Paul Nyakazeya, Group Digital Editor 
INVESTMENT-STARVED Zimbabwe is crafting a new law aimed at making it easier for foreign investors to repatriate their profits from the southern African country, The Financial Gazette can reveal.
This comes as scores of foreign firms — including BAT, PPC, Lafarge and numerous airlines — are struggling to repatriate millions from Zimbabwe.
Justice minister Ziyambi Ziyambi said government was in the process of drafting a law that would safeguard foreign investors’ investments in the country. The law is also expected to create an environment that would increase foreign investors’ appetite to invest in Zimbabwe.
“Government is in the process of coming up with a Bill called the Zimbabwe Investments Development Agency Bill where issues such as capital that would have been invested in Zimbabwe is explained, (and) how they are going to be allowed to repatriate that money,” he said.
“The Bill was gazetted and is going to be brought before this House. We will have a time to debate the clauses relating to the provisions that deal with the issue of investor freedom to be able to repatriate their investments.”
Zimbabwe continues to suffer from investor mistrust and capital flight, as analysts cite lingering currency risks, policy inconsistencies, high inflation and socio-economic instability and repatriation of profit as the major reason.
Subscribe to The Financial Gazette
This is premium content. Subscribe to read article.
