BULAWAYO — Zimbabwe Investment Authority (ZIA) has reduced the approval period of investment projects to 10 days from over seven weeks as it moves to implement structural reforms aimed at wooing investment into the country.

ZIA, which has approved projects worth US$120 million since the beginning of the year, has been accused of being a barrier to investment by taking too long to approve applications by foreign investors.

Richard Mubaiwa, the ZIA CEO told Standardbusiness on Wednesday that the reduction in the approval period of investment projects was a result of structural reforms being implemented by the body to woo investment.

“The ZIA investment committee now meets after every two working weeks to approve applications and what that means administratively is we have reduced the period of approval of investment projects to 10 working days,” Mubaiwa said in a telephone interview.
“We are moving towards transforming ZIA into a one-stop shop investment centre.

“We are implementing a concept (one-stop investment centre) which is awaiting official launch by the government.”
Under the one-stop shop investment centre concept, it is envisaged that the approval of investment projects will be done under a week.
Zimbabwe, which has since the turn of the millennium witnessed investor flight due to the unfriendly environment mainly related to the political situation, is desperate for quick investment to turnaround the economy.

The inclusive government has announced that it is reviewing investment laws and policies to woo more foreign capital into the country.
According to the Ministry of Economic Planning and Investment Promotion, Zimbabwe is in the process of crafting a new investment policy and law (the National Investment Policy and the Investment Promotion and Protection Act). Both the law and policy are expected to enhance the country’s investment and overall economic standing.

Foreign direct investment in 2009 totalled US$60 million, an increase of US$8 million from the US$52 million recorded the previous year, according to the World Investment Report released by the United Nations Conference on Trade and Development.

BY NQOBANI NDLOVU

Comments (0)

Show/Hide comments

Show/Hide comment form