The Zimbabwe Investment Authority (ZIA) is targeting an annual foreign investment of at least $4 billion compared to last year’s $1.14 billion.
The chairman of ZIA, Nigel Chanakira, told VOA Studio 7 they are going on an all-out campaign to lure foreign investors, adding they are working closely towards achieving this goal with the finance ministry, the President’s Office and the Ministry of Foreign Affairs.
Zimbabwe needs a much-heavier dose of foreign direct investment across multiple sectors and industries to improve productivity. Manufacturing is said to be operating at 30 percent capacity utilization.
But the country has been struggling to lure investors. Before committing their money investors consider how easy it would be to start a business in a country, run the operation, corruption, the rule of law and enforcement of contracts, among other issues.
These elements constitute what is generally known as the investment climate of a country.
Chanakira said investors are showing interest in doing business with Zimbabwe.