ZANU-PF Politburo member and war veterans’ leader Ambassador Chris Mutsvangwa has said the Second Republic has transformed Zimbabwe into an economy that can compete with global market players despite the burden of illegal sanctions.
Ambassador Mutsvangwa is one of the top dignitaries that attended the official launch of the Victoria Falls Stock Exchange (VFEX) last Friday.
Speaking to journalists after the launch, Ambassador Mutsvangwa said the VFEX which will trade in United States dollars, had put the country on a developmental trajectory where it can now attract competitive world markets at the same time opening up opportunities for Zimbabwe and Africa as a whole.
This comes as Zimbabwe, backed by Sadc and the African Union (AU) has intensified the lobby for the removal of the illegal sanctions.
“I want to hail the President of the Republic Cde Emmerson Mnangagwa. You would remember that nothing had moved since 2014 when the ruling party (Zanu-PF) conference designated Victoria Falls as a Special Economic Zone.
“I am glad 2017 came along and he (President Mnangagwa) ended up as the leader of the country and within three years we are having this auspicious event in Victoria Falls which thrusts Zimbabwe to the global capital markets. This indeed is more than just a bold statement,” said Ambassador Mutsvangwa.
He said Zimbabwe had finally turned the corner and appealing to the global capital markets with the right strategy and product with Victoria Falls the centre of attraction.
The country has not been handling the stock exchange properly by not trading in foreign currency, Ambassador Mutsvangwa said.
VFEX will be targeting the global market particularly the mining sector where Zimbabwe, Southern Africa and Africa in general have a comparable advantage in the mineral sector.
“Now African minerals can have their marriage with capital, the flower can now be pollinated. This is a very important institution in terms of the development of the country.
“When this country was colonised in 1890 and lost power in 1894 when King Lobengula was defeated, the first thing that was created was the Bulawayo and Mutare stock exchange. Now with this stock exchange, Zimbabwe is definitely on the road to prosperity similar to Singapore because we are appealing to the US$94 trillion which is in the private capital markets globally. We are going beyond the World Bank and IMF which only have US$6 trillion so we are going to the right market now,” said Ambassador Mutsvangwa.
He said VFEX will be the country’s vehicle for appealing to the global sector and its trillions of dollars which will open up opportunities in Africa particularly in the mining sector, the continent’s source of economic strength.
Ambassador Mutsvangwa said there are also opportunities in the motor industry where cobalt, graphite and nickel are the new drivers of energy in the development of electric vehicles hence the need to target such companies for listing. —Chronicle