HARARE – Zimbabwe and South Africa have finally signed the Bilateral Investment Promotion and Protection Agreement (BIPPA) which enjoins
both countries to protect each other’s business interests.
This follows five years of procrastination by South Africa which cited its troubled neighbour’s continually unstable political environment.
The protocol, which now awaits ratification by both countries’ parliaments, provides protection for businesses as from September 15, 2008 when Zimbabwe’s Global Political Agreement was signed.
In cases of a dispute, parties have recourse to the International Centre For the Settlement of Investment Disputes in Washington DC or can seek arbitration through the UN Commissioner on International Trade.
Zimbabwe’s Economic Planning and Investment Promotion Minister, Elton Mangoma told a group of South African investors who witnessed the signing ceremony on Friday that Zimbabwe had since emerged from its political turbulence and should not be judged on the basis of its past.
“We are departing from the past,” Mangoma said, “We certainly, as an inclusive government, do not want to be judged on the basis of how the
previous government performed.
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