Zimbabwe, Qatar to pursue investment protection, taxation agreements

HARARE, May 7 (Xinhua) — Zimbabwe and Qatar on Monday agreed to expeditiously negotiate and conclude agreements that protect future investments and avoid double taxation, Finance and Economic Development Minister Patrick Chinamasa has said.

Addressing journalists in Doha, Qatar, after the first meeting between Zimbabwean President Emmerson Mnangagwa and Amir of Qatar Sheikh Tamim Bin Hamad bin Khalifa Al Thani, Chinamasa said the two countries agreed to pursue the agreements immediately, Zimbabwe’s state news agency, New Ziana, reported.

“We have agreed that we negotiate and conclude a bilateral investment protection agreement. We have also agreed to negotiate and conclude an avoidance of double taxation agreement,” he said. “These are matters we are going to pursue more immediately.”

Chinamasa said Zimbabwe and Qatar are still trying to identify areas of possible cooperation.

“At the moment, we are trying to identify areas of cooperation and we are looking at power generation which could include gas or coal or hydro, infrastructure and tourism,” he said.

“Those are the areas which we will focus on as we develop the relationship, as this is our first contact with Qatar. Business is about relationships. We have to develop relationships before we can realize the outcomes that we so desire.

“These are first contacts and I am hopeful and quite optimistic that this first contact will develop into full blown economic relationship,” he said.

Mnangagwa is in Qatar on an official visit at the invitation of the Qatari leader.

“This is an invitation we were ready to accept in order to promote the economic recovery of our country,” Chinamasa said.