Agency to improve FDI approvals

Tawanda Musarurwa Business Reporter
The establishment of the Zimbabwe Investment and Development Agency (ZIDA) will capacitate the country to process Foreign Direct Investment (FDI) approvals within a day, Finance and Economic Development Minister Professor Mthuli Ncube has said.

Zimbabwe is working on a plethora of measures to improve the ease of doing business climate to attract increased levels of FDI in line with the goals of achieving an upper middle-class economy by 2030.

Updating the nation on progress made in respect of measures being implemented to enhance the country’s economic performance, Minister Ncube said ZIDA should be operational in the next few months.

“We are accelerating and deepening the ease and cost of doing business reforms to improve competitiveness,” he said.

“This includes the establishment of a one-stop shop investment centre, and legislation to establish a specific and dedicated institution — the Zimbabwe Investment and Development Agency (ZIDA) — is now before Parliament.

“ZIDA is set to be fully operational in the coming months, and will enable the processing of investment approvals within a day, significantly improving the investment climate.”

Prof Ncube called for patience as economic reforms and restructuring are process-oriented.

“I am aware that there are those who are disappointed by the pace of change, and who expected progress to be faster,” he said. “Unfortunately, this was never going to be the case.”