The Financial Markets Indaba, in partnership with the Zimbabwe Embassy in the United Kingdom, recently hosted the Zimbabwe Capital Markets Conference in London. The two-day event, which took place at the Queen Elizabeth II Conference Centre and the London Stock Exchange, aimed to highlight the important role that capital markets play in economic development.
The keynote speaker for both days was Zimbabwe’s Minister of Finance and Economic Development, Professor Mthuli Ncube. The conference focused on various sectors and the opportunities available for institutional investors, investment companies, and the diaspora. One of the main objectives of the conference was to introduce the Victoria Falls Stock Exchange (VFEX) to potential investors and companies interested in listing or investing.
During the Zimbabwe Capital Markets Conference, the Minister of Finance and Economic Development, Professor Mthuli Ncube, discussed various policy and regulatory measures that the Reserve Bank of Zimbabwe has implemented to attract investment in the country. One of the measures highlighted was the policy framework that has been put in place to promote the growth of the capital markets.
However, there are challenges in repatriating dividend income, and one of the questions raised was who determines the interest rate of repatriated funds. The minister did not provide a specific answer to this question during his address.
Another topic that was discussed was the dual currency scheme that has been implemented in Zimbabwe. This scheme allows the use of both the Zimbabwean dollar and the US dollar in the economy. The minister noted that this has helped to bring down inflation from over 800% as a consequence of a broader macroeconomic strategy. The pressure on foreign exchange has also gone down.
The minister also highlighted the shift in local investment policy, which has become more inviting. The Victoria Falls Stock Exchange (VFEX) presents an opportunity to raise the US dollar rate, and the insurance register argues that local investment policies have shifted to make this more attractive.
Another topic that was discussed was the Africa Free Trade Agreement, which aims to harmonize laws in preparation for the showdown. The Securities Act was also mentioned, and provisions for virtual assets have been put in place to promote local securities.
Overall, the Zimbabwe Capital Markets Conference provided an opportunity to discuss the policies and regulations that have been put in place to attract investment in Zimbabwe. The minister’s address covered a range of topics, from the dual currency scheme to virtual assets, and highlighted the opportunities available for investors in the country.
All 11 listed companies attended and showcased the outstanding work they are doing. The event provided an opportunity for the government and private sector to present a unified economic message that conjures confidence and direction. The presentations revealed positive news about Zimbabwe that is often overlooked in media reports.
The conference was also an opportunity for networking and inspiration. The organisers aimed to motivate attendees and encourage investment in the country. The event was moderated by a distinguished individual who praised the outstanding work being done by the 11 companies that attended.
The conference was a resounding success, and attendees expressed their confidence in the growth potential of VFEX. They also believe that the stock exchange will attract investment and continue to develop the resort city of Victoria Falls. The event left attendees feeling motivated and encouraged to invest in Zimbabwe.
The Zimbabwe Capital Markets Conference provided a unique platform for showcasing the opportunities for growth in the country. The event served as a reminder of the importance of capital markets in driving economic development and the need for more positive news coverage of Zimbabwe’s achievements.
