Online Reporter
Michael Tome
Business Reporter
The Government remains committed to creating a favourable investment climate in the country to shape a modern, competitive and inclusive economy, a senior official.
Deputy chief secretary to the President and Cabinet, Mr Zvinechimwe Churu, said this at the Fourth Zimbabwe Investment and Development Agency (ZIDA) stakeholders engagement forum held in Harare yesterday
The event brought together stakeholders from pension funds, local and international investors, for discussions on how to establish an investment and business-friendly climate.
Government ministries, departments, and agencies also attended the meeting to clarify some of the contentious issues.
This comes after the Government, through ZIDA, has made significant progress in reducing the turnaround time for investment registration and licensing from 21 days to just seven days, as part of ongoing ease of doing business reforms.
ZIDA achieved this by implementing a series of measures under the One Stop Investment Services Centre (OSISC), marking a substantial step forward in easing business conditions.
Ease of doing business refers to the level of difficulty or ease with which businesses can operate, including starting a business, obtaining permits and licenses, managing taxes, and protecting investors, along with other regulatory processes.
It serves as a key indicator of the state of a country’s business environment and can greatly influence investment attractiveness and economic growth.
In Zimbabwe’s case, the Government has continually endeavoured to improve the ease of doing business, aiming to stimulate economic growth and attract increased investment.
Addressing delegates at the forum, Mr Churu emphasised that a business-friendly regulatory environment with transparent and predictable regulations and minimal bureaucratic hurdles is crucial in fostering local investment and entrepreneurship.
“Government will remain steadfast in supporting the ease of doing business, which we view as critical for shaping a competitive economy. We are working very hard to ensure that we remove some unnecessary hurdles that stand in the way of business and target various sectors in that particular regard.”
“We have managed to streamline administrative processes and digital solutions, reducing red tape,” said Mr Churu.
He stressed that a supportive investment climate is vital for Zimbabwe’s economic transformation and that creating a favourable operating environment is essential to unlocking the country’s full potential.
Mr Churu said the Government was actively working to improve the business environment, as evidenced by current initiatives in infrastructure development, particularly in energy, road networks, and information and communications technology.
He pointed out that these enablers are critical for private sector growth and competitiveness, and that fiscal and monetary consolidation have contributed to stabilising the macroeconomic environment.
ZIDA board chairman Engineer Michael Tumbare said investors wanted predictability, and the authorities should continuously work on dismantling barriers, accelerating reforms, and fostering an innovative environment where opportunity belongs to everyone.
“Investors seek predictability, communities seek inclusion, and citizens seek equality. Let us dismantle barriers, accelerate reforms, and build an innovative environment where opportunity is not the privilege of a few but the inheritance of many,” said Engineer Churu.
ZIDA chief human resources officer, Mr Kudakwashe Nyashanu, pointed out that his organisation had developed a method to strengthen inter-agency collaboration to make it easier and faster for investors to establish operations in the country.
“We have developed a solution to enhance inter-agency collaboration, streamlining the process for investors to establish businesses in the country. This improvement enables seamless coordination among relevant agencies, reducing bureaucratic hurdles and accelerating the setup process.
The goal is to create a more investor-friendly environment, fostering economic growth and development by making it easier for businesses to get started and thrive,” said Mr Nyashanu.
These sentiments come at a time when President Mnangagwa, earlier this year, emphasised the importance of reviewing fees, licences, permits, and regulations to support economic development.
The Second Republic has, since its inception in 2017, been actively working to improve the ease of doing business to stimulate economic growth and attract more investments into the country.
