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THE government will operationalise the one stop investment centre before the end of this year and provide a variety of incentives that include online project applications to promote domestic industrial growth and employment creation. Economic Planning and Investment Promotion Minister Simon Khaya Moyo told a gathering in Harare during a presentation on his new ministry’s mandate that operationalising the one stop shop centre was in line with international business best practice.
The proposition has been in the pipeline for years amid complaints by business that establishing a business in the country was cumbersome given bureaucratic delays and associated prohibitive regulatory costs.
“My ministry will this year ensure that Zimbabwe Investment Authority (ZIA) operates as a truly one stop investment centre. We’re truly and urgently working on reforming the operations at the One Stop Investment Centre at the ZIA to make it a world class One Stop Investment Centre,” said Minister Khaya Moyo.
He said the one stop shop will dramatically reduce the number of days it takes to process investment proposals.
The minister said Zimbabwe should adopt best practices and alluded to the Mauritian and Rwandan experiences where a company can be incorporated and registered within 24 hours.
In Zimbabwe it takes several months to set up a company with an investor being forced to move from one office to another across ministries and paying fees in the process.
“One of our key priority areas is to work with ZIA to plan and implement investment promotion strategies for the purpose of encouraging investment by domestic and foreign investors, facilitate and process investment applications for approval through the OSS Centre,” said Minister Khaya Moyo.
He said the ministry will finalise work on creating a platform for online investment projects application and processing. The platform will also contain a list of projects that are open for investors in Zimbabwe and allow potential investors to apply online for investment projects thereby improving the ease of doing business in the country.
Minister Khaya Moyo said the government was working on the formation of an investors’ forum that will bring together investors and policy makers to deliberate on how best the investment climate in the country can be improved.
“Dialogue with investors will be improved dramatically to improve our international competitiveness. Investors’ forums exist in a number of countries in Africa. In Rwanda and Uganda they’ve enabled the government to know the concerns of the investors,” he said.
The minister said the country has received over 30 delegations in the past six months who were scouting for investment. He said the government was looking at their concerns and pledged to address them to remain competitive in the global community.
Khaya Moyo said his ministry in conjunction with other government departments was working towards reviewing the country’s incentive structures in order to make them more competitive.
“The government will provide more incentives through Special Economic Zones. This should be good news for investors wishing to invest in Zimbabwe,” he said.
President Mugabe set up the new ministry at the beginning of the year to provide technical input for the development of a national vision for the country anchored on the Zim-Asset economic blueprint.
The ministry has a mandate to lead the process of developing and implementing an economic growth strategy and plan for the government of Zimbabwe.
It also, among other things, co-ordinates and leads the national economic development planning process including the formulation of provincial plans and programmes.
The ministry superintends over the activities of the Zimbabwe Statistical Agency (Zimstat), Zimbabwe Economic Policy Analysis and Research Unit (Zeparu) and Zimbabwe Investment Promotion (ZIA).
Khaya Moyo, however, noted the slow pace in the achievement of Zim-Asset average economic growth rate of 7.2 percent by 2018 and called for collective efforts to improve economic performance to meet the set target.
He stressed the need to develop sound macroeconomic policies to stimulate growth across all sectors of the economy, reversing economic slowdown and repositioning the economy back on a sustainable growth trajectory.
He also said increasing Foreign Direct Investment mainly in infrastructure projects ranging from energy and power development, roads, rail, aviation, telecommunications to water and sanitation would be prioritised.
Minister Khaya Moyo said a Bill on establishment of Special Economic Zones would soon be tabled in Parliament and pave the way for its implementation.
He also spoke on the importance of Bilateral Investment Protection and Promotion Agreements (BIPPAs) in enticing foreign investors.
“The government has signed about 54 BIPPAs that are at various stages of completion with countries on the African Continent and the multi-lateral front. Sixteen BIPPAs are still under negotiation, three are awaiting signature, nineteen are awaiting ratification and nine have already been ratified,” said Minister Khaya Moyo.
He said the government would continue pushing its development agenda for the benefit of the nation in the context of Millennium Development Goals (MDGs).
Meanwhile, the Public Service Commission has approved the posts of regional economists to cover all provinces in Zimbabwe.
The officers will be stationed in the provinces and promote regional planning and regional investment initiatives.
An Economic Policy Analysis and Research Unit has also been set up in the ministry to monitor the performance of the Zimbabwean economy and the management of public policy implementation.
Bongani Ndlovu
Online Reporter