Zimbabwe opposition leader hits out at foreign investment

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Zimbabwean opposition leader Nelson Chamisa has criticized foreign investment in the country, a central plank of President Emmerson Mnangagwa's plan to revitalize the economy.

Chamisa, leader of the opposition Movement for Democratic Change (MDC), was campaigning ahead of presidential elections expected in July when he made the remarks.

"I have seen the deals that Ngwena (Mnangagwa) has entered into with China and others, they are busy asset-stripping the resources of the country," Chamisa said at a rally in Harare, before threatening to "kick out" Chinese investors if he takes power.

Bulawayo daily newspaper The Chronicle accused Chamisa of "grandstanding" in an editorial, and described his comments as "reckless utterances" at a time when Zimbabwe needs foreign investment.

Nelson Chamisa gives a speech during the burial ceremony for Zimbabwe's opposition leader Morgan Tsvangirai, February 20, 2018. /VCG Photo

Mnangagwa has promoted "Zimbabwe is open for business" policies since replacing longtime leader Robert Mugabe in November 2017, continuing the "Look East" policy advocated by his predecessor while also attempting to woo Western investment.

Foreign direct investment in Zimbabwe dipped over the past two decades as a result of Western sanctions and unfavorable policies. China, described as an "all-weather friend" by Mnangagwa in an interview with Xinhua in March, has been a leading investor in Zimbabwe's infrastructure.

The president, also the Zanu-PF candidate in the upcoming elections, has pledged to appeal to foreign investors who left the country as a result of measures requiring companies to be majority-owned by Zimbabweans.

In the first budget since Mnangagwa took office, Finance Minister Patrick Chinamasa announced new measures to improve the ease of doing business, including ending the requirement that companies be at least 51 percent locally owned.

Chamisa, a former youth activist who became MDC leader after the death of longtime opposition leader Morgan Tsvangirai in February, is set to compete against Mnangagwa in the upcoming elections.

Mnangagwa has vowed the polls, the first since independence in 1980 not to feature Mugabe, will be "free, fair and credible."

The government has cancelled its ban on Western observers, inviting the EU and US to monitor an election for the first time in more than 15 years.

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