November 2017 saw Zimbabwe opening in new chapter in their storybook after the ousting of president Robert Mugabe who had overseen the country for nearly four decades. He is widely blamed for the economic troubles and high unemployment in the country today because of investor averse policies he put in place during his rule. Now with a new president running things and creating new policies Zimbabwe is open for business and we have a few pointers for business women looking to enter this market. Here are some industries and opportunities you might want to consider exploring;
- Visa restrictions in the country have been loosened. Government has scraped visa requirements for all SADC countries and have moved some countries who were in Category C to Category B meaning they can now obtain Visas on arrival.
- Transport and trade has been made easier with new trains being unveiled. These trains go from trade hub Beitbridge into the capital Harare, the second capital Bulawayo and other cities.
- The new minister of tourism announced need to boost local tourism in the country since most tourist destinations are expensive for locals. She has encouraged domestic and foreign investors to investigate creating cheaper solutions for locals to also be able to enjoy their countries attractions.
- Import tax has been cut out for capital equipment and some industries have 5 years income tax exemption for investors.
Key areas identified by government as ready for investors are:
- Manufacturing Sector – textiles, meat processing, canning of fruits and vegetables, motor vehicle assembling and manufacturing and chemical manufacturing.
- Agricultural Sector – tobacco, cotton, timber, sugar milling.
- Tourism Sector – hotel and catering, safari and tour operations, gaming, construction of convention centers and producing wild life documentaries.
- Mining – Investors can now own 100% of their mines except for diamond and platinum mines were 51% is to be owned by the Zimbabwean government.
- Infrastructure Development.
The cash crisis that still grips the country is one major setback that still needs to be addressed for investors to feel more at ease. It is recommended that you consult the local Investment center for more in-depth information before going in. Remember though that there are a lot of first mover advantages in this market. Don’t wait around too long but also be cautious of how you go about your investment.
Enjoy your money moves!