Investments safe in Zimbabwe: Mugabe

Visiting Zimbabwe's President Robert Mugabe on Thursday assured foreign investors that foreign investments were safe in Zimbabwe and would not be affected by his controversial indigenous policy.

The indigenous policy demands that a foreigner investor has to cede 50 percent to the locals.

Mugabe was speaking to business leaders in Pretoria on his last day of a two-day state visit at a business forum on the sidelines of his visit.

Mugabe called on the South African business community to invest in Zimbabwe, particularly in the areas of mining, transport, infrastructure and information and communication technology.

"I wish to assure all of you that Zimbabwe is open for business. Zimbabwe is a genuine and sincere partner to all those who are similarly disposed," Mugabe said.

"Zimbabwe is a genuine and sincere partner to all those who are similarly disposed," he said, adding that South African companies should take the opportunity and partner with Zimbabwe companies in joint ventures.

The 91-year-old leader said the business community should not come for employment, but "come for better things as employers yourself."

Speaking at the forum, South African Presidentg Jacob Zuma said, "We are meeting today to cement these trade relations and to explore new opportunities in the two countries".

Opportunities for deeper economic cooperation exist in the fields of mining, water, energy, infrastructure development, transport, information and communication technology among others, Zuma said.

"The existing trade relations and potential for further cooperation amplify the need for regional integration to be at the top of our economic agenda," Zuma said.

Zimbabwe is South Africa's largest trading partner in the region. A number of South African companies are operating in Zimbabwe. The companies include: Standard Bank, Impala Platinum, Old Mutual and Tongaat-Hulett.

"Historically, our two countries trade more with each other than with any other country on the continent," Zuma said.

Between 2005 and 2014 South Africa's exports to Zimbabwe grew by 247 per cent from 7.1 billion rand (about 601 million U.S. dollars) to 24.8 billion rand (about 210 million dollars), with minimal contraction recorded in 2006 and 2009.

In the same period, Zimbabwean exports to South Africa fell by 54.7 percent to two billion rand (about 169 million dollars) from 4.4 billion rand (about 372 million dollars) that was reported in 2005.

South Africa's exports to Zimbabwe comprise machinery, electrical equipment, mechanical appliances, chemical products, base metals, mineral products and agro-processed products.

In turn, Zimbabwe's exports to South Africa include textiles, pearls, precious and semi-precious stones as well as base metals and mineral products. Endi