THE launch of the Victoria Falls Stock Exchange (VFEX) here today kick starts the operationalisation of the Victoria Falls Special Economic Zone, which is one of the key initiatives being implemented by the Government to stabilise the economy and attract foreign direct.
The resort town of Victoria Falls was designated as a hub for tourism and financial services under the Special Economic Zones initiative with a view of attracting tourists as well as luring investment through tourism investment.
Finance and Economic Development Minister, Professor Mthuli Ncube, officially opened the foreign currency denominated offshore securities trading platform. Cabinet ministers Dr Sekai Nzenza (industry and commerce), Winston Chitando (mines and mining development), Deputy Minister of Finance Clemence Chiduwa, stock market and financial experts, tourism and industry executives, among other business leaders witnessed the launch. In his remarks Prof Ncube said the VFEX would be a game changer in the trading of securities in the country as well as a conduit for portfolio investments and foreign direct investment in the rest of Africa in hard currency.
VFEX is a wholly owned subsidiary of the Zimbabwe Stock Exchange (ZSE) and is expected to help reduce foreign currency and settlement risks facing the economy.
“This will reduce foreign currency and settlement risk for our international investors. The launch of VFEX will also deal with exchange rate risk from portfolio investment into the country,” said Prof Ncube.