Zimbabwe’s new leader vows to open country to investors

December 20, 2017
| Report Focus News

Zimbabwe’s new president says his government will unveil a “robust” re-engagement policy and open the country to foreign investment after years of isolation.

President Emmerson Mnangagwa also promises “zero tolerance” against corruption to boost the troubled economy. He made his first State of the Nation address Wednesday since taking power last month after longtime leader Robert Mugabe’s resignation.

Under Mugabe, the once-prosperous southern African nation became a pariah as the United States and others imposed sanctions over rights abuses. Laws threatening confiscation of foreign-owned businesses kept investment at bay.

Mnangagwa says Zimbabwe’s “strict” visa regime will be relaxed to attract investors. He will visit South Africa on Thursday to meet potential investors.

He also urges businesses to show restraint after a massive spike in food prices in recent weeks.