Zimbabwe poises to attract more capital in mining

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The Economic Commission for Africa (ECA) says Zimbabwe is poised to attract more capital for its mining sector.

The mining sector it said will attract more investors because of proposed dismantling of borders following the establishment of the African Continental Free Trade Agreement (AfCFTA).

ECA regional director for Southern Africa Mr Said Adejumobi, told delegates during the National Consultative Forum on the AfCFTA held in Harare.

He said that more capital would be attracted especially by the platinum and chrome sub-sectors.

The forum — which was organised by the Ministry of Foreign Affairs and International Trade in partnership with the Economic Commission for Africa Office for Southern Africa (ECA-SA), the African Union Commission (AUC), and the African Trade Policy Centre (ATPC) — ran under the theme “Expanding Industrial and Trade Growth through the AfCFTA”.

Mr Adejumobi said: “Zimbabwe, having the second largest platinum and chrome deposits and fifth largest lithium (deposits) in the world, can attract investment capital across the continent as the barriers to free trade and investments are deconstructed through the AfCFTA.”

He added that a robust national strategy on the AfCFTA, with committed implementation of the strategy, “can support Zimbabwe’s efforts of economic renewal and consolidation”.

The ECA provided technical and financial assistance in the development of Zimbabwe’s national strategy.

Mr Adejumobi praised Zimbabwe for ratifying the AfCFTA on May 24, saying it was a step “in the right direction” as the country “is poised to be a winner in the AfCFTA initiative”.

He also said the Transitional Stabilisation Programme (TSP), a short-term economic blueprint that runs from October last year to 2020, “speaks to the imperatives of the AfCFTA”.

“. . . goals of export competitiveness, smart agriculture, beneficiation and value addition of the country’s mineral resources, resuscitation of the industrial sector, growth of tourism, and promoting a digital economy can seek value and expression in the AfCFTA,” he said.

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