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HARARE – At least 60
business executives from South Africa are expected to witness next week’s long
awaited signing of a Bilateral Investment Protection Agreement (BIPA) between
Zimbabwe and South Africa, it was announced on Friday. South African Trade
Minister Rob Davies and his Zimbabwean counterpart, Elton Mangoma are expected
to sign the deal in Harare next Friday after which an investment seminar will
be held. "The purpose of the
seminar, which will be attended by more than 60 business people from South
Africa, is to highlight trade and investment opportunities following the
formation of a transitional government of national unity in Zimbabwe,"
South Africa's Department of Trade and Industry said in a statement. The seminar and signing
ceremony come on the backdrop of the launch by the government of Zimbabwe of a
five-year medium-term blueprint for the period 2010 to 2015 . The blueprint, in which the
Harare commits itself to encouraging new local and foreign investment to
stimulate the economic growth and development, replaces the Short-Term Economic
Recovery Programme (STERP) that was launched in March 2009 to curb the further
decline of the Zimbabwean economy. Signing of the agreement
between the countries that are each other’s biggest trading partner on the
continent in addition to being strong political allies has on several occasions
been postponed on the eleventh hour, apparently after Harare objected to a
clause in the accord referring to land investments. President Mugabe’s chaotic
and often violent programme to seize white-owned farm land for redistribution
to landless blacks has seen several farms owned by foreigners and protected
under bilateral trade agreements between Zimbabwe and other countries seized without
compensation. The seizure of private land
has raised questions about Zimbabwe’s commitment to uphold property rights as
well as agreements entered with other countries. South African farmers on
Thursday called on Pretoria to ensure that Zimbabwean President Robert Mugabe’s
controversial land reform programme is included in the BIPA. – ZimOnline |