Mnangagwa vows to pull investment into Zimbabwe

Zimbabwean President Emmerson Mnangagwa said on Wednesday he would introduce pro-business policies to attract investment and revive the ailing economy after decades of rule under Robert Mugabe.

Mnangagwa, who came to power last month after Mugabe was ousted, used his first state of the nation address to underline that his priorities were to boost economic growth and fight corruption.

The new president was a long-time ally of Mugabe, and his critics say he is also a hardliner from the ruling ZANU-PF party with a record of alleged graft and repression in Zimbabwe.

But Mnangagwa said he wants to improve the rule of law and democracy, as well as the business climate

"My government is committed to open Zimbabwe out to investment by building a free and transparent economy... and is welcoming to outsiders, " Mnangagwa said.

"We are determined to remove any policy inconsistencies of the past to make Zimbabwe an attractive destination for capital."

Mnangagwa, 75, said his government will improve business regulations and review investment laws that limit foreign ownership.

"Corruption remains the major source of some of the problems we face," he said, adding he would "build a new Zimbabwe".

Mnangagwa has already scrapped Mugabe's indigenisation law which forced foreign firms to cede 51 percent stakes to locals.

He said the law will only apply to the platinum and diamond sectors.

Under Mugabe's rule, the key agriculture sector collapsed and hyperinflation swiped out savings.