ZSE CEO Says Govt Could Make Victoria Falls A Zimbabwean Hong Kong Through VFEX
The Zimbabwe Stock Exchange chief executive officer Mr Justin Bgoni says the Government could make Victoria Falls a Zimbabwean “Hong Kong” and transform it into a magnet for capital.
Bgoni made the remarks while speaking at the Zimbabwe Economic Development Conference (ZEDCON) in Victoria Falls last week.
The Sunday Mail quotes him as saying this can be achieved with:
i). the Government taking a leading role in listing financial instruments on the exchanges.
ii). the Government issuing Bonds and Treasury Bills on the Victoria Falls Stock Exchange (VFEX).
iii). the Government encouraging State-owned enterprises to list on the US dollar-denominated exchange, subsequently making it a vibrant exchange.
iv) the Government offering tax incentives to list on the Victoria Falls Stock Exchange (VFEX).
v). establishment of Treasury companies and funds in the offshore centre.
vi). automatic prescribed asset status for Zimbabwean infrastructure projects listed on VFEX
He cited Hong Kong Stock Exchange (SEHK) as an example that boasts 96 China state-owned enterprises and 50 have at least one subsidiary listed on that stock exchange.
Bgoni said Victoria Falls could be turned into a vibrant capital markets hub critical in funding the country’s growth through resourcing the Victoria Falls Offshore Centre as well as issuing rules that include low exchange controls and foreign ownership.
Bgoni maintained that capital markets are part of the financial markets which connect the real sectors of the economy to the providers of capital.
