Zimbabweans remit millions back home but….

Zimbabwe flock back home

Zimbabwe flock back home

JOHANNESBURG – ZIMBABWEANS living in South Africa remitted more than US$700 million (about R7,7 billion) back home, a senior government official has announced.

This did not make much value as the same money was immediately taken back to South Africa as the locals in the Diaspora cited lack of industry in

“A total of $700 million was remitted into Zimbabwe by Zimbabweans living South Africa, but the same amount is taken back to South Africa, ” Mike Bimha, who is the Minister of Trade.

He said among reasons the money quickly found its way back to South Africa was as a result of old infrastructure, lack of manufacturing, textile and processing industry.

Bimha said such economic challenges caused trade imbalance between the two countries.

Admittedly, Bimha said South Africa was Zimbabwe’s largest trading partner in Africa stating that goods and services worth $2,9 billion (about R33,64 billion) were supplied into the country during the first six months of this year.

He said in the just ended financial year, Zimbabwe imported goods from
South Africa worth more than $6 billion (about R66 billion) against
Harare’s exports valued at $3 billion (about R33 billion).

“Trade favours South Africa. We would like to see a balanced relationship.
Foreign direct investment is critical in the resuscitation of industry in
Zimbabwe,” said Bimha.

Millions of Zimbabweans have fled the economic problems in their country
to seek refuge in neighbouring South Africa.

– CAJ News








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Posted by on Nov 27 2014. Filed under Finance, Finance & Banking. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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