ZIMBABWE 2007 INVESTMENT CLIMATE STATEMENT

UNCLAS SECTION 01 OF 12 HARARE 001481

SIPDIS

SENSITIVE
SIPDIS

AF/S FOR S. HILL
NSC FOR SENIOR AFRICA DIRECTOR B. PITTMAN
STATE PASS TO USAID FOR M. COPSON AND E.LOKEN
TREASURY FOR J. RALYEA AND T.RAND
COMMERCE FOR BECKY ERKUL
ADDIS ABABA FOR USAU
ADDIS ABABA FOR ACSS

E.O. 12958: N/A
TAGS: EINV EFIN ETRD ELAB KTDB PGOV
SUBJECT: ZIMBABWE 2007 INVESTMENT CLIMATE STATEMENT

REF: STATE 178303


1. (U) The Government of Zimbabwe's mis-governance has
severely crippled the local economy, making it unlikely to
attract or absorb significant foreign direct investment in

2007. Investment prospects are bound to remain dismal due to
the country's unstable economic and political environment.
Government policies have eroded rule-of-law and put private
property rights at grave risk.


2. (U) Foreign investors will find few if any sectors
appealing at this time. The World Bank and International
Finance Corporation's &Doing Business in 20078 survey
ranked Zimbabwe 153 out of 175 countries considered and one
of the worst in southern Africa. Further illustrative of the
abysmal investment climate, Zimbabwe for the second year in a
row was last out of 64 regions and countries surveyed in the
Vancouver-based Fraser Institutes 2005-2006 report on mineral
policy investor friendliness. Moreover, its last-place score
was the lowest in the survey,s history.

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Openness to Foreign Investment
--------------


3. (U) The government's intervention in many sectors makes
Zimbabwe generally unwelcoming to foreign investment,
particularly from Western countries. Nonetheless, a few U.S.
multinationals maintain subsidiaries in the country, largely
holdovers from better years a decade ago. Many others sell
their products through certified dealers.


4. (U) The government's priority sectors for foreign
investment are manufacturing, mining and infrastructure
development for tourism. In these sectors foreign investors
are free to take up 100 percent ownership. The government in
2006 discussed new mining legislation that would require
foreign investors to cede a 51 percent share in foreign-owned
mines to the government, 25 percent of which would be
non-contributory. The legislation, however, was not formally
proposed and, while the government appears determined to
seize some share, it may be back away from the 51 percent
marker. In the services sector foreign investors are allowed
to take a maximum 70 percent share holding.


5. (U) The government reserves several sectors for local
investors. Foreign investors wishing to participate in these
sectors may only do so by entering into joint venture
arrangements with local partners. The foreign partners may
take a maximum 35 percent shareholding. The following
industries are reserved for Zimbabwean citizens:

Agriculture/Forestry
a) Primary production of food and cash crops
b) Primary horticulture
c) Game, wildlife ranching and livestock
d) Forestry
e) Fishing and fish farming
f) Poultry farming
Transportation

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a) Road haulage
b) Passenger bus, taxis and car hire services of any kind
c) Tourist Transportation
-- Retail/wholesale trade, including distribution
-- Barber shops, hairdressing and beauty salons
-- Commercial photography
-- Employment agencies
-- Estate agencies
-- Valet services
-- Manufacturing, marketing and distribution of armaments
-- Water provision for domestic and industrial purposes
-- Rail operations
-- Grain milling
-- Bakery and confectionary
-- Sugar refining
-- Tobacco packaging and grading post auction
-- Cigarette manufacturing


6. (U) Foreign investors wishing to start a new project in
Zimbabwe must first register with and be approved by the
Zimbabwe Investment Authority, which then issues
Investment Certificates. This is the first port of call for
any investor wishing to invest in Zimbabwe.


7. (U) All private firms are required to incorporate and
register with the Registrar of Companies within the framework
of their investment certificate or exchange control approval.
Foreign investment in existing companies requires Reserve
Bank approval. Applications are submitted to the Bank's
Exchange Control Department through the investor's commercial
bank or merchant bank or other authorized dealer. Foreign
investors with valid investment certificates may acquire real
estate.


8. (U) In the mid-1990s, the government identified
privatization of Zimbabwe's parastatal companies as a
priority, but only two state-owned enterprises have been
successfully privatized since then. The parastatals'
operational inefficiencies, weak balance sheet positions
and huge debt overhang make it unlikely that privatization
will go forward in 2007.


9. (U) Commensurate with its anti-West stance in recent
years, the government has begun to encourage economic ties
with Asian countries, particularly China, as a means of
arresting further economic decline and combating what it
casts as neo-colonialism. Under this &Look East8 policy,
selected Asian investors have been offered access to reserved
sectors, sometimes at the expense of local or established
foreign investors. Despite the official emphasis placed on
these ties and a few high profile announced projects, Asian
investment overall remains limited, especially compared to
the presence of remaining investors from South Africa, the
U.K, and U.S.

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Conversion and Transfer Policies
--------------


10. (U) For the past several years, Zimbabwe has

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experienced an acute foreign currency shortage that, among
other things, has caused crippling shortages of fuel and
other imported
goods and components, defaults on public and private sector
debt service payments, and a sharp decline in industrial,
agricultural, and mining operations. Foreign currency is
highly difficult to obtain due to the Reserve Bank of
Zimbabwe's restrictive exchange controls, the country's
declining ability to generate exports, and the lack of
balance of payments support. The Foreign Exchange Control
Act regulates currency conversions and transfers. It does
not prohibit foreign investors from moving assets between
Zimbabwean and foreign accounts, but foreign exchange
shortages and constraints of the foreign exchange regime
impede the
remittance of investment returns. Some local businesses have
credibly charged that the government has raided their foreign
currency accounts to repay past-due IMF debts.


11. (U) (still fact checking:) As of July 31 2007, exporters
may retain 67.5 percent of their foreign currency account
balance for their own use indefinitely, while 22.5 percent
must be liquidated to the Reserve Bank at the interbank
exchange rate fixed at Z$250:US$ as of July 31 2006; 10% is
allocated to a fuel and energy stabilization fund. However,
uncertainties associated with retention requirements and
retention periods, which have been adjusted frequently and
without notice, constrain business planning and operations.


12. (U) The Foreign Exchange Control Act extends to
prospective outward investment as well as dividend
remittances. Traditionally, the government has discouraged
investment by Zimbabweans outside the country, and relatively
few Zimbabwean firms have made such investments.

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Expropriation and Compensation
--------------


13. (U) Despite provisions in Zimbabwe's constitution that
prohibit the acquisition of private property without
compensation, the government has sanctioned seizures of
privately owned agricultural land without compensation since

2001. The government in April 2000 amended the constitution
to authorize the compulsory acquisition of privately owned
commercial farms with compensation limited to the
improvements made on the land. In September 2005, the
government amended the constitution again to transfer
ownership of all expropriated land to the government. Since
the passage of this amendment, top government officials,
ruling
party supporters, and members of the security forces have
continued to disrupt production on commercial farms,
including those owned by foreign investors.


14. (U) The President and other politicians have in the past
threatened to target the mining and manufacturing sectors for
similarly forced indigenization. The government's program
to seize commercial farms without either the intention or the
funds to compensate the titleholders, and without recourse to

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the courts, has raised serious questions about respect for
property rights and the rule of law in Zimbabwe. In November
2006, the government issued the first batch of 99-year leases
to 125 farmers. These leases, however, are not readily
transferable.

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Dispute Settlement
--------------


15. (U) In the event of an investment dispute (excepting the
current land reform program),the Government of Zimbabwe
agrees in theory to submit the matter for settlement by
arbitration according to the rules and procedures promulgated
by the United Nations Commission on International Trade Law
(UNCITRAL),once the investor has exhausted the
administrative and judicial remedies available locally. This
option so far appears to be untested by investors. A group
of Dutch farmers whose farms were seized under the land
reform program has taken the case to the International Centre
for the Settlement of Investment Disputes (CISID),demanding
that the Zimbabwe Government honor the Bilateral Investment
Promotion and Protection Agreement (BIPPA) between the
Netherlands and Zimbabwe. The case is scheduled to come
before a tribunal of arbitrators in December 2006. There are
nine countries with which Zimbabwe has BIPPA agreements:
France, Mauritius, Belgium, Sweden, Holland, Denmark, Norway,
Italy and Germany.


16. (U) The government has acceded to the 1965 convention on
the settlement of investment disputes between states and
nationals of other states, and to the 1958 New York
convention on the recognition and enforcement of foreign
arbitral awards.


17. (U) Government efforts to influence and intimidate the
judiciary since the late 1990s have raised serious concerns.
The government and ruling elite have ignored numerous adverse
judgments, and senior officials have reiterated publicly that
court orders that are not
politically acceptable to the ruling party will not be
honored. Administration of justice in commercial cases that
lack political overtones are generally impartial. As the
government's budget constraints deepen, however, court
resources have dwindled and dockets have become backlogged.
A less costly dispute settlement route, which can be
incorporated in contracts between companies, is alternative
dispute resolution.

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Performance Requirements and Incentives
--------------


18. (U) (still fact checking the following with PWC):
Several tax breaks are available for new investment by
foreign and domestic companies. Capital expenditures on new
factories, machinery, and improvements are fully deductible
and the government waives import tax and surtax on capital
equipment. Other incentives for investors include:


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-- Investment allowance of 15 percent in the year of purchase
of industrial and commercial buildings, staff housing and
articles, implements, and machinery;
-- Investment allowance of 50 percent in the year of purchase
for training, buildings, and equipment;
-- 25 percent special initial allowance on cost of industrial
buildings and commercial buildings and machinery in growth
point areas is granted as a rebate for the first four years;
-- Special mining lease provisions entitling the holder to
specific incentive packages to be negotiated with the
Ministry of Mines;
-- Refund of sales taxes (15 percent) for capital goods
purchased in Zimbabwe and intended for use in priority
projects or investment in growth points.


19. (U) There are no general performance requirements
outside of Export Processing Zones. Government policy,
however, encourages investment in enterprises that contribute
to rural development, job creation, exports, use of local
materials, and transfer of appropriate technologies.


20. (U) There are no discriminatory import or export
policies affecting foreign firms, although the government's
approval criteria are heavily weighted toward export-oriented
projects. Import duties and related taxes range as high as
110 percent. Export Processing Zone designated companies
must export at least 80 percent of output.


21. (U) While official policy supports "the maximum
Zimbabwean participation" in any new investment project, no
specific requirements for local participation have been
defined
outside the 35 percent foreign share cap in sectors reserved
for local investment. Nevertheless, experience has shown
that 30 percent local participation is a widely
accepted benchmark minimum.


22. (U) Government participation is required in new
investments in strategic industries,
such as energy, public water provision, railways, and
armaments. The terms of government participation are
determined on a case-by-case basis during license approval.
The few
foreign investors (for example from China and Iran) in
reserved strategic industries have either purchased existing
companies or have supplied equipment and spares on credit.


23. (U) Foreign investors are expected to make maximum use
of Zimbabwean management and technical personnel, and any
investment proposal that involves the employment of
expatriates must present a strong case for doing so in order
to obtain a work and residence permit. Normally, the maximum
contract period for an expatriate is three years, but this
will be extended to five years for expatriates with highly
specialized skills. (still fact checking:) Expatriates who
have prior permission from the Reserve Bank's exchange
control department are permitted to remit one-third of their
salaries.

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Right to Private Ownership and Establishment
--------------


24. (U) Although Zimbabwean law guarantees the right to
private ownership, this right is increasingly not respected
in practice. The government, as noted above, has seized a
number of farms and conservancies belonging to Americans and
other foreign investors in
recent years without due process or compensation. Most of
these property owners held
Zimbabwe Investment Center approval certificates and
purchased their land after independence
in 1980. Despite repeated U.S. protests, the government has
not addressed these expropriations.


25. (U) In each of the last three years, President Mugabe
has reiterated the government's intention to enact a broad
indigenization law, and there remains a lingering threat that
the government could expropriate non-agricultural property
belonging to foreign firms for
the purpose of transferring ownership to black Zimbabweans.

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Protection of Property Rights
--------------


26. (U) The government's demonstrated desire to expand its
control of the economy puts many investments, particularly in
real property, at risk. The government's 2005 Operation
Restore Order resulted in the destruction of commercial and
residential structures belonging
to 700,000 people, according to UN estimates. Many of these
properties had proper titles and licenses. Although
Operation Restore Order officially ended in 2005, the
government continued to evict smaller numbers of people from
their homes and businesses, primarily in and around Harare,
in 2006. In addition to the thousands of agricultural
properties seized under land reform during the past six
years, in late 2005, the government for the first time
authorized the seizure of non-agricultural land for the
purpose of constructing residential stands in a
Harare suburb.


27. (U) Since independence, Zimbabwe has applied
international patent and trademark conventions. It is a
member of the World Intellectual Property Organization.
Generally, the government seeks to honor intellectual
property ownership and rights,
although there are serious doubts about its ability to
enforce these obligations due to
a lack of expertise and manpower. We are not aware of any
grievances over such issues, but pirating of videos and
computer software is common. Most videos and computer
software sold
on the local market, for example, are pirated goods.


28. (U) The judiciary generally upholds the sanctity of
contracts between private companies. However, in the case of
contracts involving the government or politically influential
individuals, judgments sometimes appear biased in favor of

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the latter.

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Transparency of the Regulatory System
--------------


29. (U) The government's officially stated policy is to
encourage competition within the private sector. That said,
bureaucratic functions in this increasingly controlled
economy lack transparency and corruption within the
regulatory system is increasingly worrisome.


30. (U) Companies, for example, are not allowed to increase
the price of monitored goods without government approval.
However, the responsible Ministry of Industry and
International Trade often fails to process price increase
requests in a timely and transparent way. In November 2006,
two company executives from one of Zimbabwe,s major bakeries
were convicted and face jail sentences for raising the price
of bread without authorization.

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Efficient Capital Markets and Portfolio Investment
-------------- --------------


31. (U) New portfolio investment in Zimbabwe has been very
limited in recent years.
According to the IMF, net portfolio inflows reached US$2
million in 2004 after a massive outflow of US$68 million in
2001 in response to the start of the land invasions. Despite
mounting economic problems, foreign direct investment (FDI)
inflows to Zimbabwe during 2005 amounted to US$103 million
according to the World Investment Report compiled by the
United Nations Conference on Trade and Development (UNCTAD).
Zimbabwe,s Ministry of Finance projects net inflows of
US$298 million in 2006; the investment is primarily in the
platinum industry.


32. (U) (fact checking:) Zimbabwe's stock market has 83
listed companies. Overall, trading is thin and volatile.
The public stock of many smaller companies is closely held.
In 1994, the government opened the stock markets to limited
foreign portfolio investment. Since then, a maximum of 40
percent of any locally listed company can be foreign-owned
with a single investor acquiring a maximum of 10 percent of
the shares on offer. In 2005, the government introduced a 5
percent withholding tax on the sale of marketable securities.
It also directed short term insurance companies, long term
insurance companies, as well as pension funds to invest 25%,
30% and 35%, respectively, of their portfolios at market
value in government bonds which are prescribed assets. In
order to meet these new requirements pension funds were
required from November 2004 to direct 40% of net investable
funds on a monthly basis towards prescribed assets. Foreign
participation in the bond market is restricted to the primary
market and only 35 percent of invested capital may be placed
in bonds.


33. (U) Once relatively robust by regional standards,
Zimbabwe's financial sector has contracted greatly in recent

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years as business and demand for sophisticated transactions
evaporates. Two major international commercial banks and a
number of regional and domestic banks operate with over 200
branches total. Following the well-publicized failure of a
number of financial institutions in 2003, primarily due to
fraud and inept management, Reserve Bank regulations have
tightened greatly. Nonetheless, financial institutions have
an uncertain future due to ever-dwindling demand from
business clients and inconsistent policies on interest rates,
statutory reserves, and exchange rate policies.

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Political Violence
--------------


34. (U) The opposition and civil society operate in an
environment of intimidation and repression. Individuals and
companies out of favor with the government or regarded by the
government as aligned with the opposition, suffer harassment
and bureaucratic obstacles in their business dealings. The
government has closed three independent newspapers, for
example, and has denied numerous telecommunications licenses
for apparently political reasons. Domestic businesspeople
out of favor with the government have been incarcerated for
lengthy periods under trying conditions, including alleged
torture, for allegedly engaging in illegal business practices
such as externalization of currency.


35. (U) In April 2005, with no notice and in the middle of
the country,s winter, the GOZ embarked upon Operation Restore
Order, destroying the purportedly unpermitted homes,
businesses, or both, of over 700,000 people. Police
demolished or forced victims to destroy their own homes and
businesses, many of which did appear to have all relevant
permits, without providing alternative accommodation or means
of reestablishing their livelihoods. The government then
blocked the efforts of NGOs and international organizations
to provide emergency relief. Although Operation Restore
Order formally came to an end in 2005, the government in 2006
periodically evicted residents and business-owners from
properties that were deemed substandard.


36. (U) In August 2006, the Reserve Bank redenominated the
inflation-ridden currency, slashing three zeros from its
value. As part of the redenomination regulations, the public
and business were allowed to convert only set amounts at
financial institutions. Police extended this prohibition to
the general cash-carrying public, although there was no
regulatory or legal basis for limiting the amount of cash one
carried. Police, military, and youth militia aligned to the
ruling party mounted roadblocks throughout the country and
seized cash, deemed to be in an &excessive8 amount, from
individuals. Often no receipts were issued for the seized
cash, leaving no recourse to protest the seizures.

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Corruption
--------------


37. (U) There is widespread corruption in government.

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Implementation of the government's ongoing redistribution of
expropriated commercial farms has substantially favored the
ruling party elite and continues to lack transparency. Top
ruling party officials and business people supporting the
ruling party have received priority in distribution of the
country's resources, including priority access to limited
foreign exchange and fuel. The government's campaign to
provide housing plots and vending sites for victims of
Operation Restore Order appears to be benefiting mostly civil
servants, security forces, and ruling party supporters.


38. (U) In January 2005 the government enacted an
Anti-Corruption Act, which established a government-appointed
Anti-Corruption Commission to investigate corruption;
however,
it includes no members from civil society or the private
sector. In the same month, the Ministry of State
Enterprises, Anti-Monopolies, and Anti-Corruption was
established to oversee and coordinate the government,s
efforts to combat corruption; however, government officials
and police lack sufficient political backing at senior levels
of the government to effectively investigate cases. The
government prosecutes individuals selectively, focusing on
those who have fallen out of favor with the ruling party and
ignoring transgressions by favored elite.
A number of highly publicized corruption cases came to light
in 2006, including the arrest of
a deputy minister and the arrest and conviction of the
chairman of the state-owned public transport company for
soliciting bribes. The government, however, has failed to
act on a National Economic Conduct Inspectorate report that
reportedly implicates numerous high-ranking officials in the
ruling party in widespread corruption and looting at the
state-owned iron and steel company.


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Bilateral Investment Agreements
--------------


39. (U) The U.S. has no bilateral investment or trade treaty
with Zimbabwe. (fact checking): Zimbabwe currently has
bilateral investment agreements with Germany, the United
Kingdom, Netherlands, Belgium, Portugal, Switzerland, Sweden,
Malaysia, Mozambique and China. It is negotiating bilateral
investment treaties with Italy and South Africa. However, as
noted above, commercial farms covered by some of the treaties
have been seized or listed for acquisition, thereby denying
the owner benefits under these treaties.

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OPIC and Other Investment Insurance Programs
--------------


40. (U) The U.S. Government and Zimbabwe concluded an OPIC
agreement in April 1999. Zimbabwe acceded to the World Bank's
Multilateral Investment Guarantee Agency (MIGA) in September

1989. Support by the Export-Import Bank of the U.S. is not
available to Zimbabwe. Many other major donor countries have
also suspended their trade finance and export promotion

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programs, as well as investment insurance, due largely to
Zimbabwe,s mounting bilateral
arrears and deteriorating investment climate.

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Labor
--------------


41. (U) Zimbabwe's interconnected economic and political
crises have prompted many of the country's most skilled and
well educated to emigrate, leading to widespread labor
shortages
for managerial and technical jobs. At the same time, the
severe contraction of the economy
in recent years has caused formal sector employment to drop
significantly. The best available surveys place formal
sector unemployment as high as 80 percent. Independent
analysts estimate that only about 700,000 people, or roughly
7 percent of Zimbabwe,s population, are employed in the
formal sector. As noted above, foreign investors are
encouraged to hire local nationals.


42. (U) The country's HIV/AIDS epidemic is also taking a
heavy toll on the workforce. However, with substantial
support from the U.S. Government and other donors, Zimbabwe
has instituted policies that have contributed to reducing the
adult infection rate from 22.1 percent in 2003 to 20.1
percent in 2005, making Zimbabwe only the second country in
Sub-Saharan Africa to stem the disease's tide.


43. (U) The government is a signatory to International Labor
Organization (ILO) conventions protecting worker rights,
although the world body has designated Zimbabwe as a
"notorious country" for its continued attempts to limit
workers' right to organize and hold labor union meetings. The
1985 Labor Relations Act set strict standards for
occupational health and safety, but enforcement is fairly lax
and inconsistent across the industrial sectors.


44. (U) In light of the hyperinflationary environment
(private sector estimates put the annualized inflation rate
close to 2,000 percent),employers and workers have agreed to
negotiate wages and other benefits on a quarterly and monthly
rather than annual basis. Collective bargaining takes place
through a National Employment Council (NEC) in each industry,
comprising representatives from labor, business, and
government. In addition, the Zimbabwe Congress of Trade
Unions (ZCTU),the country's umbrella labor organization and
traditional advocate for workers to both business and
government. In addition, a Tripartite Negotiating Forum
(TNF) was established in 2001 for labor, business, and
government to tackle macro-social issues. However, these
talks have been fitful and unproductive since their
inception. The most recent impasse for the TFN is that
business and labor cannot agree on indexing wages to the
poverty datum line (PDL),which calculates the minimum
required for a family of six to pay basic expenses.
According to one prominent local economist, 80 percent of the
Zimbabwe's population lived below the PDL.


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45. (U) The government continued its harassment of the ZCTU
and its leadership, and has charged ZCTU officials with
violating foreign exchange controls. In September, police
arrested and tortured 15 ZCTU officials for demonstrating
against mounting economic hardships. Under Zimbabwe labor
law, the government can intervene in ZCTU's internal affairs
if it determines that the leadership is not acting in the
workers' interest. The government has threatened to
eliminate the ZCTU, and has taken steps to marginalize the
traditional unions and the formal labor dispute resolution
mechanism. To undercut the strength of ZCTU, the government
has created an alternative umbrella organization, the
Zimbabwe Federation of Trade Unions (ZFTU). However, outside
of government, the ZFTU is not regarded as a legitimate labor
organization. The ZCTU remains the voice of labor in
Zimbabwe and the country's official and internationally
recognized labor organization.

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Foreign-Trade Zones/Free Ports
--------------


46. (U) The government promulgated legislation creating
Export Processing Zones (EPZs) in 1996. (fact checking):
Zimbabwe now has 183 EPZ-designated companies. Benefits
include a five-year tax holiday, duty-free importation of raw
materials and capital equipment for use in the EPZ, and no
tax liability from capital gains arising from the sale of
property forming part of the investment in EPZs. Since
January 2004 the government has generally required that
foreign capital comprise a majority of the investment. The
requirement on EPZ-designated companies to export at least 80
percent of output has constrained foreign investment in the
zones. In 2006, the merger began of the Zimbabwe Investment
Center and the Zimbabwe Export Processing Zones Authority
into a new institution - the Zimbabwe Investment Authority.
The Zimbabwe Investment Authority is intended to be a
one-stop shop for both local and foreign investors.

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Foreign Direct Investment Statistics
--------------


47. (U) Zimbabwe Net Investment Flows 1998-2005 in Million
US$
1998 1999 2000 2001 2002 2003 2004 2005 2006 est.

Direct Investment
436 50 16 0 23 4 9 103 298

Portfolio Investment
11 21 -1 -68 -2 4 2

Source: IMF, UNCTAD, Ministry of Finance

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Resources
--------------


48. (U)

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Zimbabwe Investment Center
Investment House
109 Rotten Row
P.O. Box 5950
Harare
Telephone: (263) (4) 757931/4
Fax: (263) (4) 759 917
www.zic.co.zw

Zimbabawe Tourism Authority:
www.tourismzimbabwe.co.zw

Privatization Agency of Zimbabwe
www.paz.co.zw

Zimtrade
www.zimtrade.co.zw

Zimbabwe International Trade Fair
Zitf.mweb.co.zw

SCHULTZ