HARARE, Mar. 7 (NewsDay Live) - Energy and Power Development minister July Moyo has called on United States businesses to invest in Zimbabwe's vast gas reserves that are three times larger than those found in South Africa.
Speaking at the Partnering Africa Summit in Washington, D.C, Moyo highlighted the potential for economic growth and development through investment in the gas sector.
"Now we need it to start producing power and to start doing other economic interventions that we think should be invested in," he emphasized.
The gas reserves in question have been explored by an Australian company, and Moyo expressed Zimbabwe's willingness to sign a compact with the U.S. to facilitate investment.
"We believe that compact is our own way of saying we want to have more access," Moyo said.
He also stressed the need for investment in extending the grid and distribution network, which can be undertaken by the private sector, partners, and governments. "So our plea again, the US with Zimbabwe, release your private sector so that they can invest directly into Zimbabwe and we have created an environment where they will earn money because their investment will be guaranteed," he urged.
Moyo underscored Zimbabwe's commitment to creating a favourable business environment .
"In the Zimbabwe case, the government has finalized risk guarantee mechanisms through what we call a government implementation agreement and just last week we were issuing these agreements to prospective developers in the private sector," he noted.
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Speaking during the same session, Ncube said his ministry has created an enabling investment environment giving tax holidays and govt guarantees.
Moyo charmed the guests with impressive presentation that detailed Zimbabwe’s energy prospets and positive steps that government has taken to assure investors of their investment.
The Partnering Africa Summit aims to promote economic cooperation and investment between the US and African countries.
