings.

Fayayo said the majority of people sounded out so far have promised to back the campaign set to paralyze some of the companies.