Parly backs economic revival

Leonard Ncube Victoria Falls Reporter
PARLIAMENT has thrown its weight behind efforts to revive the economy with the Speaker of Parliament Cde Jacob Mudenda pledging to engage legislators to steer debate around creating laws that will enhance investment and economic growth. Cde Mudenda said the National Assembly was committed to partnering the private sector in unlocking opportunities in the economy and disentangling challenges hindering recovery and growth.

He said the legislature, guided by Section 141 of the country’s Constitution, had the mandate to conduct public hearings on legislative issues affecting the economy and addressing them.

Cde Mudenda attended the Chamber of Mines 75th Annual General Meeting in Victoria Falls on Friday where he spoke about the need to engage while reiterating the role of the legislature in the country’s economy.

He said: “The Chamber of Mines should engage Parliament so that the legislative agenda is laid out together with industry. As a country we should learn from what other countries have done. China and Norway achieved great things by harnessing Foreign Direct Investment (FDI) through the legislative agenda with the Executive working together with Parliament. As Speaker I am very much alive to that and I will guide Parliament”.

The Speaker of Parliament said he was committed to guiding the august House to debate on economic issues for the success of the country’s economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset).

Cde Mudenda said the private sector in developed countries identified weaknesses in their investment laws and approached the Executive, which came up with investor friendly legislation and vowed to guide legislators to debate and come up with progressive and investor friendly bills.

Zimbabwe Investment Authority (ZIA) president Nigel Chanakira had earlier challenged miners and executives to come up with ways of attracting FDIs into the mining sector as it has the potential of driving the economy. “As a country we are not performing well hence failing to attract FDIs as we are punching below our weight. About 70 percent of investment inquiries are in the mining sector as Zimbabwe has a potential of becoming a mining destination for investors but there are some issues that make the investor view the country as risky,” he said.

Chanakira cited issues of policy inconsistency and legislation among the setbacks in attracting investors and challenged the Chamber of Mines to come up with innovative ways of attracting investment. He said Zim-Asset would never be a success without FDI.