‘Zim a Safe and Favourable Investment Destination’ – President

‘Zim a Safe and Favourable Investment Destination’ – President

 

Nevanji Munyaradzi Chiondegwa

 

VICTORIA FALLS – Zimbabwe stands ready to facilitate and welcome global investments in the energy and other sectors of the economy as part of the ‘Zimbabwe is Open for Business’, President Emmerson Mnangagwa.

 

Speaking during an International Renewable Energy Conference and Expo 2023 in Victoria Falls on Thursday, the President said the country remains a safe investment destination and that his administration was working around the clock to enable ease of doing business for investors.

 

“To date, my Administration has created an enabling environment for Independent Power Producers to thrive,” he said.

 

He said Government has introduced a raft of measures that offers favourable incentives to Independent Power Producers and guarantees some of the risks prevalent in the sector.

 

Government has since introduced a standard Implementation Agreement, a Power Purchase Agreement and a Reserve Bank of Zimbabwe Undertaking.

 

“I commend Independent Power Producers who are taking advantage of the opportunities in the energy and power development sector by leveraging Prescribed Assets of Insurance and Pension Funds.

 

“I challenge other financing institutions to be more creative in their funding mechanisms and also play their part by supporting investments in the energy sector.

 

“As energy consumers in our respective sectors, we must collectively contribute towards the realisation of national energy self-sufficiency and the building of a prosperous upper-middle-income economy,” President Mnangagwa said.

 

The Conference and Expo which was under the theme: Managing the Future: Clean Energy Possibilities has grown to become one of the strategic platforms for dialoguing amongst stakeholders as well as monitoring progress in the renewable energy sector.

 

The theme underscores the responsibility of the sector with regard to adopting renewable energies for anchoring current and future development, while also focusing on the need for a just and balanced energy transition.

 

The President commended the coming in of the Hwange’s Unit 7 on the national grid a positive development.

 

“It is a cause to celebrate that Hwange Unit 7 is now online, in a phased manner, while work to complete Unit 8 is being accelerated and progressing well.

 

“My administration remains committed to the attainment of a versatile national energy mix, with renewable contributing its fair share”

 

He added that the availability of electricity and electricity-based services within rural areas, particularly through the deployment of renewable energy-based technologies, will result in increased production and productivity while averting rural-urban migration.