FRANCE’S Ambassador to Zimbabwe, Paul-Bertrand Barets (pictured), says French firms want clear guarantees on investment security before expanding their operations in Zimbabwe, as investment levels remain far below potential.
Barets, who spoke to businessdigest on the sidelines of the “In Conversation with Trevor’ Ideas Festival” in Nyanga last week, said French investment in Zimbabwe was currently “insufficient” despite the presence of about 10 major corporations.
These entities operate in sectors including energy, agriculture, and industrial solutions.
“I do not want to give false figures. What I know is that it (investment) is insufficient, and that we really must develop it. And in spite of all the problems, the French companies stayed in your country,” Barets said.
One of the biggest concerns of foreign based companies is the inability to repatriate funds outside Zimbabwe.
The ambassador said companies such as energy firm TotalEnergies continued to operate locally, demonstrating long term commitment, but conditions needed to continue improving to attract more capital.
“We have really blue-chip companies in your country, but I think there is space for more investment, for example, in the mining sector. But we also need security of investment,” he said.
“When you invest in a foreign country, you want to be sure that you can bring back the money you are earning. That is as simple as that.
- ‘Africa needs transformative leaders’
- Ideas Festival to inspire change, collaboration
- Ideas Festival Conference upon us
- Ideas Festival indaba comes alive next week
Keep Reading
“I think that our companies are doing well, but in the past, there were some problems, so we want to be sure that the business environment is stable and the monetary environment is stable enough to convince our companies to come back to Zimbabwe.”
Barets acknowledged recent government steps aimed at improving the business environment.
“Recently, the rules, taxes and so on, related to the agricultural sector have been eased, which is a very good sign of engagement and so, we are exploring new opportunities in this regard,” he added.
He also pointed to Zimbabwe’s ongoing monetary stabilisation efforts as crucial to restoring investor confidence.
“In this regard, the stability of the current monetary policy of the ZiG is really very important, sending a strong signal,” Barets said.
“So, I would only encourage the country to continue in this regard with its efforts to offer a monetarily conducive environment.”
He added that beyond mining, French companies see opportunities in infrastructure, transportation, and agriculture—sectors where French expertise could “really bring value addition”.
“The French development bank, Proparco, has featured partnerships with NMB and with Stanbic as well, providing facilities, credit facilities, guarantees that support SMEs, agriculture, women entrepreneurs, and import-export businesses,” Barets said.
