The Zimbabwe government has signed 54 bilateral investment protection and promotion agreements (BIPPA) – which are in various stages of completion – in a move to fast-track economic development, according to economic planning and investment promotion minister, Simon Khaya Moyo.
He was addressing the Zimbabwe cabinet last week during a meeting to discuss ways to improve economic growth, pointing out that 16 of the investment pacts were still under negotiation with three awaiting signatures and 26 awaiting ratification. Nine BIPPAs have been ratified.
"Countries have increasingly turned to BIPPAs as a way to entice foreign investors to their shores. Going forward, as another priority area, Zimbabwe will continue to sign BIPPAs with interested partners across the world in a bid to boost confidence," Moyo was cited by state-owned newspaper, The Herald, as saying.
Foreign direct investment (FDI) in Zimbabwe declined from US$400 million in 2013 to US$372.6 million last year.
Zim aggressively targets FDI for economic growth
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