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Devolution strategy extended diaspora business market

Devolution strategy extended diaspora business market

Story by Stanley James, Business Editor

ZIMBABWE’S devolution strategy has been extended to the diaspora business market, with the government unveiling a Provincial Investment Opportunities Guide for untapped projects to locals living abroad.

Zimbabwe’s 10 provinces are now expected to account for their resources through maximum utilisation and revenue contributions to fulfil the objectives of the devolution programme.

With each province now recording its Gross Domestic Product (GDP) to reflect the use of available resources, government has seen it fit to tap into diaspora investors after unveiling a provincial investment guide.

The guide contains information about each province’s untapped resources in agriculture, tourism, finance, mining, transport, retail and distribution sectors.

It also includes information regarding the viability of projects, access to markets and comparative advantages in terms of resource availability.

Commenting on the latest developments, the Hospitality Association of Zimbabwe’s past president, Mr Farai Chimba said Zimbabweans based outside the country should invest in the untapped resources.

“The devolution agenda has made strides in ensuring that no place is left behind in terms of access to development, however, the key focus is on the comparative advantage each province possesses and that is critical because the element is aggressively marketed to Zimbabweans in the diaspora and it gives them a platform to develop an interest for instance in the tourism sector,” he said.

He added, “Victoria Falls has what it takes to grow provided the right investors are there, the fact that there are so many diasporans who are keen to invest back should therefore be taken seriously by all the relevant authorities.”

Findings by the central bank indicate that diaspora remittances are now the second key contributor of foreign currency inflows after exports.

This has left analysts convinced that it is a platform to attract the diaspora community to set up projects across the country.

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