Govt to establish technical co-operation with Botswana investment authority

autonomous private sector-led organisation established in 1997 to encourage, promote and facilitate the establishment of export-oriented enterprises and selected services to create economic diversification, rapid growth and sustained employment opportunities.
Economic Planning and Investment Promotion Minister Tapiwa Mashakada told Business Chronicle in an interview on Monday that his ministry, through the Zimbabwe Investment Authority (Zia), would work with Bedia to boost investment.
The development comes at a time when Zia Bulawayo offices have been upgraded to promote and coordinate investment initiatives in Matabeleland.
“The upgrading of Zia Bulawayo offices into a virtual regional office will facilitate the promotion and coordination of investment programmes in the region.
“The refurbishment of the office comes at a time when we have also signed a Memorandum of Understanding with the Trade and Investment Limpopo, which is a premier source for investment projects in Bulawayo and Matabeleland region. We are also going to extend our technical cooperation to Bedia to boost investments in the region,” he said.
The upgrading of Zia Bulawayo offices means the centre has been developed into a one-stop shop for investors seeking registration and licensing of their projects in Matabeleland.
“From today (Monday), Zia Bulawayo office staff is going to activate this office into a one-stop shop centre where investment projects will be processed. The office will complement other Government departments so that we work together as one office.”
Through the one-stop shop concept Zia has reduced the number of days investors have to wait before their projects are approved from 49 to five days, creating a favaourable investment climate.
Minister Mashakada said last year Zimbabwe approved investment projects worth $6 billion in different economic sectors that included mining, tourism, manufacturing, and agriculture.
Asked why it was seemingly taking long for the projects to be implemented despite announcement of projects being approved by Zia, he said: “Investment is a process where investors, before starting their projects, have to make applications for licensing and go on to raise capital. As a result, starting operations for investment projects cannot be done overnight.”
He said as Government continued to improve the investment climate in the country foreign firms had expressed interest to invest in the country.
Minister Mashakada said Government was presently faced with challenges to make investors register their investments with Zia.
“We need a regulation to force all the investors to come through Zia to register their investment so that as Government we are able to know the type of investments, geophysical data and to check whether they are operating within the parameters. And to force all the investors to come through Zia, we have come up with a bill that has already been approved by Cabinet and is with the Attorney General’s office,” said Minister Mashakada.
He said the bill, if passed into law, would allow Zia to implement an investor-tracking system to monitor investment programmes in the country.
The setting up of an investor-tracking system will not be peculiar to Zimbabwe alone, as other countries such as Rwanda and Kenya have implemented similar regulations.