Investors must be regularised — Mashakada

Investment Authority, a cabinet minister said yesterday.
At present, the Zimbabwe Investment Act does not make it compulsory for investors to register with ZIA.
ZIA, has since last year called on foreign investors to register with the authority, a call that has largely been ignored.
Minister of Economic Planning and Investment Promotion Tapiwa Mashakada told New Ziana that registration would be made mandatory under the proposed Investment Bill.
“The Zimbabwe Investment Act does not make it mandatory to register investment but the Investment Bill which we are crafting will require everyone to register with ZIA,” the minister said.
The Bill is set to be presented to cabinet in a fortnight’s time.
Mr Mashakada said compulsory registration would also help Government in keeping a reliable database on investors in various sectors of the economy, he said.
“We would also keep record of all investors coming into the country and the nature of their business.
“The Investment Act is also set to incentivise investment in the country,” Mashakada said.
The ministry recently spearheaded the establishment of the One-Stop-Shop at the ZIA’s investment house that is expected to facilitate the swift registration of new foreign investors in the country.
The OSS houses a number of Government departments, that are key in the registration of new investors, under one roof.
The establishment is expected to trigger an increase of new investors into the country.
Industrialist Calisto Jokonya said by enforcing registration, Government would be able to regulate investors in the country.
“Every registration has a means of control; the country will now have a vibrant investment monitoring mechanism,” he said.
Zimbabwe has passed an indeginisation law, which allows locals to be majority shareholders in all foreign-owned companies. – New Ziana.