Broad international investor participation in the Imara Group’s second annual Zimbabwe investment conference confirms the growing pull of Africa’s ‘frontier markets’, say the upbeat organisers.
Leading international fund managers have confirmed their attendance at the event in Harare on June 7 and 8, says Sean Gammon, MD of Harare-based Imara Capital Zimbabwe.
Imara expects investment professionals from the USA, UK, Europe and South Africa. Last year the Pan-African financial services group created history by successfully staging Zimbabwe’s first in-country international investment conference since the formation of an inclusive government.
“The follow-up indaba has a ‘let’s get down to business’ feel about it,” says Gammon. “The accent this time around will be on assessing the reality of corporate Zimbabwe, rather than just the undoubted blue-sky potential.
“The major signal sent on the run-in to the conference is that solid support is forthcoming from fund managers, despite concerns about the final form that Zimbabwe’s indigenisation legislation may take.
“It is no longer a novelty for African ‘frontier markets’ to be represented in the portfolios of major fund managers. Investment risk is different in Africa, but we’ve seen that developed economies also carry risk. All in all, the risk-and-return proposition within African markets has growing appeal. A follow-up investment indaba here in Harare confirms it.”
The conference format is designed to facilitate serious investment. After macro scene-setting, senior executives from major listed Zimbabwean companies will make individual presentations to fund managers.
One-on-one sessions will give prospective investors an in-depth look at the performance of market leaders that have achieved sustained growth with little reliance on debt.
Says Gammon: “Dollarisation has helped to resuscitate Zimbabwe’s economy and enabled many companies to step up production. The timing of the conference is important as it gives fund managers a chance to assess corporate performance post-dollarisation.
“Some investors may have taken a position soon after dollarisation and will be checking corporate performance one year on. Those who took a wait-and-see approach will be just as keen to assess dollarisation’s impact.
“In either scenario, the Imara conference fulfils a vital role.”
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