South Africa’s ambassador to Zimbabwe Mphakama Mbete has warned the government that it will not succeed in attracting foreign direct investment if it fails to implement reforms and uphold the rule of law.
Mbete was speaking at the inaugural Political Actors Dialogue (POLAD) Economic Summit held recently, where President Emmerson Mnangagwa was the guest of honour. Said Mbete:
… in order to attract significant flows of foreign direct investment, it is important that Zimbabwe reforms and improves its record concerning security of tenure and investment protection, repatriation of proceeds by investors, honouring bilateral trade investment agreements, the need to open up the economy to competition and optimal debt settlement.
We believe that in a highly competitive environment for foreign direct investments these … must be upheld at all times.
In our view failure to do so means that investment capital will always look past Zimbabwe to other safer havens.
Mbete said it was important for everyone to enter into a social contract where businesses, politicians and citizens rally behind the common vision of Zimbabwe.
He added that citizens should participate in economic development and that ultimately it is the citizens’ will which must prevail in order for any democracy to be sustainable.