Zimbabwe has shown growing ambitions to charm foreign investors, with the coalition government increasingly calling on the world to embrace the country as a worthwhile and safe destination. Prime Minister Morgan Tsvangirai recently said investors should refrain from a "wait-and-see" attitude towards Zimbabwe but snatch the plentiful opportunities the country offered. - But the foreign capital that Zimbabwe craves, as it seeks to reconstruct its economy, comes at a high price: the repulsive effect of the political rhetoric around the country’s economic empowerment laws which compel foreign firms to cede 51 percent to local black investors. Zimbabwe realised about $125 milli…

Zimbabwe is slowly convalescing from ten years of political instability and economic decline. As part of efforts to raise the money required in reconstructing the once-robust southern African economic bastion, the unity government which was formed in 2009, has embarked on a publicity blitz to attract foreign investment especially from emerging world economies. - Africa News’s Justice Zhou spoke to Alpha Pesanai, an investment analyst with a top Zimbabwean Investment Bank to unpack his thoughts on whether Zimbabwe had any chances of being once again a decoy to investors. Justice Zhou: In its 2011 Africa attractiveness survey, accounting consultancy Ernst & Young's reported …

Zimbabwe has set sights on the BRICS group of emerging world economic powerhouses as a source of trade and investment to fill the void left by crisis-hit western countries. The southern African country seeks to fix an economy that currently battles to recover from a decade-long recession, and says it requires US$10 billion to rebuild dilapidated infrastructure and ease a 90 percent unemployment rate. - The BRICS-Brazil, Russia, India, China and South Africa- have acted as a “shock-absorber” for the world economy, as the fast-growing economies showed resilience to the global recession and the euro zone debt crisis, economists say. Trade between Zimbabwe and South Africa was val…

Banks in Zimbabwe have until end of April to submit mandatory stress test results, as the regulator comes harder on lenders to avoid a repeat of the2004 financial sector crisis. The 25 lenders were in January ordered by the Reserve Bank of Zimbabwe (RBZ) to surrender their internal test results with effect from this year, and within 30 days after the close of each quarter. - The move should help the RBZ to keep in check whether banks have enough capital buffers required to shield them in the event of harsh global economic conditions. Results will for the first time be made public on a quarterly basis, it was revealed — a major shift by the regulator from its tradition of lack of tr…

- Zimbabwe's power utility ZESA has embarked on a project to upgrade sections of its transmission network ahead of plans to boost electricity ouput,a senior oficial said on Monday. Speaking at an environmental impact assessment public meeting in Bulawayo, ZETDC Systems Development Manager Ikhupuleng Dube said the project was part of the country's planned US$2.4 billion investment aimed at ramping up electricity production to ease crippling power shortages, and will take about 42 months to complete. ZETDC is the utility's subsdiary responsible for power transmission and distribution in the southern African country. "We are aready in the planning phase, but one c…

The cash-strapped national carrier Air Zimbabwe, which has battled a huge debt and prolonged pay disputes with its pilots, will keep its planes grounded until late this month due to "operational challenges" a top official has revealed. - “Air Zimbabwe would like to advise its valued customers that due to operational challenges all flights remain suspended until March 18, 2012,” said acting Chief Executive Innocent Mavhunga. He did not give further details, but said efforts were underway to restore operations and a further update will be given concerning the developments. Air Zimbabwe recently cancelled local and regional flights аftеr ѕοm…

Zimbabwe's annual headline inflation still compared favourably with economies in the region, Reserve Bank of Zimbabwe Governor Gideon Gono said on Tuesday, adding that the projected stabilisation of international oil prices this year might also help in lessening price pressures. - But Gono expressed worries over the state of the balance of payments, saying it remained “precariously difficult” at a time when growth in manufactured exports was slow while the country had insufficient foreign currency reserves at its disposal to finance the current account deficit. He said consumer prices remained low and stable in much of last year and at a rate below 5 percent, within the g…

The Zimbabwe economy grew an average 9.3 last year as it continued to bounce back after a decade of economic decline, and will expand further in 2012 on the back of increased output in mines and farms if the political climate remains stable, treasury estimates predict. - Political instability had seen real gross domestic product (GDP) fall by an excess 40 percent, while hyperinflation ground business to a screeching halt and put millions of Zimbabweans out of employment. The establishment of a government of national Unity (GNU) in February 2009 and the adoption of a multi-currency regime brought about economic recovery and price stability, and strong recovery will continue this year, with…

- JUSTICE ZHOU Euromoney Conferences will hold its second annual investment conference in the capital Harare to highlight Zimbabwe’s attraction as a destination for investors, it has emerged. Slated for 21 and 22 March 2012, the second Euromoney Zimbabwe Investment Conference will provide a platform for government and private sector organisations to promote investment opportunities and commerce. The organisers have lined up policymakers, businessmen, financiers and other key overseas speakers for the forum. “We will look into different sectors with potential for investment and showcase the opportunities available. This is the must attend event if you are investing or…

- By Justice Zhou Harare An official of Zimbabwean President Robert Mugabe’s beleaguered Zanu (PF) has revealed his party was nervous that allegations of politically motivated violence against it might be taken up for discussion at the United Nations Security Council. Speaking at the weekend after the Southern African Development Community (SADC) Troika Summit in Livingstone, Zambia, minister of justice and Mugabe loyalist, Patrick Chinamasa, accused Prime Minister Morgan Tsvangirai’s MDC party of “lying through their teeth” about the political situation in Zimbabwe. "The purpose is to first delay the elections, which is understandable, but more devilis…

- Harare - Robert Mugabe's Zanu-PF party cabinet ministers stormed out of a meeting on Sunday to appraise the work of Zimbabwe’s government since its formation, in protest over remarks Deputy Prime Minister Arthur Mutambara made that last year’s elections were rigged. "We, members from the Zanu-PF side, walked out in protest at the reckless and irresponsible utterances by Professor Mutambara because they are intended at undermining the legitimacy of a party in the inclusive government," Justice Minister Patrick Chinamasa said. Chinamasa said Mutambara’s comments had angered the angered the Zanu-PF camp, prompting them to abort the retreat held in the ho…

Prime Minister Morgan Tsvangirai of Zimbabwe on Monday met South African President Jacob Zuma to discuss escalating tensions that threaten to wreck Zimbabwe's inclusive government. They held discussions at Chief Albert Luthuli House, the ANC party headquarters, in central Johannesburg. - Zuma assured support of the MDC grievances. He undertook to help address the latest stalemate concerning implementation of outstanding issues in the six-months-old unity pact, pledging to express his worries with SADC and his Zimbabwean counterpart Robert Mugabe pertaining to his intransigence. "The prime minister is here to talk about what progress has been made in Zimbabwe and what issues are …

Medical humanitarian assistance group Medecins Sans Frontiers (MSF) is expanding its operations in Zimbabwe to help improve the country's collapsed health delivery system. The non-governmental organisation also known as Doctors Without Borders, has launched a massive recruitment drive to lure back health professionals. - "We have continued to advertise vacant posts for medical doctors especially in Southern Africa and other countries. At present there is a critical shortage of skilled personnel and that is affecting our operations severely," said an MSF official in Johannesburg. MSF has since 2007 been offering basic primary health care and emergency medical treatment to vi…

- Independent media groups in Zimbabwe have welcomed the lifting of a 40 percent import duty on foreign newspapers distributed in the country. Finance Minister Tendai Biti announced the removal of the tax on 16 July 2009 while presenting his Mid-term revised budget to Parliament. The duty which was imposed in June this year had inflicted a huge import tax burden to newspapers such as The Zimbabwean and The Zimbabwean on Sunday published simultaneously in Johannesburg and London by exiled Zimbabwean publisher Wilf Mbanga. Biti said the levy was equivalent to breaching the people’s right to information. Its removal iimediately brought some relief within the country’s independ…

In a new campaign to clear the country's image and woo investment, Zimbabwean Prime Minister Morgan Tsvangirai will deliver a keynote address at a business initiative forum gala dinner to be held on 31 July 2009 at the Sandton Convention Centre in Johannesburg, South Africa. - Tsvangirai is expected to brief delegates on the conditions and merits of investing in a new Zimbabwe at the banquet organized by Mlilo Projects Building and Civil Engineers. The indaba will focus primarily on matters to do with the business climate, investment opportunities, and property protection rights. Zimbabwe’s image as a safe investment destination had been dented by years of dictatorial laws…

Progressive forces within Zimbabwe's volatile coalition government have vowed to press ahead with efforts to bring about a new democratic constitution for the country despite threats by hardcore politically-motivated elements to derail the process. - An All-Stakeholders Conference to discuss the constitutional –making process was last Monday disrupted after a group of Zanu-PF extremists stormed the Harare International Conference Centre, the conference venue, demanding the removal of Western-imposed sanctions before their party could seriously partake in the process. Riot police had to intervene to quell the flaring tempers as delegates from the rival MDC and Zanu-PF parties w…

Humanitarian organizations have stepped forward with aid to help save alarming conditions at Zimbabwe's 55 prisons that have been reported to be death traps. - The International Red Cross Society along with other human rights groups have in recent months committed assistance to cover food, medical care and other basic facilities to rescue prisoners who faced death as prison authorities had run out of funds to meet the running costs. Administration at Zimbabwe's prisons had been undercut by years of political and economic turmoil before a coalition government was formed a few months back following a disputed election in March 2008, but rights groups hope their direct initiatives …

- JUSTICE ZHOU, JOHANNESBURG – Zimbabweans living in Johannesburg have welcomed news of a power-sharing deal between sworn political rivals Robert Mugabe and Morgan Tsvangirai albeit with skepticism. The Mbeki-brokered accord was perceived to be skating on thin ice recently due to Mugabe’s alleged disdain of its provisions, but many Zimbabweans believe that although not the “change” they prefer, the negotiated political settlement may be the path out of nearly a decade of political and economic decay. An estimated 3 million “human Tsunami”of Zimbabweans is believed to have fled poverty and political persecution into neighboring South Africa in re…

The Congress of South African Trade Unions (COSATU) has expressed outrage at the abuse of migrant Zimbabwean workers by Gavin Radcliffe who owns the Kingfisher, a boat that capsized and sank with 19 fishermen on board, killing 14 of the crewmen in the Indian Ocean last December. - The Food and Allied Workers Union (FAWU) which is affiliated to COSATU said the owner of the Kingfisher exploits desperate immigrants, offering inadequate training and subjecting them to poor working conditions. “Instead of meeting workers demands, vessels’ owners are employing poorly trained workers and skippers thereby risking their lives,” said FAWU spokesperson Katishi Masemola. He also dem…

The South African Human Rights Commission (SAHRC) has urged the African Commission to dispatch a delegation to Zimbabwe to assess the country's ongoing human rights violations. It has also requested that the United Nations Human Rights Council take all necessary measures to get hold of the situation there. - In a statement released to the media, the SAHRC said life remains precarious for millions of Zimbabweans despite calls from various quarters for drastic steps to be taken to address the dire state of affairs. It cited the recent cholera outbreak which is weighing heavily on the “country and on SADC’s already over-burdened health care system” as clear proof that …

The Consortium for Refugees and Migrants in South Africa (CORMSA) has petitioned the South African Human Rights Commission to hold an inquiry into the May 2008 xenophobic violence which left 62 foreigners dead and thousands others displaced. CORMSA believes the carnage was politically aroused. - Duncan Breen, a spokesperson for the refugees and migrants watchdog, said local leaders were actively involved in fuelling the violence. "Therefore their involvement in strategies to address xenophobia is of grave concern. Unless these leaders are held accountable, they will continue to base their campaigns and positions on an agenda of hate and violence," he said. The reluctance by gove…

Disabled Zimbabwe immigrants escaping hardships in their country turn to face even more difficulties in South Africa. Not only do they struggle to put food on the table, handicapped refugees fail to access safe accommodation and health facilities too. Some sleep in the open on street pavements. - Others illegally occupy abandoned apartments, sharing the squalid buildings with potentially dangerous strangers. They risk evictions and live in constant fear of police and criminals. Since 2007, the number of blind beggars and amputees of Zimbabwean origin has been swelling significantly on the streets of Johannesburg. Their only meaningful alternative source of income is by soliciting aid from…

Truckloads of children of schooling age are being secretly smuggled each night through the porous borders to the crime hotbed city of Johannesburg. A syndicate of human traffickers is cashing in on Zimbabwean youths escaping hardship into neighboring South Africa lured with false lucrative job offers. - Once there, the refugees are held hostage, to their surprise, in isolated bungalows where money is extorted from them. At times hostages are ordered to surrender their belongings, raped or beaten up. The coyotes would then free boys whilst girls, some as young as 12 years of age are kept and traded to brothel magnates operating in the notorious central Johannesburg suburb of Hill brow. The…