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ZD DI

ZIMBABWE

DIASPORA DEVELOPMENT

INTERFACE

Engaging the Zimbabwean Diaspora on Investment, Development and Migration

Livingstone Musoro (lead author and editor) and Alex T. Magaisa With assistance from: Pauline Dodgson-Katiyo, Paul Matsvai and Samuel Chindaro ZDDI, London, October 2009


ZD DI

ZIMBABWE DIASPORA DEVELOPMENT INTERFACE

The ZDDI is the Interface for bridging the gap between Zimbabwe and the Zimbabwean Diaspora. It is a voluntary organisation of Zimbabweans based in the UK. We interface apolitically with other stakeholders on development issues related to Zimbabwe. The ZDDI is organised into focus groups – see Appendix 1 of this report and our website at www.zimdiasporainterface.org

Published by: The Zimbabwe Diaspora Development Interface (ZDDI)

First published 2009 ŠZimbabwe Diaspora Development Interface 2009

All rights reserved. No reproduction in part or in full, copy or transmission of this publication may be made without prior written permission from the publisher. Such requests may incur a fee. All photos in this Report are reproduced by courtesy of the ZDDI Photographers: Mr Blessing Dumbura and Mr Danai Gombera and Newzimbabwe.com Kindly direct any comments or correspondence about this report by email to: coordinator@zimdiasporainterface.org Please cc livingston.musoro@sky.com

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ZIMBABWE DIASPORA DEVELOPMENT INTERFACE

Engaging the Zimbabwean Diaspora on Investment, Development and Migration

Proceedings of the ZDDI Conference on Investment, Development and Migration held on Saturday 26th September 2009 at the University of East London, United Kingdom Prepared for the ZDDI by: Livingstone Musoro (lead author and editor) and Alex T. Magaisa With assistance from: Pauline Dodgson-Katiyo, Paul Matsvai and Samuel Chindaro

ZDDI London October 2009

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ZIMBABWE DIASPORA DEVELOPMENT INTERFACE

Contents List of Figures and Tables List of Abbreviations Acknowledgements About this Report Foreword Conference Organising Committee Introduction Section One: Investing in Zimbabwe Investment Perspectives from the ZIA The role of investment in economic growth in Zimbabwe STERP and investment promotion in Zimbabwe Current environment and priority investment sectors in Zimbabwe Investment opportunities for Zimbabwean Diaspora in Zimbabwe Investment challenges and incentives in Zimbabwe

Investment Perspectives from the ZSE Formation, history, structure and role of the ZSE Regulation of investment and current market participants on the ZSE Macroeconomic environment and listed companies on the ZSE Performance of ZSE since the dollarisation of the Zimbabwean economy General economic outlook and recovery of the Zimbabwean economy Section Two: Zimbabwe’s Economic and Diaspora Engagement Policies ‘Fixing the Car While Driving’ – Priorities for Zimbabwe’s STERP Setting Priorities for Zimbabwe Emergency Stabilisation Programme Challenges to Zimbabwe’s Emergency Recovery Programme ‘Can Zimbabwe Work Again?’ – From Stabilisation to Recovery

‘This is a Workshop of Ideas' - Zimbabwe needs its Diaspora for Growth & Development

13 13 14 15 16 17

18 19 19 20 20 22 24 24 25 25 26

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Section Three: UK’s Development and Migration Related Support to Zimbabwe Not to ‘Wait and See’ but to ‘Engage and See’ 31 ‘We Continue to Support’ - but the Diaspora will be Partners in Zimbabwe’s Development 32 ‘Come and Talk to Us’, the Diaspora in Circular Migration 32

31

Section Four: Discussion of Critical Issues

34

Section Five: Outcomes, Recommendations and Conclusions Taking the Diaspora Seriously - GOZ’s Relationship with the Diaspora Investment Constitution Zimbabwean Diaspora Policy Migration Networking

38

Appendices Appendix 1: Conference Brochure and Programme Appendix 2: Feedback and Comments from Conference Participants and Invited Guests Notes

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5 5 6 7 8 10 11 13

38 39 39 39 40 40 41 41 48 54


Contents + Tables + Abbreviations

List of Tables and Figures Table 1: Relating Economic Growth to Investment – Zimbabwe & Her Neighbours, 2000 - 2008 14 Table 2: Comparative FDI, USD million

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Table 3: Business Taxation in Zimbabwe

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Table 4: Current Levels of Fiscal Incentives in the Zimbabwean Economy

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Table 5: Key Economic Indicators

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Figure 1: Listed Companies at the ZSE by Sector

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Table 6: Monthly Closing Indices on the ZSE, February–August 2009

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Table 7: Top Movers on the ZSE, February–August 2009

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Table 8: Top Shakers on the ZSE, February – August 2009

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Table 9: STERP Budget Requirements of the Zimbabwean Economy by Sector

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Table 10: Market Movers - Mineral Reserves in the Mining Sector in Zimbabwe

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Figure 2: Structure of the Office of the Prime Minister

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Figure 3: GOZ Priorities for Stabilisation and Recovery of Zimbabwe, 2009-10

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Figure 4: Zimbabwe’s Legislative Reform Agenda

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List of Abbreviations AFFORD BOO BOP BOOT BOT DFID ESAP EU FCO FDI GPA GDP GNU GOZ HMG HIV/AIDS MOF MP NRZ OPM PM PMO SACU SADC STERP UKBA UNCTAD WB WEF ZDDI ZIA ZSE

African Foundation for Development Build-Own-Operate Balance of Payments Build-Own-Operate-Transfer Build-Operate-Transfer Department for International Development Economic Structural Adjustment Programme European Union Foreign and Commonwealth Office Foreign Direct Investment Global Political Agreement Goss Domestic Product Government of National Unity Government of Zimbabwe Her Majesty’s Government Human Immune Virus / Acquired Immune Deficiency Syndrome Ministry of Finance Member of Parliament National Railways of Zimbabwe Office of the Prime Minister Prime Minister Prime Minister’s Office Southern Africa Customs Union Southern Africa Development Community Short Term Emergency Recovery Programme United Kingdom Border Agency United Nations Conference on Trade and Development World Bank World Economic Forum Zimbabwe Diaspora Development Interface Zimbabwe Investment Authority Zimbabwe Stock Exchange

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Acknowledgements The ZDDI acknowledges many other organisations and individuals whose efforts, support, time, encouragement and advice made the Investment, Development and Migration Conference on Saturday 26th September 2009 a resounding success. Many people provided assistance either in big or small ways; all that made the Conference and the production of this Report to happen successfully. We wish to express our sincere gratitude to the following: HMG, in particular the FCO, DFID, UKBA, the British Embassy in Harare and individuals to include Mr John Dennis Head of the Zimbabwe Unit in the Africa Directorate at the FCO, Ms Dominique Hardy - Country Manager for Central and Southern Africa in the Migration Directorate at the FCO, Ms Dee Bourke at the UKBA, Mr Robert Shooter from the Migration Policy and Programmes Unit in relation to Zimbabwe at DFID, Mr David Banks – Coordinator and Policy Adviser for the All-Party Parliamentary Group on Zimbabwe, Ms Margaret Belof at the FCO, Mr Mathew Lewis at the FCO, Ms Kerstin Thompson at the Home Office, and Mr Andrew Jones – First Secretary for Migration at the British Embassy in Harare; the Zimbabwe GNU, in particular the Office of the Prime Minister, The Zimbabwe High Commission in London and individuals to include the Honourable Gorden Moyo - MP and Minister of State in the Prime Minister’s Office, Mr Lazarus Muriritirwa – Deputy Chief Secretary to the Prime Minister and Council of Ministers and Principal Director of Policy Implementation in the Prime Minister’s Office, Mrs Faith Nharara - Director of Implementation and Diaspora Coordination in the Prime Minister’s Office, and Mr Thabang Nare - PA to Minister Moyo, Mr Edwin Mandaza – Deputy Ambassador and Dr W Mlambo – from the Consular Section at the Zimbabwe Embassy in London; the ZIA and ZSE, in particular Mr Richard Mbaiwa – Chief Executive Officer of ZIA and Mr Emmanuel H Munyukwi - Chief Executive of the ZSE; London Metropolitan University, in particular Professor Eileen O’Keefe and the Department of Applied Social Sciences (DASS); University of East London; the Diana Princess of Wales Memorial; Mr Evans Kureya and Family; Ms Helen Davies – Policy Manager for the London Health Commission at the Mayor of London’s Office; Mr Onyekachi Wambu – Chief Executive of London based AFFORD; Father Dzadagu and Mr Danai Gombera. It is important for us to point out to our awareness that on an undertaking of this magnitude, it is unintentionally easy to miss out on some names of individuals or organisations that may have made noticeable contribution. In this respect, we would like to express our most sincere thankfulness to all those organisations and individuals who extended a helping hand to us, but whose names we may have missed here. To all our participants and invested guests, we are very grateful for the time you put aside on a lovely Saturday of September to attend this Conference in such a busy place like London. We are also much humbled by all the comments and invaluable feedback you provided. Much of this can be found in Appendix 2 in this Report. Well done, and indeed, it is a great thank you!

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Acknowledgements + About this report

About this Report ZDDI is pleased to present this Report on proceedings of its first major conference on Engaging with the Zimbabwean Diaspora on Investment, Development and Migration. This conference held on Saturday 26th September 2009 in London, the first of its kind to be hosted by ZDDI, brought together representatives of the Zimbabwe GNU, investment authorities in Zimbabwe, various UK’s HMG departments, and various stakeholders from the Zimbabwean Diaspora in the UK. It was the first attempt by ZDDI to develop a three-way direct dialogue between the Zimbabwe GNU, the UK’s HMG and the Zimbabwean Diaspora. The conference generated tremendous interest among all parties involved in continuing the dialogue to find ways to facilitate investment and development contribution to Zimbabwe by the Zimbabwean Diaspora and exploring how Zimbabwean migration can be of beneficial to both Zimbabwe and the UK and to the Zimbabwean Diaspora in the UK. This Report sets off with a foreword from Dr Alex T. Magaisa, Chairman of ZDDI. This is then followed by an Introduction that provides the context in which this Conference came into being. As you begin to read this Report, you may be asking yourself why ZDDI hosted this kind of conference at this point in time and particularly in London. Answers to such questions begin to emerge from this part of the Report. The Introduction is then followed by the main body of the Report, divided into three main themes: Investing in Zimbabwe, Zimbabwe’s Economic and Diaspora Engagement Policies, and the UK’s Development and Migration Related Support to Zimbabwe. This part of the Report presents and discusses the material presented by the keynote and main speakers to the Conference. The main body of the Report is then ensued by Discussion of Critical Issues. This gives a brief critique of some of the key and critical issues raised in the three areas of the main body of this Report. The idea is to give a balanced view of such issues and put them forward as areas that will inform and benefit our further critical thinking. The main report finishes off with a section on Outcomes, Recommendations and Conclusions. This section highlights not only what the Conference achieved, but also what it sets to happen and to be done by the various stakeholders in the aftermath of 26th September 2009. Finally, the Appendices which lie outside the main body of the Report provide a record of some of the feedback from conference delegates, participants and invited guests. The feedback received is vital to ZDDI as it helps to evaluate and judge the success of the Conference, not only as a successful event held on 26th September 2009, but also as a yardstick on benefits it brought to the various stakeholders. We hope that you will find this ZDDI Conference Report both informative and interesting. We believe that the Report will also play a vital part in providing valuable and up-to-date information on investment, development and migration with respect to Zimbabwe. This should help most of you to have better ideas on what and how you may want to think of investment and development contribution to your beloved Zimbabwe. Enjoy the Report if you can, and we warmly welcome your comments.

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Foreword The 26th September 2009 was a beautiful day for the ZDDI. On this day, the ZDDI hosted its first major conference on investment, development and migration in Zimbabwe. The conference was led by the ZDDI’s Finance and Economic Development Focus Group. On the evidence of the events on the day and the feedback from participants, I am pleased to report that our maiden conference was a success. The ZDDI is a non-partisan organisation which, from inception has sought to provide a platform for dialogue, discussion and linkages between people and organisations from all walks of life with the common agenda of helping to reconstruct Zimbabwe. We seek to provide a wider platform for the engagement of Zimbabweans abroad to harness intellectual capital, that is, new ideas and skills, experiences, networks, and financial resources for the development of Zimbabwe. This conference sought to do this as part of the broader effort. The conference drew participants from different sectors of the Zimbabwean community, both at home in Zimbabwe and in the Diaspora. Of the more than 250 participants that attended on the day, we were grateful to have the company of senior government and private sector officials from Zimbabwe. The Zimbabwe delegation headed by the keynote speaker Mr Gorden Moyo MP, the Honourable Minister of State in the Prime Minister’s Office included Mr Lazarus Muriritirwa, the Deputy Chief Secretary to the Prime Minister and Council of Ministers, Mr Mbaiwa, the Chief Executive Officer of the Zimbabwe Investment Authority and Mr Emmanuel Munyukwi the Chief Executive Officer of the Zimbabwe Stock Exchange. Also in attendance were Mrs Faith Nharara, the Director of Implementation and Diaspora Coordination and Mr Thabang Nare, Hon. Minister Moyo’s PA. This was a strong team which represented Zimbabwe’s inclusive Government and their input, which is recorded in this report, was important to the discussions during the conference. I only highlight here that their diverse presentations on the political, economic and social situation provided a balanced and honest picture of the investment climate which enabled participants to make informed choices on the issues regarding investment and migration. The UK Government was represented by a delegation led by Mr John Dennis, the Country Director for Zimbabwe at the Foreign and Commonwealth Office. They gave indications about the supporting role they have played in relation to Zimbabwe especially in areas of capacity building, technical support and humanitarian aid. It is apparent that there is collective will for the inclusive Government to do well to overcome the challenges the country has faced in recent years. At ZDDI we seek to contribute towards the creation of an overall inclusive developmental framework, in collaboration with all concerned stakeholders within Zimbabwe and abroad. We recognise the wider challenges that the country is facing but we also consider it a paramount duty of every citizen to take our responsibility seriously both to ourselves as individuals and to others. One of the most pleasing aspects of the conference was the will and commitment demonstrated by Zimbabweans in the Diaspora. I had been anxious and sceptical, not sure whether Zimbabweans would find it in their hearts to devote their precious time and effort to this event. I have to say I was pleasantly surprised.

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Foreword

It was, in addition to the substantive discussions captured in this report, an opportunity for networking between and among Zimbabweans. I was most pleased by the maturity and dignity with which participants carried themselves throughout the conference. I like to think that the conference helped in boosting the image of the Zimbabwean Diaspora and that the government and other stakeholders will take us more seriously. We are grateful for the moral and material support that we have received from our sponsors and we hope and trust that this will mark a significant step in building a mutually beneficial relationship for all concerned. Personally, I am grateful to have been part of the invaluable effort from each and every individual at ZDDI involved in making this conference a success. I spoke in my opening remarks at the conference about the spirit of the ants. I described how much I admired their industry, organisation and efficiency which help the little creatures to build their beautiful nests. Each ant does its little bit and collectively, they produce something wonderful. I like to think the beauty of the conference was that it was the product of the collective input by each individual doing their bit, helping each other along the way. It was an achievement that properly demonstrated the spirit of the ants. Finally, I would like to make special mention of all the individuals who sacrificed their time and personal resources to make the conference a resounding success. There are many and it may be that I will inadvertently miss a few, in which I ask for forgiveness, but I must mention the following: Members of the Core Organising Team – Yvonne Kuimba, Msekiwa Makwanya, Bhekimpilo Chatira, Loreen Vengesayi, Hilda Mupfurutsa, Gardner Mugashu, Innocent Chofamba Sithole, Livingstone Musoro, Byron Fundira, Blessing Dumbura and Tendai P Zambuko, all of whom put extra shifts beyond the normal call of duty and I am personally humbled by their efforts. I also make special mention of Fr Dzadagu of the Roman Catholic church for blessing the Conference, Angeline Kasipo, Veronica Bepe, Sam Chindaro, Nancy Nyamhunga, Admore Mudondo, Paul Matsvai, Pauline Dogson-Katiyo, Lois Davis, Miles Mudzviti, Paul Sibanda, Gratiano P Mhunduru, Claude Madembo, Cathrine Madziva, Gracian Mkodzongi, Francis Dumbura, Clever Jakopo, and Evans Kureya for the sterling work they performed in various roles and the charity they provided before and during the conference. I hope the report makes good and useful reading and that this is the beginning of greater things to come. Thank you! Dr Alex T. Magaisa Chairman, ZDDI

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ZIMBABWE DIASPORA DEVELOPMENT INTERFACE


Introduction

Introduction Zimbabwe is a country gracefully endowed with many different natural resources; from land, minerals to tourist attractions. Above all, the country’s most cherishable resource is its people; a peace-loving, hard-working and relatively well educated nation, but with a significant part of its population now residing in other countries - the Diaspora. Zimbabwe emerged out of the protracted Rhodesian civil war (commonly known as the Liberation War or War of Independence or Second Chimurenga) with a ceasefire in December 1979 and majority rule elections that brought formal independence from the British in April 1980. It was a country that needed massive transformation. There were deep inequalities and severe imbalances in its society, vividly visible not only between rural and urban areas but also across the urban population. The difference in the standard of living across the urban population was so wide due to segregatory development policies that were at the heart of the Rhodesian administration prior to independence in 1980. Reasonable participation in the economy was confined to its small white population that also enjoyed massive privileges in areas of social services. As such, only about 20% of the 1 population owned at least 80% of the country’s wealth. However, according to African standards then, Zimbabwe had relatively less poverty, a more vibrant industrial base which contributed at least 25% of the GDP, relatively low formal sector unemployment and sound infrastructural base. A large part of its population that was in the Diaspora as exiles, political refugees, migrant workers and students returned home to help with reconstruction and leadership in public administration. With the help of the international community in the years that followed independence, Zimbabwe made visible progress, especially in the areas of social services like education and health. Basic education and health became free for all and by mid 1980s, primary school category enrolment in Zimbabwe reached levels of up to 2 120% . The expansion in education was matched with an expansion in employment for the majority of its black population in the areas of public administration and social services like education and health. However, not much changed with regards to population economic participation in industrial, mining and construction sectors. Hence, the capacity of the economy to create matching jobs to its growing and well educated population remained very limited. Some commentators want to point to this as the foundation to Zimbabwe’s postindependence socio-economic problems. An attempt at ESAP in the late 1990s, a new kind of restructuring advocated by the WB and the IMF, and the eventual land reform programme in 2000 did not result in the socioeconomic progress that many Zimbabweans had hoped for. Instead, Zimbabwe found itself in a retrogressive development path. Its economy and social services, like education and healthcare collapsed. Formal sector unemployment rose to at least 80% by 2008. GDP fell 3 from around US$6 billion in the late 1990s to US$3.2 billion in 2007 (see Section One of this Report). Poverty rose significantly to make a large part of the Zimbabwean population becoming part of the world’s poorest. As such, one of the outcomes of these problems of Zimbabwe’s latest troubled decade that stretches back to about 1998 is the massive exodus of its people into the Diaspora, mainly during the period 2000-07. There are no clearly defined figures, but it is estimated that as many as 6 million Zimbabweans are now in the Diaspora. The majority of the Zimbabwean Diaspora is in countries like the UK, South Africa, the US, Canada and Australia. These groups consist of some of Zimbabwe’s well educated, highly experienced and skilled human capital.

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In February 2009, the GNU was established in Zimbabwe following the GPA in September 2008. This marked a new era in the country’s socio-economic and political chapters. Mr Morgan Tsvangirai, Zimbabwe’s new Prime Minister visited the UK in June 2009 and his message to the Zimbabwean Diaspora was about the need for both human and investment resources for the reconstruction and development of Zimbabwe. It is within this context and the historical background highlighted above that ZDDI organised and hosted this Conference on Investment, Development and Migration. In the ensuing sections, the Report presents the discussions of the proceedings of the Conference. Section One looks at Investing in Zimbabwe. The two speakers on this theme, Mr Richard Mbaiwa – Chief Executive Officer of the ZIA and Mr Emmanuel H Munyukwi – Chief Executive Officer of the ZSE, presented and addressed a myriad of investment related issues and the changing economic environment in Zimbabwe, with special emphasis on the period from the inception of the GNU in February 2009. Section Two, on Zimbabwe’s Economic and Diaspora Engagement Policies examines policy issues around economic management and the importance given to the Diaspora by the GNU. These issues were addressed by Mr Lazarus K. Muriritirwa, Deputy Chief Secretary and Principal Director of Policy Implementation in the Office of the Prime Minister and Council of Ministers and the Minister of State in the Office of the Prime Minister of the Republic of Zimbabwe, Honourable Gorden Moyo MP, who was also the keynote speaker and head of the Zimbabwe delegation to the Conference. Section Three focuses on UK’s Development and Migration Related Support to Zimbabwe and the Zimbabwean Diaspora. There were three speakers on this theme: Mr John Dennis, Head of Zimbabwe Unit in the FCO, who was also head of the UK delegation to this Conference; Mr Robert Shooter from the Migration Policy and Programmes Unit in relation to Zimbabwe at DFID; and Ms Dee Bourke from the UKBA. Each of them highlighted the different aspects of the UK’s support to the GNU’s development efforts; including support available to those in the Zimbabwean Diaspora who wish to return to Zimbabwe voluntarily. Section Four entitled Discussion of Critical Issues presents a critique of key issues that were raised by speakers and from the open discussions with the participants during the Conference. Here, the critical discussion sets forth the ground for further debate and dialogue with respect to investment, development and migration in relation to Zimbabwe and Zimbabwean Diaspora. Section Five looks at the Outcomes, Recommendations and Conclusions of the Conference. This Section highlights the general and specific outcomes of this Conference with respect to what benefit the event brought to the ZDDI and other stakeholders involved. It also highlights on the discussion with regards to the contribution the Zimbabwean Diaspora in the UK can make to Zimbabwe’s investment and development needs.

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Section 1: Investing in Zimbabwe

Section One:

Investing in Zimbabwe

Many Zimbabweans in the Diaspora have been wondering whether the establishment of an inclusive Government in Zimbabwe in February 2009 had brought about attractive changes for investment in the country. On the other hand, most of us outside Zimbabwe had been wondering whether there was still some coherent investment infrastructure in the country. Further to this, most people wanted to know how the economic environment had been responding to the establishment of a GNU. As such, conference participants were interested in having discussions and getting answers on these and many other areas of investment and development in Zimbabwe.

Investment Perspectives from the ZIA Mr Mbaiwa who spoke first set off by giving the background to the ZIA, which was established by GOZ by Act of Parliament to promote investment by both domestic and foreign investors in Zimbabwe. ZIA shapes the investment climate in Zimbabwe by providing a one-stop-shop for investors, coordinating investment opportunities and providing policy advice on investment to GOZ. Mr Richard Mbaiwa presenting on investment opportunities in Zimbabwe

Mr Mbaiwa’s presentation focused on: 1) the role of investment in economic growth 2) STERP and investment promotion in Zimbabwe 3) current environment and priority investment sectors in Zimbabwe 4) investment opportunities for Zimbabwean Diaspora and its role in economic growth in Zimbabwe 5) investment challenges and incentives in Zimbabwe

The role of investment in economic growth in Zimbabwe Using comparative time-series data from MOF (Table 1) and UNCTAD’s World Investment Report (2009) (Table 2) on domestic and foreign investment between Zimbabwe and her neighbours, this presentation demonstrated that Zimbabwe is the only country that had suffered low levels of both types of investment over a long period of time.

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Table 1: Relating Economic Growth to Investment – Zimbabwe and Her Neighbours, 2000 - 2008

Country Botswana Mauritius South Africa Zimbabwe

Average GDP Growth Rate (%, 2000 - 2008) 5 4.4 4.2 -6

Investment (% of GDP) (2000 – 2008) 33.2 25.1 19.2 7

Unlike in her neighbours, the low levels of investment in Zimbabwe might explain the negative average growth in GDP she experienced from 2000 to 2008. In general, all Zimbabwe’s neighbours had attracted increasing inflows of FDI. Whilst FDI to Zimbabwe remained positive, it had drastically plunged to levels that could not sustain economic growth. The WB and WEF, who had continued to rate Zimbabwe’s business environment poorly over an extended period of time, identified the following as the key reasons for low investment in the country: • • • • • • • •

punitive foreign exchange regulations excessive inflation unpredictable policy change government instability heavy and inefficient bureaucracy inadequate and decaying infrastructure high levels of corruption restrictive access to financing

Table 2: Comparative FDI, USD million

Country

1997

1998

2005

2006

2007

2008

100

168

281

489

495

-4

Malawi

22

70

27

30

55

37

Namibia

91

96

348

387

733

746

Mozambique

64

213

108

154

427

587

Zambia

207

222

357

616

1324

939

Zimbabwe

135

444

103

40

69

52

Botswana

STERP and investment promotion in Zimbabwe

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In an attempt to reverse the above trends, stimulate investment and address other problems Zimbabwe is facing, the GNU established STERP. This programme aims to increase investment to sustainable positive growth from 4 to 25% of GDP. In Section Three on Zimbabwe’s Economic Policies, this programme is described as ‘way of fixing the car while driving’. This posits the idea and understanding that an emergency recovery programme has to be in place whilst more substantive policies and programmes are being drawn. STERP recognises the crucial role that investment plays to sustain positive economic growth. There are anecdotal evidence showing that investment interest destined to Zimbabwe has been rising since the establishment of the GNU and STERP. Such evidence is expressed as


Section 1: Investing in Zimbabwe

significant increase in investment enquiries, investment project approvals and attendance on international investment conferences in Zimbabwe. A number of leading countries, China, Pakistan, India, Mauritius, South Africa, Kenya, Nigeria, the UK, USA and Canada are taking advantage of this positive investment atmosphere in Zimbabwe.

Current environment and priority investment sectors in Zimbabwe A number of changes introduced in Zimbabwe in 2009 have brought about a more predictable environment for investment planning. These key changes include: • inflation reduction – since February 2009, inflation has averaged at 3% per annum, and is attributed to introduction of multiple currencies and removal of price controls • relaxation of punitive foreign exchange regulations • partial liberalization of the capital account – investors can now freely remit up to US$5 million in capital appreciation, profits and dividends • adoption of investment-friendly policies and legislation The above more favourable investment conditions and the high levels of investment returns are expected to attract rising numbers of both domestic and foreign investors to key economic sectors in Zimbabwe. These key sectors include: manufacturing, transport and logistics, ICT and knowledge industries, energy, infrastructure, mining, services and distribution, agriculture and tourism. Recapitalisation is one of the greatest investment needs for these sectors. Thus, the following account highlights the main features and the huge investment outlays needed in each of these nine priority sectors. Manufacturing – to February 2009, operating capacity was down to 10%; it has now reached levels of 20-30%. The target is to reach 60% capacity by the end of this year. This is a sector that provides diverse investment opportunities into agro and food processing, textiles, automotives, foundry, machinery and tools. However, access to funding for recapitalisation and working capital remain the main challenge. Transport and Logistics – the biggest gap in this sector is in providing urban transport. However, both rural and urban areas are in need of heavy transport investment. For example, expansion and recapitalisation of NRZ networks and Air Zimbabwe require US$274m and US$750m, respectively. NRZ is seeking partners in order to raise the funds. ICT and Knowledge Industries – this is a very underdeveloped sector, but with great potential in terms of returns and contribution to development. The Indian type investment model to develop software and call centres is believed to be appropriate for this sector. Other important areas that need investment in this sector are data storage networks, integrated solution planning, hardware assembly, multimedia development and rural communications. Energy – is in short production and supply for the whole of southern Africa. In the short term, there is need to rehabilitate Kariba Hydro Power Station. US$900m and US$160m are required for the expansion of Hwange Thermal Power Station and recapitalisation of Hwange Colliery, respectively. In the past, Zimbabwe had experimented with the 4 development of other forms of energy like solar . This and other forms of energy need to be developed; for example, methane gas which can be an important source of energy is available but not developed.

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Infrastructure – a very important sector that encompasses a wide range of areas. Healthcare is an area that needs a major investment to rebuild capacity, expand services and modernise existing healthcare facilities. To complement healthcare in providing good public health, waste management works and water treatment plants need to be expanded and modernised. Other areas of infrastructure that need new investment and expansion or modernising of existing facilities include industrial parks, the road networks and telecommunications. Mining – the sector is endowed with large deposits of minerals. The recent discovery of diamonds, estimated at 16.5 million tonnes, adds to this mineral wealth. However, the sector had suffered extensive closures of mines with huge mineral potential in the past. As such, there are opportunities to invest in new mines or resuscitating old ones. Services and Distribution – the main areas of this sector are retail and distribution, specialist professional services and construction. The sector provides opportunity for the Zimbabwean Diaspora to find new ways to invest in Zimbabwe. Such ways might include investing in Greenfield projects, services in the troubled financial sector or find schemes to ‘pool’ resources for investment. Agriculture – the sector has gone through major changes and whilst it remains a key sector of the Zimbabwean economy, its contribution to GDP has fallen to third place, below services and industry. Investment areas in this sector are diverse into production of food, cash crops, farm machinery, production of greenhouse materials and horticulture. The Diaspora can take advantage of contract farming - a new opportunity in Zimbabwe. Tourism – a sector that used to earn the country large amounts of foreign exchange, but had suffered years of under demand. The challenge now is to modernise existing facilities and develop new ones in appropriate areas across the country. It is important for the revival of this sector to take advantage of the opportunities to be provided by the 2010 World Cup in South Africa. The Zimbabwean Diaspora can take advantage of this opportunity by investing in the upgrading of facilities and become shareholders in enterprises.

Investment opportunities for Zimbabwean Diaspora in Zimbabwe The GNU and international partners like the IOM recognise that engagement and participation by Zimbabwean Diaspora in Zimbabwe’s development is “one of the key strategic areas” for economic development. This recognition is enshrined in STERP which prioritises FDI as a critical input for Zimbabwe’s economic recovery and that the Zimbabwean Diaspora will play a pivotal role in this regard. Such acknowledgement by the GNU of the crucial role the Zimbabwean Diaspora can play in the socio-economic recovery of Zimbabwe is seen as a positive step by many Zimbabweans in the Diaspora who believe these will open doors for more constructive dialogue between the GNU and Zimbabweans abroad to craft an enabling infrastructure for Diaspora investment in Zimbabwe. As discussed above, many key sectors of the Zimbabwean economy are in need of massive investment outlays to return to sustainable capacity. Furthermore, the investment returns in most of these sectors are very attractive. Therefore, the Zimbabwean Diaspora is being encouraged to take advantage of these attractive investment opportunities in their home country. This presentation went further to suggest the following as ways in which the Zimbabwean Diaspora can invest in Zimbabwe: • Diaspora establishing new companies to invest in Greenfield projects • entering into joint venture partnerships with existing companies looking for funding to increase their capacity utilisation

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Section 1: Investing in Zimbabwe

• entering into joint ventures with foreign investors and invest in some of the sectors identified in this report • buying existing troubled companies • buying shares on the ZSE • pooling resources to invest through asset management companies • pooling together resources and invest in small, medium and large enterprises including infrastructure projects Such initiatives would require the commitment and leadership in the Zimbabwean Diaspora to team up and make such invest resources available. Reliable information and technical expertise would also be vital to make sure that the Zimbabwean Diaspora’s contribution to investment and development benefits not only the country, but the investors as well. The GNU would need to work hard to eliminate the barriers and avoidable risks that dissuade the Zimbabwean Diaspora to invest in their motherland. On the other hand, the GNU would need to capitalise on the investment incentives that can attract many Zimbabwean Diasporas to invest in Zimbabwe. Some of these challenges and incentives are outlined below.

Investment challenges and incentives in Zimbabwe At the end of his presentation, Mr Mbaiwa pointed out that whilst the investment climate in Zimbabwe offers great opportunities for potential investors, there are still some acute challenges that need to be addressed. Zimbabwe’s international credit ratings have not improved much, and as such, access to project financing on global financial markets remains very restrictive. On the other hand, despite the dollarisation of the Zimbabwean economy, the internal liquidity market remains choked, without robust circulation to fully meet transactions demand. In addition to these challenges, many years of underinvestment and lack of appropriate maintenance in infrastructural systems resulted in “inadequate infrastructure and other investment enablers such as power, water and telecommunication facilities”. It is important to note that Zimbabwe also suffered many years of severe skills exodus. As a result, the country is deprived of management and technical expertise that is a crucial resource and attraction for investment. As shown in Table 3, business taxation levels which have been an investment deterrent in Zimbabwe in the past, remains relatively high. Table 3: Business Taxation in Zimbabwe

Type of Taxation

Level, %

Corporate Tax Rate

30

Capital Gains Tax

20

Shareholders’ Tax on Dividends • Listed Shares • Unlisted Shares

15 20

Despite the challenges to investment highlighted above, there have been efforts by the GNU to insert some visible fiscal incentives into the economy. It appears there is continuation of the recognition that investment and development can be expatiated across the country by providing investment incentives in growth points. Hence, new projects in manufacturing and infrastructure in growth point areas attract taxation of only 10 and 15 percent, respectively, in the first five years - see Table 4, opposite.

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Table 4: Current Levels of Fiscal Incentives in the Zimbabwean Economy

Category of Fiscal Incentive

%, Tax Level

Growth Point Areas • new manufacturing projects (for first 5 years) • new infrastructure projects (for first 5 years) Industrial Park Developers • first five years • thereafter Taxable Income of a Tourist Facility in an Approved Tourism Development Zone • first five years • thereafter BOOT and BOT Investment Arrangements • first five years • next five years • third five years • thereafter Taxable Income of Company or Trust Derived from Mining Operations Taxable Income from a Manufacturing or Processing Company, which Exports 50% or More of its Product Taxable Income of Holder of Special Mining Lease

10 15 0 10 0 15 0 15 20 30 15 20 25

There is also evidence that GOZ is encouraging and attracting the private sector and privatepublic partnerships to invest and develop Zimbabwe’s infrastructure via BOOT, BOT and BOO instruments. These investment arrangements are afforded attractive fiscal incentives, especially in the first 5 to 10 ten years as shown in Table 4, above. These investment methods were widely and successfully used in the 1990s in the Philippines and other south East Asian countries to development modern infrastructure. Probably, industrial park and tourist facility developers have better fiscal incentives as they have more attractive taxation; herewith given as not to exceed 10 and 15%, respectively (Table 4). In conclusion, Mr Mbaiwa highlighted that, “some nationalities such as Nigerians, Chinese, Pakistanis and Indians are taking the plunge and investing in Zimbabwe across all sectors”; high returns are the main attraction to invest in Zimbabwe; “Zimbabweans in the Diaspora should seriously consider participating in the economic development of their country; and ZIA is there to help the Diaspora to navigate and explore the investment opportunities in Zimbabwe”.

Investment Perspectives from the ZSE The second presentation on investment in Zimbabwe by Mr Munyukwi focused at the perspectives of the ZSE and addressed issues that include: 1. 2. 3. 4. 5.

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Formation, history, structure and role of the ZSE Regulation of investment and current market participants on the ZSE Macroeconomic environment and listed companies on ZSE Performance of ZSE since the dollarisation of the Zimbabwean economy General outlook of the economy and investment on the ZSE


Section 1: Investing in Zimbabwe

Mr Munyukwi set off by highlighting that a stock exchange in any country mirrors its economic activity. With respect to Zimbabwe however, until February 2009, the economy was on a free-fall whilst the ZSE experienced the biggest rise. Zimbabwe Stock Exchange CEO Emmanuel Munyukwi presenting on investment activities at the ZSE

Formation, history, structure and role of the ZSE The formation of the ZSE towards the end of the 19th century and the history that followed are associated with five main events. The first Stock Exchange was established in Bulawayo in 1896 and a second one was established in Harare in 1951. It was not until 1974 that the Stock Exchange Act was passed in the then Rhodesian Parliament. This Act was revised in 1996. And the last one, the Securities Act was passed in 2004. These Acts helped to organise the ZSE into four structural areas; namely the registered securities exchange, selfregulatory organisation, members’ rules and demutualization. The ZSE performs two main market functions within the Zimbabwean economy. Firstly, it helps the productive sectors of the economy to raise and allocate capital efficiently. Secondly, it mediates a price discovery mechanism in an efficient and transparent way to facilitate the selling and buying of company shares, stocks, equity and securities.

Regulation of investment and current market participants on the ZSE Market functions at the ZSE are performed within a regulatory framework that is based on the Securities Act, listing requirements, international accounting standards and a monitoring panel. The ZSE is self-regulatory and still abides by international accounting standards. This makes it convenient for international investors to monitor and evaluate their investments. It also helps investors to make international comparisons of investments in Zimbabwe. The market based functions and a regulatory framework that upholds international accounting standards have also ensured that the range of investors on the ZSE remained diverse to include institutional investors (mutual funds and fund managers), individual investors, foreign investors, issuers, and intermediaries (stockbrokers and sponsors).

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Macroeconomic environment and listed companies on the ZSE Mr Munyukwi’s presentation demonstrated that despite the above encouraging function and regulatory framework of the ZSE, the Zimbabwean economy had shrunk and remains very small. Table 5 below shows three key indicators of the Zimbabwean economy. Despite a decade of massive exodus into the Diaspora of up to 6 million people5 and a high mortality from HIV/AIDS related deaths, the Zimbabwean population has remained increasing from about 12 million in 2000 to current estimates of 13.5 million people. Table 5: Key Economic Indicators

Population (millions, current estimates) GDP (USD billions), 2007 Sectoral Volume Added (% GDP), 2005 • Agriculture • Industry • Services

13.5 3.2 19.1 23.9 57.0

GDP was recorded at US$3.2 billion in 2007. This reflects a deep fall in the economy since 6 2000 when the figure was about US$6 billion . Marked changes have happened in sectoral contribution to the GDP. Before 2000, agriculture contributed more to GDP than industry. 2005 figures show that agriculture now contributes less than both industry and services. This information is complimented by data in Fig. 1, below. This figure shows the composition of company listings at the ZSE. Although not all information is given here, it reflects the position portrayed in Table 5, above. Finance and insurance occupy 18% of the listings. This figure would be much higher if other services were included. It is also evident that mining had become quite depressed. Figure 1: Listed Companies at the ZSE by Sector

Performance of ZSE since the dollarisation of the Zimbabwean economy The dollarisation of the Zimbabwean economy became effective in February 2009 and the ZSE had to re-index its listings. Thus, Mr Munyukwi’s presentation provided data for the period between February and August 2009. Over this period, total market capitalisation rose from US$1.37 billion in February and picked at US$3.89 billion June. Thereafter, it fell to about US$3.43 billion in August. Market turnover and volumes followed a similar pattern. Market turnover rose from about US$0.5 million in February and picked at US$5.7 million

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Section 1: Investing in Zimbabwe

in June. It fell thereafter to US$4.5 million in August. Market volumes started at US$6.8 million in February and picked to US$804 million in June. There was a fall in July and August to US$425 million and US$309 million, respectively. The next three tables show some of the main performers on the ZSE. Table 6 gives monthly closing industrial and mining indices from February to August 2009. Mining and industry have always been very important sectors of the Zimbabwean economy. The monthly closing mining indices had out performed the industrial indices over this period. However, the out performance in mining over industry had been associated with more fluctuations. Table 6: Monthly Closing Indices on the ZSE, February–August 2009

Month; No of points Index Industrial Mining

Feb

Mar

Apr

58.56

67.73

99.81

81.88 158.81

126.31

May

Jun

Jul

Aug

139.53 154.42

148.48

137.06

288.47 271.65

222.55

192.80

Table 7 below shows the performance of the top 5 market movers under the period in review. This table also shows that the share prices for the three best performers, Hippo, Natfoods and Seedco, fluctuated much from May after a continued rise in value since February 2009. CBZ and Cafca’s share prices have been trading at relatively low levels but maintained some stability over this period. Most market movers are companies from the mining, agriculture, manufacturing, tourism and information technology sectors. The first four are sectors of traditional importance to the Zimbabwean economy. Information technology is a new and rapidly growing sector. Some of the factors that are helping market movers include discounted prices, emerging market rating and no currency risk due to the denomination in US dollars. Table 7: Top Movers on the ZSE, February–August 2009

Company Listings

Feb

Mar

Month, US cents June Apr May

Jul

Aug

Hippo

5

18

133

26

55

100

85

Seedco

-

5

22

80

70

75

75

Cafca

2

15

22

21.1

23

23

20

Natfoods

12

24

110

52

90

100

110

CBZ

2

2.8

12

3

10

14

14.2

The top 5 market shakers are given in Table 8, below. The most significant losses in market share price within a month (February-March) were recorded with Edgars and Pearl; 70% and 62.5%, respectively. In the period from April 2009, they all stabilise at low market share prices, with the exception of Edgars which had seen a rise from April to May and a continual decline thereafter.

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Table 8: Top Shakers on the ZSE, February – August 2009

Company Listings

Feb

Mar

Month, US cents June Apr May

Jul

Aug

Redstar

5

0.4

0.6

1.2

0.7

0.6

0.5

Pearl

8

3

3

3.1

3

3

1.8

Edgars

10

3

2.5

5

4

3.5

3.2

NTS

5

1.5

2

2

2

1.6

1.5

Mash

4

1.6

1.5

1.5

1.3

1.5

1.2

General economic outlook and recovery of the Zimbabwean economy Mr Munyukwi concluded his presentation by looking at the general economic outlook and recovery needs of the Zimbabwean economy. Table 9 below shows the short-term recovery budget requirements of the economy by sector. These figures are way off the capacity of the economy at the moment to raise them from internal or fiscal resources. Agriculture, industry, water and electricity require huge short-term budget outlays in order to recover. Table 9: STERP Budget Requirements of the Zimbabwean Economy by Sector

Sector

STERP Budget US$, millions

Agriculture

980

Specially targeted vulnerable groups

100

Education

440

Health

300

Water & sanitation

740

Local authorities

255

Support Industry

1150

Electricity

370 to 2000

The current level of internal resources and international support fall short of this budget. Therefore, other ways have to be found that can help to meet these short-term budgetary requirements to ensure a quick recovery of the economy. Recent corporate results show positive signs of recovery which are also an attraction for investors. These signs include strong monthly volume growth, rising capacity utilization, move into profitability and rising bank deposits. The need for company recapitalization in working capital and retooling is a good opportunity in which the Zimbabwean Diaspora can take investment advantages. These opportunities exist in many rewarding areas where some market movers are found, like mining. As shown below, the mining sector has extensive amounts of different types of mineral reserves. With appropriate investment, this sector can offer both high returns and remarkable contribution to Zimbabwe’s economic recovery and development.

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Section 1: Investing in Zimbabwe

Table 10: Market Movers - Mineral Reserves in the Mining Sector in Zimbabwe

Mineral type Amount of reserves in million tonnes (unless stated otherwise) Gold Platinum Chromites

13 2 880 930

Nickel

0. 761

Coal

1 300

Diamonds Coalbed Methane

16.5 39 billion cubic metres

In addition to the above, Zimbabwe is also rich in other mineral reserves of worldwide economic importance. For example, it is one of the few countries that have and produce white asbestos that are in high demand in the manufacturing of break-pads for automobiles in Japan, Europe, India, China and North America. Nevertheless, the economic and investment environment remains threatened by factors like political and macroeconomic instability, some exchange controls, investment legislation and investment protection agreements that tend to pose barriers to would be investors. Despite this, the opportunity for investing is there and ripe.

The Zimbabwe delegation listen to a presentation during the Conference

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Zimbabwe’s Economic and Diaspora Engagement Policies Section 2:

The preceding section has given an extensive discussion of the proceedings of the first theme of the Conference that looked at the current investment climate and opportunities in Zimbabwe. Further to this, conference delegates and participants were interested in knowing what policies the GNU has been putting in place in order to bring about a turn-around of the Zimbabwean economy and make the environment in the country more conducive for investment and development. On the other hand, the ZDDI had hoped for a long time for an opportunity to engage with the GNU in order to understand how the Zimbabwean Diaspora could contribute to the reconstruction of Zimbabwe. As such, ZDDI found such opportunity by hosting this Conference to bring together various stakeholders interested in the welfare of Zimbabwe, including other Zimbabwean Diaspora groups, and representatives of the GNU and HMG. Hence, this part of the Conference tabled a dialogue on the GNU’s economic and Diaspora engagement policies.

‘Fixing the Car While Driving’ – Priorities for Zimbabwe’s STERP Mr Muriritirwa who spoke first on this theme set off by giving the institutional background to the GNU. There are three executive arms of government in Zimbabwe: The President, The Prime Minister, and the Cabinet. The OPM was established on the Mandate of the GPA, Article 20.1.4. The Prime Minister chairs the Council of Ministers and is the Deputy Chairperson of the Cabinet. As such, the PM is also responsible for overseeing government policy formulation, policy implementation; discharging functions of the Leader of Government Business in Parliament; and reporting regularly to the President and Parliament. Figure 2: Structure of the Office of the Prime Minister

The graphic illustration (Figure 2) from Mr Muriritirwa’s presentation of the institutional structure of the PMO shows that the two Deputy Prime Ministers, the Council of Ministers, the Secretary to the Prime Minister and the Council of Ministers, and the Minister of State in the PMO are all part of the PMO and are responsible to him. Figure 2 also shows that the Diaspora Coordination Unit, which is led by Mrs Faith Nharara, falls within the Policy

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Section 2: Zimbabwe’s Economic and Diaspora Engagement Policies

Implementation Directorate which, in turn, is part of the PMO and Council of Ministers and led by Mr Muriritirwa. Mr Lazarus Muriritirwa explaining to the Conference on the structure of the OPM

This presentation gave the analogy of Zimbabwe as a ‘bleeding patient’ and the immediate action required of the GNU is to ‘stop the patient from bleeding’. As such, STERP was designed as a 100-day Global Working Programme, referred to as a way of ‘fixing the car while driving’. Interventions and measures have been put in place and there are key results which need to be achieved in clusters such as human rights, the economy and security. The interventions and measures need to be managed, monitored and evaluated. Soon after the GNU was established in February 2009, ministers from across the political divide met at the resort town of Victoria Falls to discuss priorities that need to be achieved in the various clusters. Setting aside political difference is part of interventions and measures required for Zimbabwe’s recovery.

Setting Priorities for Zimbabwe Emergency Stabilisation Programme As pointed out in the foregoing paragraph, at Victoria Falls ministers had to identify priority areas within various clusters for both stabilisation and recovery programmes for the country. Elaborative specific details of these priority areas are given in the ensuing sub-sections. Priorities for economic recovery include: • basic food price stabilisation which can be achieved through multi-currency regulation • increasing the revenue collection from US$4 million to US$120 million per month • establishing new lines of international credit • initially positioning Zimbabwe as a viable investment destination • establishing a framework for co-ordinating with development partners • improving industrial capacity from 10% to between 20-30% (the target being 60% by December 2009) and, as a result of this, recovering jobs Priorities in international relations include: • general thawing in relations with IMF, World Bank, EU, north America and others • improving and increasing co-operation with the above • replenishment of foreign exchange reserves – IMF’s US$510 million was a major boost to this. There is potential to tap into the G20’s US$720 billion • rehabilitation of the country while restrictive measures still in place (the visit of the EU troika is a sign that confidence is growing), but debt is a major problem for the country

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Priorities in infrastructure include: • restoring water supplies to all major cities • repairing all national and trunk roads (this agenda is currently progressing) • restoring traffic light functions • ensuring the Kariba power station is operational • working on the Hwange power station • liberalising fuel supplies and procurement • establishing one-stop border post with the Republic of South Africa Priorities in human rights and interests include: • constitution-making is underway • organising for national healing and reconciliation • filling the commissioner posts stipulated in the GPA • partial opening of media spaces Priorities in social services include: • reopening all major referral hospitals • increase in availability of drugs/medical supplies (improvement of 40% with a target of 60%) • re-opening of all schools with a return of teachers (despite salary problems) and students to classes and return of lecturers to UZ • marking of outstanding examination papers and return to sitting of examinations (considerable improvement has been achieved with the clearing of a 2 year marking backlog and the sitting of examinations in June 2009) • in terms of public sector pay, moving from allowance to salary regime (and, more broadly, showing appreciation of public sector workers who remained in the country despite the instability) Challenges to Zimbabwe’s Emergency Recovery Programme In addition to priorities for stabilisation and recovery given above, ministers also identified the challenges facing Zimbabwe which are likely to retard recovery progress. These include: • liquidity constraining economic growth • total debt of US$ 5.7 billion (including US$3.7 billion in arrears) • slow progress in implementing GPA is affecting credit lines and pledges • under-rewarding of key public service workers such as doctors, nurses, teachers • delays in launching the land audit affect investment and resource mobilisation to farming • continued farm disruptions impact on farm production and investment • agriculture is still the most under-resourced

‘Can Zimbabwe Work Again?’ – From Stabilisation to Recovery Five priorities have been identified into Government Work Programme for 2009/10 to enable the country to move from stabilisation to recovery, as follows: • a new constitution with respect for the rule of law and human rights; • economic stability (including food security) progressing to economic growth; • sustaining basic social and economic services; • land audit and agricultural reconstruction; • comprehensive national healing and reparations for losses.

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Section 2: Zimbabwe’s Economic and Diaspora Engagement Policies

These priorities are part of Figure 3 below, which shows details of key areas identified by GOZ as needed to be restored urgently to enable the country to move from stabilisation to recovery. Figure 3: GOZ Priorities for Stabilisation and Recovery of Zimbabwe, 2009-10

Furthermore, in order to regain confidence from both domestic and foreign investors into long-term investment, Zimbabwe needs to demonstrate the following ten characteristics of a winning state: • • • • • • • • • •

have rule of law and security of property rights predictable and consistent basic macroeconomic policy savings of more than 25% of GDP with investment targets above this level sound microeconomic policies that can deal with trade a flexible and open labour market establishing strong but not necessarily independent central bank management of resource endowments to ensure benefit to communities positive current account and strong BOP reserves equitable income structure control and management of corruption, crime and personal safety

To conclude his presentation, Mr Muriritirwa explained the highlights of the legislative reform agenda of the GNU. The areas that are included in this reform agenda are illustrated in Figure 4 opposite.

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Figure 4: Zimbabwe’s Legislative Reform Agenda

The Legislative Reform Agenda has various acts and bills to be considered. Most of these bills and acts were to be debated in the Second Session of the 7th Parliament of Zimbabwe 2009.

‘This is a Workshop of Ideas' - Zimbabwe needs its Diaspora for Growth and Development Minister Moyo, who was the keynote speaker and also head of the Zimbabwean delegation to the Conference, started his speech by emphasising that it is important for the GOZ to engage the Diaspora, including Zimbabweans living in the UK. This is crucial in order to bring people together in a 'workshop of ideas' to find solutions to the problems facing Zimbabwe – “I believe that ideas run the world; ideas transform the world and ideas change the world. I therefore would like to emphasize from the outset that I am here to listen to you more than just speak to you”. He pointed out that it is necessary, though, to recognise that, in Zimbabwe, there is currently a transitional arrangement, an unconventional government brought about by the agreement of 15th September 2008. The GPA is a birth certificate and a topographical map, actively documenting behaviour, attitudes and activities of Government. Minister Moyo believes in the Inclusive Government and that it has to perform. He joined the Government because the idea of a new constitution, which would replace the archaic Lancaster House Constitution, was 'seductive'. The new constitution-making task must not fail; if it does, there will be no need for an inclusive government. August and September were wasted months in terms of the constitutional process but the process has been delayed, not derailed. Most problems in Zimbabwe can be traced back to the flawed constitution. Zimbabwe can learn from South Africa's experience but should remember that South Africa has its own challenges. Making a new constitution will not be easy but it must be done as a people-driven constitution. It must also lead to elections and a people's

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Section 2: Zimbabwe’s Economic and Diaspora Engagement Policies

government. The current Government is a government by compromise. The issue of democracy is enshrined in the GPA, 60% of which is about the rule of law and rights. Opening up of the media would be a way forward. As the GPA requires, there will be a land audit which will be concerned with increasing productivity, issues of multiple farm ownership, security and transparency. Ministers need to be engaged in stabilising the economy, especially those in the previous government. If Zimbabwe had been a company, it would have been closed down. There needs to be movement from stabilisation to growth and this is where Zimbabweans in the Diaspora should be engaged. On this, he pointed out that: “Such a transformation cannot be achieved by the Government alone. For us to rebuild our shattered economy and restore basic services and freedoms to the people we require support from the region, the international community and, most importantly, you in the Diaspora. Your unique combination of home-grown knowledge and international skills and talents means that your current and potential contributions are vital if we are to succeed in building the Zimbabwe of tomorrow. You have a crucial role to play not only in economic development, but also in the other processes that are vital to securing the country’s future. In particular, the process of writing a new constitution needs the involvement and contributions from Zimbabweans in the Diaspora. This is based on, not just the sheer numbers of our people living in foreign countries, but also the fact that a Zimbabwean should be considered a citizen of his or her homeland regardless of which country they reside in. This is a principle that I know is very close to the Prime Minister’s heart and he will fight to ensure that your voices are heard and your rights are entrenched in a new constitution”. The country has to normalise international relations. Minister Moyo pointed out that, “despite what is often claimed, there are no sanctions directed at Zimbabwe. Zimbabwe can import and export freely”. However, financial penalties have been imposed because of its failure to honour its obligations such as paying arrears to financial institutions. What are often referred to as sanctions are travel bans and freezing of assets directed at 203 individuals. However, there are 'de facto sanctions' in the sense that investment has not come into Zimbabwe because it is seen as high risk and the Government does need to deal with this. In fact, Zimbabwe's worst problem in achieving growth is its risk profile. Minister Moyo emphasising several points on the importance of engaging the Zimbabwean Diaspora in the UK in Zimbabwe’s reconstruction and development

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Currently, Zimbabwe does not have the capacity to repay its debt and it would be immoral to do so now. The Ministry of Finance is, therefore, working on an arrears clearance strategy which will aim to get financial institutions to reschedule or cancel the debt. Zimbabwe needs to be categorised as a highly-indebted poor country (HIPC) which would help towards debt cancellation, being accepted into the poverty reduction programme and the opening up of credit lines. Evidence of Zimbabwe's HIPC status is the low salaries it pays teachers which are below the level of the money needed to pay school fees. The PMO is currently working on a Diaspora Policy document and, in quote, its major highlights are: • “Developing a comprehensive database of Zimbabwe’s Diaspora both within the SADC region and further afield • Creating formal, transparent and lucrative channels of investment and economic participation by the Zimbabwe’s Diaspora in the task of the country’s socioeconomic recovery • Luring back members of Zimbabwe’s Diaspora and other foreign nationals • Resolving the citizenship and voting rights issues of Zimbabwe’s Diaspora in order to create mechanisms to prepare them for participation in the country’s economic recovery as well as in all the country’s elections and referendums, using the on going constitution making processes • Engaging Zimbabwe’s Diaspora to take an active role in the process of rebranding the nation of Zimbabwe so that it can be admitted honourably in the ambit of the Global community of nations”. The Diaspora Policy document will cover other areas to include issues like remittances, voting rights and citizenship (taking into account that some expatriate Zimbabweans may have lost their citizenship to their host countries but still feel strongly about development issues in Zimbabwe), and participation in programmes such as national healing and the constitutional development process. In concluding his speech, Minister Moyo challenged the Conference by demonstrating that the GNU was much prepared to engage with the Zimbabwean Diaspora in a very constructive manner by emphasising that: “There are opportunities in Zimbabwe for you, whether you choose to come home or take advantage of them from abroad. But to make the most of these opportunities, you need to present professional, coordinated and comprehensive policy positions to help inform and guide the Government’s policies towards engaging the Diaspora. Having established these as our priority areas [given above for the Diaspora Policy], I now look forward to hearing from you, to receive your input as to the suitability of these areas of focus and how we can best move this process forward. By working together we can rebuild our beautiful country”.

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Section 3: The UK’s Development and Migration Related Support to Zimbabwe

The UK’s Development and Migration Related Support to Zimbabwe

Section 3:

The third part of the Conference focused at the support that is being provided by the UK’s HMG to Zimbabwe and Zimbabweans in the UK with respect to development and migration. The three speakers from the FCO, DFID and UKBA outlined different aspects of the UK’s development and migration support vis-à-vis the GNU’s development work and the link between migration and development within the Zimbabwean Diaspora in the UK.

Representatives of Her Majesty's Government - from left John Dennis, Head of the Zimbabwe Desk at the Foreign and Commonwealth Office, Rob Shooter of the Department For International Development, and Dee Bourke of the UK Border Agency

Not to ‘Wait and See’ but to ‘Engage and See’ In his speech, Mr Dennis, Head of the Zimbabwe Unit at the FCO who was also head of the UK delegation to the Conference, gave some general views of the UK on developments in Zimbabwe. He outlined the following points: • Zimbabwe is facing challenges and the GNU is an opportunity to bring legitimacy • GPA presents a clear framework for achieving Zimbabwe’s objectives • On bilateral relationships, HMG is not adopting a ‘wait and see’ but rather an ‘engage and see’ attitude. The engagement process has in part seen the Zimbabwean Prime Minister visiting the UK in June, this year

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• There have been some positive developments noted and some of these are: resumption of education, improvement in the medical / health sector, and positive political developments as seen in the release of prisoners and appointment of MDC ambassadors • Clearly there is further to go on land as seen from the periodic land invasions • In respect of the Travel Ban, these restrictive measures affect 203 individuals and 40 named companies that have been involved in violence • As for trade, the UK remains to be Zimbabwe’s second most important trading partner. However, it should be noted that business is indeed driven by business people’s confidence • The Diaspora is encouraged to engage and help in shaping the new Zimbabwe. ‘We Continue to Support’ but the Diaspora will be Partners in Zimbabwe’s Development Mr Shooter’s speech focused at the work and support DFID provides to Zimbabwe and Zimbabwean migrants, particularly refugees. He outlined the following points: • DFID provided £49 million, mainly as humanitarian aid to Zimbabwe in 2008/09, and it is hoped this support will come to £60 million • The support has also been in the form of food aid as well as support for returning refugees • Some of the assistance has been in form of support for HIV/ADIS initiatives; for example, providing condoms and assistance for vulnerable children • DFID has been involved in preparations and engagement with other donors to help in hunger alleviation • There has been some funding to priority areas for staff retention programmes, particularly in the health sector for key health workers • While there is need for being positive, there is also need to acknowledge the present challenges. Cognisant of these realities, DFID is ready to provide further support as more progress is seen • Funds are also being made available through UNICEF for education assistance as well as helping in building capacity of the Inclusive Government. In addition, HMG is also using its positive influence on the donor community and financial institutions to reengage with Zimbabwe • In the long run, the Diaspora can play a key role in the development of Zimbabwe. To assist in this respect, £18 million has been set aside to fund small Diaspora movements in Africa.

‘Come and Talk to Us’, the Diaspora in Circular Migration Ms Bourke started her speech by acknowledging the importance of migration to the UK and the immense contribution that migrants make to the UK’s economy. She also highlighted the important work of the UKBA in ensuring a robust managed migration system for the UK. She then outlined the following points: • Migration is a key priority for the UK and Zimbabwean Governments • Zimbabweans have been key players in the health and education sector in the UK • HMG is committed to continue providing asylum for those who need this but there is also a preference that those who have no right to be here to return voluntarily. This is to be done in as humane a way as possible • The points-based migration system provides opportunities for study and work in the UK

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Section 3: The UK’s Development and Migration Related Support to Zimbabwe

• A package for assisted voluntary return (AVR) has been made and this includes air fares, integration fund to help with accommodation on return, cash payment on departure as well as funds for schooling and basic commodities. To date, 100 people have returned to Zimbabwe having taken the AVR package • Migration is in the long term interests of the UK as well as the Zimbabwean governments. In this regard, circular migration can provide opportunities for people to train, retrain, and return home for a few months or a few years without losing their UK status. There is ongoing consultation on this and an open invitation on behalf of the UKBA, “to come and talk to us”, was extended to the Conference. Following these presentations and speeches, there was a panel discussion, question and answer session, brief speech on the vision and role of the ZDDI by Mr Msekiwa Makwanya (the ZDDI Coordinator) and a recapping of the days deliberations and a vote of thanks by Dr Alex T Magaisa (the ZDDI Chairman), see Section Five of this Report. This drew the Conference to a conclusion. Mr Msekiwa Makwanya – ZDDI Coordinator highlighting the structure and functions of ZDDI’s focus groups to the Conference

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Section 4:

Discussion of Critical Issues

This Section of the Report focuses at the critical or key issues that were raised during conference presentations, speeches, panel and open discussions with participants. Most of these issues set forth the ground for further debate and dialogue and are central to determine what the Zimbabwean Diaspora should be aware of and can do with respect to investment, development and migration in relation to Zimbabwe. In general, despite some visible fiscal incentives and high returns in some areas of investment that were highlighted from Mr Mbaiwa’s presentation in Section One of this Report, business taxation in Zimbabwe still remain high. In an environment that is regarded as widely unstable, this could be an added deterrent to would be investors. As has often been the debate around taxation, there is need for critical discussion on what would be the optimal fiscal incentive levels that can ensure long-term investment both from domestic and diasporan investors. For example, it is not clear what would happen after the first 5 years to investments in new manufacturing and infrastructure projects in growth point areas. Are the initial 5 years of fiscal incentives long enough to provide investment attraction in some of the remote growth point areas in Zimbabwe, where often demand is restrictive due to population size? From left: ZDDI facilitators Dr Livingstone Musoro and Mr Bhekimpilo Chatira with the Zimbabwe delegates, Mrs Faith Nharara and Mr Lazarus Muriritirwa, Mr Edwin Mandaza (Zimbawe Deputy Ambassador in London) and Dr Alex Magaisa, listen to a presentation during the conference

The debate should recognise that often lower taxes attract greater investment levels and widen the tax base. This is healthy not only for tax revenues, but also for economic expansion, growth and development. In many developed economies, attractive low taxes encourage a multitude of small businesses that sustain economic growth and employment a greater number of people than large businesses. As such, the question that should be asked here is whether the current fiscal incentives are robust enough to attract the kind of investment Zimbabwe needs to ensure a sustained path to recovery and long-term growth and development. Furthermore, continued engagement of the Zimbabwean Diaspora with GOZ should help to explore other commercial incentives that can attractive and sustain more investment inflows from the Diaspora and conventional investors outside Zimbabwe.

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Section 4 Discussion of Critical Issues

The conference attracted Zimbabweans from a wide range of professions. Pictured, from left: SW Radio Africa's Hot Seat anchor Violet Gonda, University of Westminster media lecturer Dr Winston Mano, and Coronation Finance CEO Lance Mambondiani

A lot of people in the Zimbabwean Diaspora do not have investment or financial knowledge; neither is it clear to them what investment opportunities are there in Zimbabwe. Information on how, what, where and when to invest is more difficult to get for a lot of people in the Diaspora. Thus, this lack of knowledge and robust investment information plus fear of the risk that might be involved result in the ‘investment stay-away’ that we see from the Zimbabwean Diaspora. Clearly, the discussions from the two presentations on Investment in Zimbabwe at this Conference were very informative and encouraging. This was demonstration that such dialogue and engagement with the Zimbabwean Diaspora is very helpful in providing ‘tangible’ investment information and clearing a lot of uncertainties surrounding this topic. This was the first step in the right direction. Nevertheless, there is a need for more robust investment information to be available to the Zimbabwean Diaspora via better dissemination strategies between ZIA and ZSE and the Diaspora. Currently, there is no clear framework in which ZIA and ZSE can favourably engage the Zimbabwean Diaspora on investment opportunities and needs in Zimbabwe. On the other hand, the Zimbabwean Diaspora needs to take the calls from ZIA and ZSE seriously and get together to pool investment resources and establish viable investment vehicles. As highlighted in Mr Mbaiwa’s presentation, the Zimbabwean Diaspora should be more aggressive in joining those from other nationalities who are “taking the plunge and investing in Zimbabwe across all sectors”. There are a lot of resources within the Zimbabwean Diaspora that can make a real difference to Zimbabwe’s investment needs. It is hoped that the Zimbabwe Diaspora Policy will develop an enabling framework in which the Zimbabwean Diaspora can fully participate in investment opportunities in Zimbabwe via the ZIA and ZSE. The Diaspora Policy should also make its priorities clear as to whether it should be a policy to manage and control or to attract investment participation from the Zimbabwean Diaspora. Zimbabweans abroad who care about the affairs of their motherland are probably eager to see what the Diaspora Policy and the new constitution would provide to recognise and welcome the importance of the Zimbabwean Diaspora in the development and well-being of Zimbabwe.

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Minister Moyo and his delegation clarifying some critical points during the panel discussion

The figures provided in Mr Munyukwi’s presentation demonstrate that the performance of the Zimbabwean economy during the first 100 days of the GNU had been remarkable. This is witness to the potential the Zimbabwean economy has when the right investment conditions prevail. However, the downturns in the two months prior to this Conference seem to signpost not only the need to be cautious but also to understand the reasons behind them and whether this becomes another trend. Furthermore, the STERP sectoral budget requirements of the Zimbabwean economy presented in Table 9 are beyond the current levels of GDP that can go into investment; yet the GNU’s access to international credit remain very restricted. This implies that Zimbabwe does not currently have enough domestic resources to meet its sectoral investment requirements. Therefore, investment by the Zimbabwean Diaspora into some of these sectors of the Zimbabwean economy could provide the desperately needed resources to ensure recovery. Thus, investment authorities in Zimbabwe should consider strategies for more aggressive investment marketing of these sectors to the Zimbabwean Diaspora. It is also important to note here that the self-regulatory mechanism and the international accounting standards that ZSE operates within are added advantage. The later makes it convenient for those in the Diaspora who would be able to monitor and evaluate their investments using international comparative scale. Another crucial aspect that needs to be addressed and understood is the question of the dollarisation of the Zimbabwean economy. So far, the first few months of the operations of the GNU within an environment of multi-currency have been quite encouraging. There has been visible improvement in many areas of the Zimbabwean society. What is not clear is whether multi-currency economic management will prevail for an extended time and remain at the heart of economic policy or this will change suddenly. What are the implications of uncertainty or a sudden change from dollarisation or multi-currency back to national 7 currency policy? Does Zimbabwe consider joining SACU free trade and common currency areas in the near future? A lot of people both in Zimbabwe and abroad would be wondering what course of action the GOZ is going to take in this respect. Clarity on this issue will be vital.

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Section 4 Discussion of Critical Issues

Much of Mr Muriritirwa’s presentation in Section Two demonstrated how important it was for ministers to identify priority areas and come up with targets to work towards in order to bring about stabilisation and recovery of the Zimbabwean economy. Steps taken to work across the political divide are very encouraging. It is hoped that this will also encourage the Zimbabwean Diaspora to work together for the progress of Zimbabwe. This presentation also identified the challenges to Zimbabwe’s STERP. However, one crucial aspect that is not clear here is how the country is going to address these challenges. There are serious challenges to be addressed; for example, a total debt of US$ 5.7 billion exceeds total GDP. Thus, repaying this in the current situation is a grandiose task. On the other hand, it is important to examine critically whether signing to HIPC or mortgaging the country further on IMF/WB or international debt would be ideal for Zimbabwe. Minister Moyo raised crucial points with respect to the work of the GNU and its relationship with the international community and the Zimbabwe Diaspora. Unresolved constitutional issues may compromise possibility of the GNU’s to engage constructively with the Zimbabwean Diaspora. Many people who settle in the Diaspora often lose their sense of belonging due to experiences of the unpleasantness of not fitting into either of the two worlds – home and the Diaspora. The Minister’s acknowledgement that a Zimbabwean should be a citizen of Zimbabwe regardless of country of residence is fundamental in enshrining a sense of belonging to the Zimbabweans in the Diaspora. The Minister’s further acknowledgement of the important role the Zimbabwean Diaspora can play in the reconstruction, transformation and development of Zimbabwe is very encouraging. Beyond these, it should be recognised that the Diaspora can be a positive force in rebranding, promoting and lobbying for their motherland in international circles. This Conference is witness to this. The ZDDI, managed to bring together representatives from HMG and the GNU to deliberate on the welfare of Zimbabwe and Zimbabweans in the Diaspora. There is hope that this Conference was the beginning of many such dialogues between the Zimbabwean Diapsora and many other stakeholders who are concerned with the progress of Zimbabwe. The key issues raised by the three speakers from HMG departments are summarised in the titles of their speeches: ‘not to wait and see but to engage and see’, ‘we continue to support but the Diaspora will be partners in Zimbabwe’s development’ and ‘come and talk to us the Diaspora in circular migration’. They sum up the willingness of HMG to engage with the GNU and the Zimbabwean Diaspora. There is no doubt that HMG takes the aspirations of the Zimbabwean Diaspora to contribute to the reconstruction and development of Zimbabwe seriously and is willing to assist. The HMG recognises the Zimbabwean Diaspora as a migrant population that has potential to contribute immensely to both the UK and Zimbabwean economies. For this potential to be realised fully, there is need to develop a three-way coherent framework for Diaspora engagement between the GNU, HMG and the Zimbabwean Diaspora. Thus, it is hoped that this Conference threw the first foundation stone on which the rest can be built on.

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Outcomes, Recommendations and Conclusions

Section 5:

General Overall, it can be safely concluded that the conference met its general purposes and objectives. The conference’s major purpose was “to positively influence debate amongst the Zimbabwean Diaspora in the UK about the importance, and interconnectedness of migration and investment for development in Zimbabwe was safely met” (Project Proposal). There was informed discussion between and amongst key stakeholders on the investment opportunities available in Zimbabwe and how the Diaspora could play a role in the reconstruction of the Zimbabwean economy. The Conference gave an opportunity for Zimbabweans in the UK to meet face to face and interact with key policymakers from both the public and private sectors in Zimbabwe and also the UK. The Conference was held in a generous spirit and participants commended the ZDDI for the professionalism and efficiency with which the Conference had been conducted. This was testament to the energy and creativity and sacrifice made by members of the ZDDI who were involved in the organisation of the Conference. Dr Alex. Magaisa recapping on the proceedings and of the day and preparing to give the Vote of Thanks to the Conference

Taking the Diaspora Seriously - GOZ’s Relationship with the Diaspora Prior to the Investment Conference, the single most significant event at which the Zimbabwean Diaspora had met with representatives of the Zimbabwe Government was in June 2009 when Prime Minister Morgan Tsvangirai visited the UK. At that time, the PM’s call for Zimbabweans to return home was not warmly received by some sections of the crowd in attendance. This may have given the unfortunate impression that the Zimbabwean Diaspora was not interested in participating in the affairs of the country, including investment, development and migration related skills circulation. This Conference was organised against this background of apparent uneasiness in the relationship between the Zimbabwean Diaspora and the GOZ. It was important for the Diaspora to use this opportunity to demonstrate that it deserves to be taken seriously. Judging from the responses of the Zimbabwe delegation led by Minister Moyo, it is plain that the perception of the Government towards the Diaspora was significantly transformed at this Conference. As the feedback has shown, this is an event which demonstrated the will

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Section 5: Outcomes, Recommendations and Conclusions

and commitment of Zimbabweans towards their country and discussions were conducted in a mature and dignified manner, something that certainly attracted the positive attention of and commendation from Minister Moyo, representing the GOZ. It can safely be said that this Conference broke new ground in terms of relationships between the GOZ and the Diaspora and there is a positive feeling that the Diaspora will be taken more seriously, as the communication from members of the delegation demonstrates.

Investment Both Mr Mbaiwa and Mr Munyukwi highlighted the opportunities that are available for investment in Zimbabwe. These opportunities exist in every business sector, including mining, agriculture, manufacturing and finance. A key problem currently being faced by business in Zimbabwe, including those listed on the ZSE is undercapitalisation. A proposition was made for the creation of an investment vehicle/s through which the Zimbabwean Diaspora can participate more actively in the economy by investing in the existing and new business where opportunities are readily available. In the aftermath of the Conference, there have been moves by participants, including members of the ZDDI to create such investment vehicles. Others who were present highlighted the investment structures that have already been created for those purposes. There are also indications from the PMO in Zimbabwe of increased enquiries and consultations by Zimbabweans who attended the Conference about investment opportunities and ideas. To the extent that there has been raised interest and active engagement of this nature, one of the Conference’s main objectives has been satisfied.

Constitution One of the key issues raised by Minister Moyo is the constitution-making process in Zimbabwe. He highlighted this as one of the major concerns and priorities of the Inclusive Government. It is necessary not only to facilitate the creation of a new constitutional dispensation and governance culture but also to promote and enhance political stability in the long run, all of which is necessary for a conducive investment environment. Minister Moyo challenged the Diaspora and in particular the ZDDI to facilitate the participation of the Diaspora in the constitution-making process. The ZDDI in turn confirmed that this was already a matter on the agenda. Consequently, the participation of the Diaspora in the constitution-making process became one of the major issues to be followed up by the ZDDI and the Diaspora as a whole. It must be noted that the ZDDI is already engaged in this process and the Conference gave greater impetus to the initiative.

Zimbabwean Diaspora Policy Minister Moyo, representing the GOZ indicated that the Government was formulating a Diaspora Policy. This would include how the Government would deal with the Zimbabwean Diaspora. Minister Moyo stated that it was important for the Diaspora to be involved in the formulation of this policy. Therefore, one of the key outcomes of this Conference was the need for a strategy and action-plan for the Diaspora to play a role in the formulation of the Diaspora Policy. The ZDDI will seek to provide leadership and a platform to enable Zimbabweans in the UK to play a role in the formulation of this policy.

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Migration One of the key messages from the UKBA was aptly encapsulated in the call: “Come and talk to us”, reflecting the open approach with which it seeks to engage with Zimbabwean groups representing Zimbabweans in the UK. Indeed, a key outcome of this Conference was the suggestion of a new and open relationship between the UK immigration authorities and the Zimbabwean groups. It is hoped that Zimbabwean groups will take up the call and make necessary representations to ensure that Zimbabweans are involved in the formulation of policies that may have an impact on them. Another key point was the explanations that were given by the UKBA in respect of the package for assisted voluntary returns (AVR) that has been made. This includes air fares, integration fund to help with accommodation on return, cash payment on departure as well as funds for schooling and basic commodities. It was indicated that to date, 100 people have returned to Zimbabwe having taken the AVR package. In addition, information was also provided on circular migration which provides opportunities for people to train, retrain, and return home for a few months or a few years without losing their UK residence status. It was indicated that there is ongoing consultation on this and an open invitation on behalf of the UKBA was extended to the Zimbabwean community through the Conference.

Networking The Conference provided a unique opportunity for Zimbabweans from diverse sectors and parts of the UK to gather and interact in a professional setting. Both the Conference and the Dinner were oversubscribed and feedback from participants has been very positive about the networking opportunities the event presented. Indeed, one of the positive outcomes for the ZDDI was the increased interest in the organisation, with enquiries rising and new members joining in the days since the Conference. It was always one of the ZDDI’s goals to provide a platform on which Zimbabweans can interact and network and this Conference provided that opportunity perfectly well.

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Appendix 1: The Conference Brochure

Appendices Appendix 1:

Conference Brochure and Programme

Zimbabwe Diaspora Investment Conference Saturday, 26 September 2009

West Building, Theatre Room WBG.02, University of East London, Docklands Campus, E16 2RD

Hosted by the Zimbabwe Diaspora Development Interface The Interface for bridging the gap between Zimbabwe and the Diaspora www.zimdiasporainterface.org

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ZIMBABWE DIASPORA DEVELOPMENT INTERFACE

Welcome

Dear Invited Guests, On behalf of the Zimbabwe Diaspora Development Interface (“ZDDI”) and our valued partners, I am pleased to welcome you to this conference on investment, development and migration in relation to Zimbabwe. We are honoured to receive your will and commitment to grace this occasion at a time when there are so many competing demands on your time. The Conference is organized by the ZDDI in conjunction with our sponsoring partners. The program of the conference will include oral, visual and poster presentations by a distinguished panel of speakers and presenters representing both the public and private sector in Zimbabwe and the United Kingdom. It will also include discussions on various topics of interest in relation to matters of investment, development and migration in Zimbabwe.

This is an excellent opportunity to bring together people and ideas with a view to playing a positive role in the reconstruction of Zimbabwe. This is our attempt as citizens to take our collective responsibility seriously and to achieve that end by providing a platform to channel our positive energies into something meaningful for the ordinary men, women and children of Zimbabwe. We would highly appreciate if you could take this chance to participate constructively in all events today. We are grateful for the moral and material support that we have received from our sponsors and we hope and trust that this will PDUNDVLJQL¿FDQWVWHSLQEXLOGLQJDPXWXDOO\EHQH¿FLDOUHODWLRQVKLS for all concerned. The ZDDI is a non-partisan organisation which seeks to provide a platform for dialogue, discussion and linkages between people and organisations from all walks of life. We seek to provide a wider platform for the engagement of Zimbabweans abroad to harness intellectual capital, that is, new ideas and skills, experiences, networks, DQG¿QDQFLDOUHVRXUFHVIRUWKHGHYHORSPHQWRI=LPEDEZH

We also seek to contribute towards the creation of an overall inclusive developmental framework, in FROODERUDWLRQZLWKDOOFRQFHUQHGVWDNHKROGHUVZLWKLQ=LPEDEZHDQGDEURDG<RXFDQ¿QGPRUHLQIRUPDtion about the ZDDI on our website www.zimdiasporainterface.org. Let me also add that our doors are open to interested persons and please feel free to register your interest in joining us by following the links on the website. I personally am grateful to be part of the invaluable effort from each and every individual involved in making this conference a success, and to welcoming all our guests. Our guiding philosophy is captured in the words, “We should never try stopping and never stop trying!” Let it be the guiding spirit to this conference, too. 2

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Thank you. Alex T. Magaisa, Dr Chairman ZDDI


Appendix 1: The Conference Brochure

Conference Agenda

08.30 hrs Coffee and Croissant Reception & Registration 09.25 hrs Opening Prayer - Father Dzadagu 09.30 hrs Review Programme for the Day Mr Bheki Chatira - Senior Manager, Deloitte 09.35 hrs Welcome and Opening Remarks Dr. Alex Magaisa â&#x20AC;&#x201C; ZDDI Chairperson 09.45 hrs Theme I - Investing in Zimbabwe Facilitators: Mr Gardner Mugashu - Regional Technical Accountant, MF Global; Ms Loreen Vengesai â&#x20AC;&#x201C; Assoc. Investment Consultant, Lane Clark & Peacock Investment Opportunities, Policy and Challenges across Sectors * Mr Richard Mbaiwa â&#x20AC;&#x201C; CEO, Zimbabwe Investment Authority The Zimbabwe Stock Exchange - a platform for investment in Zimbabwe * Mr Emmanuel Munyukwi â&#x20AC;&#x201C; CEO, Zimbabwe Stock Exchange Question & Answer Session 11.00 hrs Break 11.15 hrs Theme II â&#x20AC;&#x201C; Zimbabweâ&#x20AC;&#x2122;s Economic & Diaspora Engagement Policies Facilitators: Dr. Livingstone Musoro - Senior Lecturer, London Metropolitan University; Mr Bheki Chatira - Senior Manager, Deloitte Zimbabweâ&#x20AC;&#x2122;s Economic Policy and Regulation  0U/D]DUXV0XULULWLUZDÂą'LURI3ROLF\,PSOHPHQWDWLRQ30ÂśV2IÂżFH=LPEDEZH Zimbabweâ&#x20AC;&#x2122;s Diaspora Policy: Challenges, & Efforts to engage the Diaspora * Hon. Minister Gorden Moyo, MP â&#x20AC;&#x201C; Minister of State, Zimbabwe Question & Answer Session 12.30 hrs

LUNCH

13.15 hrs

Theme III â&#x20AC;&#x201C; UK Policy on Zimbabwe: Development Support & Migration Facilitators: Miss Yvonne Kuimba â&#x20AC;&#x201C; T&T Business Services Consultant, HP Mr Byron Fundira â&#x20AC;&#x201C; CEO & CQC Registered Mgr., Chiltern Support & Housing Her Majestyâ&#x20AC;&#x2122;s Government (HMG) Policy Direction regarding Zimbabwe  0U-RKQ'HQQLV+HDGRI=LPEDEZH8QLW)RUHLJQ &RPPRQZHDOWK2IÂżFH8. Development Support vis-Ă -vis the GNUâ&#x20AC;&#x2122;s work with the Diaspora * Mr Robert Shooter - Department for International Development (DFID), UK UKâ&#x20AC;&#x2122;s Migration Policy and Programmes in relation to Zimbabwe * Ms. Dee Bourke â&#x20AC;&#x201C; United Kingdom Border Agency (UKBA) Question and Answer Session 14.30 hrs The Vision and Role of ZDDI and its Focus Groups within the Diaspora Mr Msekiwa Makwanya â&#x20AC;&#x201C; ZDDI Coordinator 14.45 hrs Interactive Coffee Break - Participants are invited to discuss and note, in groups, questions they want answered 15.15 hrs Structured Plenary Discussions Question and Answer Session with the panel of Speakers Facilitator: Mr Msekiwa Makwanya â&#x20AC;&#x201C; ZDDI Coordinator 15.45 hrs Conference Sum-Up: Outcomes and recommended Go-Forward Plans Facilitator: Dr. Beacon Mbiba â&#x20AC;&#x201C; Senior Lecturer and Director of OISD MID, Oxford Brookes University * Group Discussions in relation to key next steps, and Feedback * Role of the Embassy of Zimbabwe & Other Stakeholder Roles 16.30 hrs Vote of Thanks - Conference Close: Dr. Alex Magaisa â&#x20AC;&#x201C; ZDDI Chairperson

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Key Speakers

Mr Richard Mbaiwa: CEO - Zimbabwe Investment Authority With the objective of presenting those investment opportunities and projects that the Zimbabwe Diaspora could invest in, Mr Mbaiwa, brings insight on the investment opportunities and policies across all economic sectors of Zimbabwe. He will also articulate the investment policies and the challenges that small scale and large investors are facing, and the possible workaround options in view of these current challenges.

Mr Emmanuel Munyukwi: CEO - Zimbabwe Stock Exchange (ZSE) Mr Munyukwi will discuss the Zimbabwe Stock Exchange and how the market has performed thus far, plus the impact of dollarisation - highlighting those sectors which have performed well in the past and in recent times. Mr Munyukwi will give a view on the general outlook; including the opportunities available for the Zimbabwe Diaspora to invest in this space, as well as the facilities/vehicles available and how these can be accessed.

Mr Lazarus Muriritirwa: 3ULQFLSDO'LUHFWRU3ULPH0LQLVWHU¶V2I¿FH Policy Implementation: Mr Muriritirwa will provide clarity on the new Zimbabwe Government Policies as a whole and particularly those policies in place to enable growth, and the timescales anticipated for the further policy implementations planned.

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Mr Muriritirwa will help to put into perspective how the Government of Zimbabwe’s policy is evolving in response to the issues in people’s minds, such as the general concern about policies / governance adjustments which should ensure investors are more at ease over the security of their investments. More importantly which policies and plans are targeted towards enabling and supporting the sustainable return of those Zimbabwean’s willing to return to Zimbabwe as quickly as possible so as to secure progressive futures for themselves.


Appendix 1: The Conference Brochure

Key Speakers

Honourable Minister Gorden Moyo: 0LQLVWHURI6WDWH3ULPH0LQLVWHUÂśV2IÂżFH Minister Moyo will provide the GNUâ&#x20AC;&#x2122;s Diaspora Policy direction and regulations on Diaspora Engagement â&#x20AC;&#x201C; this will include efforts and expectations in view of encouraging Skills return. Minister Moyo is a key SOD\HULQWKH3ULPH0LQLVWHUÂśVRIÂżFHZKRLVFXUUHQWO\GUDIWLQJWKH=LPbabwe Diaspora policy, therefore he is of the opinion that the Diaspora Investment Conference will give the Zimbabwe Diaspora Engagement 2IÂżFHDJRRG RSSRUWXQLW\ WRHQJDJHZLWKWKH=LPEDEZH'LDVSRUDDQG all relevant stakeholders.

Mr John Dennis: Head of the Zimbabwe Unit, UK Foreign and Commonwealth 2IÂżFH The FCO will present an overview of the UKâ&#x20AC;&#x2122;s policy on Zimbabwe as well as how their views in relation to supporting Zimbabweâ&#x20AC;&#x2122;s reconstruction efforts and how best Zimbabwe can be helped to absorb its Diaspora. Mr Robert Shooter: DfID Mr Shooter will articulate on Developmental Support Plans and Policy relating to Zimbabwe UKBA: Assisted Voluntary Returns (AVR) Team: The UKBA will present on HMGâ&#x20AC;&#x2122;s Policy and efforts in relation to Migration, as well as looking at what can be done to enhance incentives to facilitate voluntary returns, per the assistance offers they are promoting, in line with their more humane voluntary returns policy. 7KHUHLVUHFRJQLWLRQRIWKHSRWHQWLDOEHQHÂżWVZKLFKFDQEHGHULYHGWKURXJKFRPELQHGHIIRUWVWR implement solutions that support Zimbabwe in stemming the current problem of mass migration and the effects of â&#x20AC;&#x2DC;Brain Drainâ&#x20AC;&#x2122; out of Zimbabwe:- The key starting point is, therefore, working to understand the challenges from a Zimbabwean Diaspora perspective, and thereby identify the key elements necessary to enhance the incentives on offer and look towards additional packaged options to secure further sustainable voluntary return of valuable skills back into Zimbabwe. ='',KRSHWKDWWKURXJKSDUWQHULQJHIIRUWVLQUHODWLRQWRVSHFLÂżFDFWLRQVWREHLGHQWLÂżHGWKURXJK WKLV&RQIHUHQFHDOOSUHVHQWLQJERGLHVDQGVWDNHKROGHUVZLOOEHQHÂżWIURPFROODERUDWLQJZLWKWKH FULWLFDOPDVVRIWKH=LPEDEZHDQ'LDVSRUDZKRZLOOEHSUHVHQWVRDVWRFROOHFWLYHO\PDNHDVLJQLÂżcant impact which will see current strategic policies and aspirations turned into tangible economic and social investment actions which, and increase Diaspora ownership of Zimbabweâ&#x20AC;&#x2122;s future. ZDDI as an organisation are well placed to facilitate the coordination, implementation and follow through of the Conference Outcomes and are looking to welcome new members wanting to support ZDDIâ&#x20AC;&#x2122;s vision and efforts.

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ZDDI Focus Groups

Finance & Economic Development Focus Group The Finance and Economics Focus group is interested in coming up with ideas that will help develop the =LPEDEZHDQHFRQRP\DQGWKH多QDQFLDOVHFWRULQJHQHUDO7KH\DOVRVXSSRUWWKHHVWDEOLVKPHQWRIDQ independent body for regulating banks and insurance companies and coming up with a pioneering policy document that will have a generational impact on the social structure. <RXFDQFRQWDFWXVRQ多QDQFH#]LPGLDVSRUDLQWHUIDFHFRP Agriculture & Environment Focus Group The aim of this Focus Group is to support the development of the agricultural sector, environmental sustainability and reverse climate change .The focus group aims to develop a just and unambiguous agrarian tenure regime. Another strong focus is to promote the provision of ecological and environmental education schemes based on empirical research and providing alternatives in terms of energy sources and income in face of unpredictable weather and economic circumstances. <RXFDQFRQWDFWXVRQDJULF#]LPGLDVSRUDLQWHUIDFHFRP Education Focus Group The Education Focus Group is interested in the well-being and development of education in Zimbabwe and in Zimbabwean communities in the Diaspora. We are working towards the advancement of education in Zimbabwe through networking with schools, colleges and universities in Zimbabwe and the UK and with educational organisations and policy-makers in Zimbabwe and throughout the Diaspora. We recognise the brain drain of educational professionals across the spectrum and aim to act as a conduit in the engagement of the Diaspora in national educational development in Zimbabwe. <RXFDQFRQWDFWXVRQHGXFDWLRQ#]LPGLDVSRUDLQWHUIDFHFRP Health & Social Care Focus Group The Health and Social Care Focus Group is interested in the well-being and development of Health and social care for Zimbabweans residing in the United Kingdom and further extends its services to Zimbabweans in Zimbabwe and at a later stage global awareness of Zimbabweans Health and Social Care LVVXHV7KHIRFXV*URXSDOVRDSSOLHVLWVHOIWRIXUWKHULQJWKHUHOLHIRI多QDQFLDOKDUGVKLSE\WKHSURYLVLRQ of free legal advice and assistance to Zimbabweans who, through lack of means, would otherwise be unable to obtain such advice. <RXFDQFRQWDFWXVRQVRFLDO#]LPGLDVSRUDLQWHUIDFHFRP Industry & Technology Focus Group The Industry and Technology Focus Group aims to offer a central point of access for Zimbabwean industries to the Diaspora knowledge base. We aim to provide the facility to address the need for Zimbabwean businesses wanting to engage with Zimbabwean expatriates for knowledge and expertise. It is our belief that the key is to identify technology needs of Zimbabwean industries through research, consultations and collaborations. This information would then be used to foster innovation and facilitate the development and implementation of new technologies. <RXFDQFRQWDFWXVRQWHFKQRORJ\#]LPGLDVSRUDLQWHUIDFHFRP Justice & Governance Focus Group The Justice and Governance focus group is organized into three business areas namely: Constitution, Democracy and Governance Group; Legal and Access to Justice Reform Group and the Prisons and Offender Management Group. The focus group seeks to contribute to democracy, justice and the development of the legal profession in Zimbabwe. We also contribute to the debate in Zimbabwe and abroad on the ongoing constitutional reform and review process and other legal and governance policy reviews. <RXFDQFRQWDFWXVRQMXVWLFH#]LPGLDVSRUDLQWHUIDFHFRP

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Appendix 2: Conference Feedback

Feedback and Comments from Conference Participants and Invited Guests

Appendix 2:

1. ZDDI Conference (Thank You) I must say you are so blessed to chair such a powerful and organised organisation. That was just outstanding. I really love the brains behind ZDDI and there is a bright future ahead of you guys. I was so inspired. I really appreciate you for organising such a brilliant and fruitful event. We carried the message home and I tell you the Diaspora office has taken a new dimension and people are beginning to view it differently. Please feel free to contribute any ideas that you think will strengthen the Diaspora office because I believe you guys are just brilliant. I respect intelligent people. Please keep in touch Thank You! Thank You! XXXXX

2. Investment Conference- Thank you ZDDI I would also like to thank the ZDDI and everyone who was involved in making the conference a success. I certainly hope that the Diasporans got some business ideas which they can implement back home. I also want to believe that we all learnt one or two things that should help us in organizing future events of a similar nature. Regards XXXXX

3. Investment Conference I write to express my profound gratitude towards your contributions in making the conference a success. It was a day well spent and hopefully it marks the beginning of bigger and better things for the ZDDI and the Diaspora in general. My worst fear though is that nothing new was said about the potential in Zim. It has always been there and still remains. The risk profile of Zim has always been the hindrance and I think still remains the biggest hurdle. No matter how seductive the returns may look, the downside due to political risk does not justify any reasonable investments. In fact a good fraction of the returns is entirely due to taking up the political risk premium than the performance of the economy in general. May the ZDDI maintain its momentumâ&#x20AC;Ś. Many thanks. XXXXXX

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4. RE: Thanksgiving This is the time when all Zimbabweans in the United Kingdom share the same intentions of bridging the gap between Zimbabwe and the Diaspora. With that in mind, I would like to take this moment to thank you for all of the opportunities you have shared with IOM during the Zimbabwe Investment Conference organised by ZDDI. Your professional guidance and partnership has helped IOM and Her Majesty's Government (HMG) to share with the Diaspora community. On a more personal note, I also want to thank you for your invitation to attend Zimbabwe Investment Conference. It takes a very determined, intelligent and dedicated person to perform for the public/community and I have great admiration for your unique contributions to your organisation. With that, I say, wholeheartedly ~ Thank You ~ Best Regards XXXXX

5. RE: Zimbabwe Diaspora Investment Conference in London Indeed, your memory is right on track, we eventually met at the conference. I must applaud ZDDI for the wonderful work you guys did. It was good medicine for my bones to see that there are Zimbabweans out there who still genuinely hold Zimbabwe at heart and are working effortlessly to serve and give back to their country even from abroad. Keep on the good work, and trust me, it’s such things that start small that will in fact impact Zimbabwe and make a difference. Service and giving back is an ideology I hold close to my heart….I could go on and on about why ZDDI must press on and how this will contribute to the progression of Zimbabwe and its very people. I’m glad you welcome more members, I’m passionate about education and technology, if I can contribute in any manner, perhaps joining one of the focus groups – you have my time and commitment. Have a wonderful week and let’s keep in touch. Kind Regards, XXXXX

6. Investor conference I’ve just got back from holiday, but I wanted to thank all of you at ZDDI for a fantastic conference. It was great for me, as a Zimbabwean to see the collective goodwill of a group of people wanting the best for our country. My motivation for going to the conference is because I’m starting a small African fund and I really wanted to meet Mr Mbaiwa (of the ZIA) and Mr Munyukwi. I managed to speak to Mr Munyukwi and get his card, but unfortunately I could not get Mr Mbaiwa's card. Thanks again for a great conference and please keep me on your distribution list for the next one! Sincerely XXXXX

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Appendix 2: Conference Feedback

7. Subject: Zimbabwe Diaspora Development Interface Firstly, let me congratulate you for hosting the conference successfully beyond anybody's imagination. I am sure members of the MDC Investment Committee had a lot to learn. Lastly, may I please know how I can get electronic reports from the conference as promised? XXXXXX

8. Investment Conference 26th September 2009 Hello Cdes I must say the conference was well organised and very informative, therefore the need to share with my colleagues. Regards XXXXX

9. The information you requested, Tuesday, September 29, 2009 Thanks for the invitation and for organising such an enlightening meeting. You requested that I sent you some of the information from my short talk on the contribution that we can make to our country. I highlighted the need for a well regulated financial services sector for a stable and prosperous nation. If the country is to move forward then they have to move quickly and restructure their current regulation and reform the institutions that enforce the regulation. We will be happy to have some input in designing and structuring risk based capital regulatory systems for Banks and Insurance companies. We can offer advice on the best way to regulate insurance companies and banks, so as to bring our regulation in line with international standards. Our input can span from the drafting such legislation, setting up institutions and structures that will regulate, to the implementation of such regulation. Another issue that I raised was on debt management and financing. I understand the Finance Minister is refusing to take a loan facility that has been offered to them by the IMF. It would be nice if we could see what the terms of the loan are and whether itâ&#x20AC;&#x2122;s cheaper than any of the existing loans that are in arrears. I will be happy to discuss issues on the structuring of loans and management of risks in government funding. Thank you and God bless. XXXXXXXX

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10. Thank You We did not get a chance to meet. However, congratulations on a very well organized event. I did complete the survey but did not get a chance to hand that in as I had to leave early. Happy to complete one online. Also, I wanted to get more involved with the finance sub group at ZDDI. Who is the best person to contact on this? Finally, I see that you have a workshop on agriculture in Scotland next month (I think). I'd like possibly to attend as I think that microfinance is very relevant here. Is there a possibility that this would be done in London? All the best and keep up the good work. XXXXXX

11. Subject: RE: ZDDI Thanks for the intro and also congratulations for well organized conference. Regards, XXXXXXX

12. Zim Diaspora Conference 26 September, London, September 28, 2009 Thanks for the conference. It was really good - you put together a good show. It hit all the right buttons. We will talk when you have time. Cheers XXXXXXXX

13. Re: Invitation for Dinner after the Conference 26th Sept, Monday, September 28, 2009 On behalf of XXXXX and on own my behalf, I would like to thank you for inviting us to Zimbabwe Diaspora Investment Conference last Saturday. I found the conference informative and had an opportunity to network with fellow Zimbabweans both at the conference and the dinner. I found both events well organised. Yours sincerely, XXXXX

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14. Subject: Zimbabwe Diaspora Investment Conference Monday, September 28, 2009 Hello ZDDI team I would firstly like to thank you guys for organising such a fabulous event on Saturday. It was so smooth. You probably didn't get the acknowledgement you deserve but I tell you, itâ&#x20AC;&#x2122;s so inspiring to see what efforts you have gone through to organise such an event. Itâ&#x20AC;&#x2122;s good to know that there are many of us Zimbabweans who think alike and have a vision of how we want our country to be. I have registered on this site but I cannot however log in for one reason or another. Any assistance with this matter would be gratefully appreciated. I would like to get more involved in future programs that may arise in the near future because anything concerning my country is ever so dear to me. I thank you guys once more and continue to strive for a better Zimbabwe.

15. Subject: RE: Invitation for Dinner after the Conference 26th Sept, Monday, September 28, 2009 Please pass on our most gratitude to the whole team at ZDDI and thank them sincerely for making it possible for us to meet and talk to guests. That was a great conference and keep up the great work We are always there Regards XXXXX

16. Subject: ZDDI event, Sunday, September 27, 2009 Thank you very much and your team/ZDDI for such a fantastic day yesterday. I am sure we all learnt a lot and have a real sense of how things are like/ and likely to pan out for our homeland, and where we in the Diaspora may be instrumental in helping change/shape events back home. Our project is a primary care led health provision service, a cost/ with all the necessary ancillary back-up services, which will minimise unnecessary referrals or appointments with secondary care specialists; this is cost effective and we have done a lot of research comparing models of similar quality elsewhere outside Zimbabwe; We are confident we should be able to replicate a similar set up in Zimbabwe, with a pilot service in Harare hopefully by early to mid 2010. Thanks very much Yours sincerely, XXXX

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Notes 1 A lot was written about this by both the GOZ and international institutions like the WB and UNDP in many papers that looked at the Zimbabwean economy in the years that followed independence. 2 Primary school category enrolment reached 120% in Zimbabwe in the years immediately after independence because education became free and many adults who had not gotten the opportunity to pursue primary education went back to school. In other words and technically speaking, the 20% above 100% in primary school category was composed of adult primary school learners. 3 Good sources for this information include GOZ annual budget statements and the WB’s World development reports published at that time. These statements and reports are still published today with current information. 4 There is a lot of material written by the UNDP on the development of solar energy in Zimbabwe in the early 1990s 5 Various studies give a wide range of the population of the Zimbabwean Diaspora. It is estimated that up to 6 million Zimbabweans now reside in the Diaspora. Figures for the Zimbabwean Diaspora in the UK range from 500 000 to 1 million – see studies such as Zinyama, L (2002 "International Migration and Zimbabwe: An Overview Zimbabweans Who Move: Perspectives on International Migration in Zimbabwe.” Available online from: www.queensu.ca/samp/sampresources/samppublications/policyseries/ Acrobat25.pdf; Home Office (2005) "Control of Immigration: Statistics United Kingdom 2004." Available online from: www.officialdocuments.gov.uk/document/ cm66/6690/6690.pdf; Home Office (2006) "Control of Immigration: Statistics United Kingdom 2006." Available online from: www.officialdocuments.gov.uk/ document/cm69/6904/6904.pdf; Bloch, A (2005) "The Development Potential of Zimbabweans in the Diaspora: A Survey of Zimbabweans in the UK and South Africa." Geneva: IOM; Pasura, D M (2006) Mapping Exercise Zimbabwe. London: IOM. 6 See various publications from the IMF, WB, UNDP and GOZ Annual Budget Statements for various years. Most consistent annual publications are the GOZ Annual Budget Statements, the WB’s World Development Reports and the UNDP’s Human Development Report. 7 SACU is a customs union and free trade arrangement among South Africa, Botswana, Namibia, Lesotho and Swaziland. Within this customs and trade arrangement, the South African Rand is used as the common currency for transactions within the region.

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ZD DI ZIMBABWE

DIASPORA DEVELOPMENT

INTERFACE Engaging the Zimbabwean Diaspora on Investment, Development and Migration

The ZDDI is the Interface for bridging the gap between Zimbabwe and the Zimbabwean Diaspora. It is a voluntary organisation of Zimbabweans based in the UK. We interface apolitically with other stakeholders on development issues related to Zimbabwe.

www.zimdiasporainterface.org


ZDDI Investment Conference Report 2009