- The governments of Zimbabwe and Palestine are currently holding consultations on the prospects of signing several Memorandum of Understanding (MoUs), between the two countries. The MOUS are expected to boost Palestinian investment in Zimbabwe.
The governments of Zimbabwe and Palestine are currently holding consultations on the prospects of signing several Memorandum of Understanding (MoUs), between the two countries. The MOUS are expected to boost Palestinian investment in Zimbabwe.
Disclosing the proposal, the Palestinian ambassador to Zimbabwe Tamer Almassri said that the first batch of MoUs between the two nations will be signed within the next few months after concluding consultations. Speaking about the proposal, the Ambassadr observed that more than half of the Palestinian people are in the diaspora with good appetite for investment. The country has well established international and regional companies and finds potential in business cooperation with Zimbabwe. He hoped that the MOUs will provide the official platform and legal framework for the bilateral cooperation.
Palestine, he said deeply appreciated the Vision 2030 of President Emmerson Mnangagwa and the signing of MOUs will open doors for closer bilateral cooperation. The interest from Palestine has come at a time when the Zimbabwean economy is going through severe stress. Zimbabwe’s foreign direct investment has plummeted from US$ 717, 1 million in 2018 to US$150 million last year largely attributed to unfavourable operating environment, liquidity crunch, currency distortions, runaway inflation and policy inconsistency. The crisis was aggravated by the COVID-19 pandemic in 2020.
Leading American market research firm, Fitch solutions, has rated Zimbabwe with the highest political and economic risk for investors in the whole of southern Africa. In 2020,UNCTAD ranked Zimbabwe at the bottom of the Trade Openness Index.
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