adminSenior Reporter
GOVERNMENT is refining and realigning its policies to lure direct foreign investment into the country, Vice-President Emmerson Mnangagwa has said. He made the remarks while commissioning a 10 million litre water tank in Mutare last Thursday, constructed under the Zim-Fund initiative. Cde Mnangagwa said the country has a low foreign investment uptake because of serious bureaucratic bungling and red tape that is scaring away potential investors.
He urged ministers to swiftly deal with red tape in their respective ministries, saying the country was losing out because of unnecessary delays.
“I will push you as ministers to deliver and put an end to red tape and you will do the same to your subordinates. As Government we will refine our policies to aid development. We are worried about the low foreign investment uptake due to red tape. We need to be investor friendly and not current situations whereby investors take long periods to know of their fate because of red tape. Our President does not want that.
“We need to engage the international community and be part and parcel of forward-looking members of that community,” he said.
In some countries, he said, investors only need up to 14 days to know whether they will invest or not, but in Zimbabwe they take very long periods to know their fate.
“President Mugabe has instructed us to deal with red tape and I urge ministers to take heed of that and firmly deal with red tape. I am anxious and prepared to receive instructions from above and you should also be prepared to do the same. You then pass those directives to those below you and ensure that we deal with red tape,” he said.
Cde Mnangagwa said under the economic blueprint, Zim-Asset, Government is prioritising partnerships between local accompanies and foreign investors in order to have the economy running again.
He said Government has implemented several reforms in order to ensure the smooth implementation of the Zim-Asset programme.
Cde Mnangagwa made reference to the procurement board changes that have been made to ensure that several projects that were being delayed by bottlenecks at the board get underway.
He declared a zero tolerance on corruption saying development partners will not release funds where corruption is rife.
“There will be no donor support where there is corruption. I am happy that the Minister of Finance and Economic Development, Cde Patrick Chinamasa, said the Zim-fund projects here in Mutare were conducted in a transparent manner, the funds were properly used. We must be honest because that is the only way to attract support from our development partners.”
He said the economic turnaround will not be achieved by Government alone but requires the participation of everyone.
Online Reporter