HARARE, (The Southern African Times) – Zimbabwean Vice President Constantino Chiwenga on Wednesday urged local businesses to increase domestic investment in order to eradicate poverty in the country.
He said while the country welcomes foreign direct investment (FDI),local investment must play a bigger role in boosting the economy.
“The government welcomes FDI into all sectors of the economy, but the key to lifting our people out of poverty is increased investment by locals in key sectors, partnering the local sector through joint ventures,” Chiwenga said while addressing delegates attending a business conference at the annually-held Zimbabwe International Trade Fair in Bulawayo.
According to the World Bank, the COVID-19 pandemic has worsened extreme poverty in Zimbabwe with the extreme poverty rate rising to 49 percent in 2020 from 42 percent the previous year.
The 960 million U.S. dollars that Zimbabwe received from the International Monetary Fund last month will be deployed prudently to support key social and economic programs that will ensure sustained all-round development which leaves no one behind, he said.