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|Title:||African Industrial Revolution and Strategies for Attracting Foreign Direct Investment for Sustainable Economic Growth & Development in African Countries: The Zimbabwean Case|
|Publisher:||Lupane State University|
|Series/Report no.:||International Journal of Economics, Commerce and Management;IV|
|Abstract:||This paper focuses on various strategies that African governments can employ in their respective economies for attracting Foreign Direct Investment (FDI) for sustainable economic growth and development. The recent phenomenon of “New Scramble for Africa” should not only benefit the Multinational Enterprises (MNEs) as was witnessed in the first “Scramble for Africa” during which Africa’s resources were exploited for the development of Western countries. A lot of African countries, such as Zimbabwe, South Africa, Zambia and Botswana, are rich in mineral resources which can bring about a significant “Industrial Revolution” in Africa if value addition can be executed in the countries of origin instead of shipping them in raw form to foreign markets countries, carry out value addition processes there, and bring back finished products to the African Market. In this paper, the researcher identifies various strategies that Zimbabwe has implemented over the years to attract FDI. The results of the study show that the strategies have not been very effective in attracting FDI, which is one of Zimbabwe’s major sources of funding for industrialization. The study therefore recommends various interventions to make Zimbabwe a more attractive investment destination. These interventions include further policy reforms especially the Indigenization and Economic Empowerment Policy, introduction of Special Economic Zones, introduction of various incentives for foreign investors, and creating a conducive and safe environment for foreign investors. This is envisaged to make Zimbabwe a more attractive foreign direct investment destination, which will inevitably result in industrialization, and sustainable economic growth and development.|
|Appears in Collections:||Department of Accounting and Finance|
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