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Zimbabwe's economy may grow an average 15% a year for the next five years on a recovery in production and aggressive infrastructure development, Economic Planning Minister Elton Mangoma said on Monday.
Mangoma told reporters the economy - struggling to recovery from an economic meltdown - would expand 12,5% next year.
"During the period (till 2015), the economy is expected to grow by an average growth rate of 15% from a level of 3,7% in 2009," he said, after releasing a draft policy document.
"This will be achieved through the restoration of productive capacity and creation of new capacities, aggressive infrastructure rehabilitation and development."
The southern African country's economy went into freefall amid political upheaval and after the government seized white-owned commercial farms from 2000.
However, a unity government formed earlier this year has raised hopes of a recovery, although the bulk of hoped-for aid has not yet come. It managed to halt hyperinflation by scrapping the Zimbabwe dollar and allowing the use of several other currencies.
The Confederation of Zimbabwe Industries says factory output doubled in the first six months of the year and capacity utilisation had climbed to 32,3% from below 10%.
Mangoma said the government would sign an investment protection agreement with South Africa later this month and planned to increase mining royalty taxes and would hold auctions for mining claims.
"The bilateral investment promotion and protection agreement between Zimbabwe and South Africa is going to be signed here in Zimbabwe on the 27th of November. We've got an agreement ... which means there are no contentious issues," he said.
South Africa is one of the country's biggest investors but so far companies, from its southern neighbour and elsewhere, have been wary to move back into Zimbabwe.
Last week, the government proposed in a draft law that Zimbabweans would take 51% ownership of all foreign companies, including mines and banks.
"We want investors everywhere to feel secure. We believe the document is very good and I'm sure the South Africans feel it is very good, that's why we're going to sign it," Mangoma said.
The government would look to tighten its mining royalty regime and link it to local shareholding.
"Virtually all our mining resources have been claimed by somebody. We'll be bringing in the 'use it or lose it' principle on the claims and we'll also be moving to auctioning of claims, as opposed to the payment of a pittance for claims," he said.
Zimbabwe has the second highest reserves of platinum in the world, after South Africa, and their mining sector makes up a bigger proportion of exports after the agriculture sector collapsed.
