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Brighton Gumbo Business Reporter
PARLIAMENT has called for an inclusive business indaba before the end of the year to synchronise legal reform proposals from different interested parties to pave way for increased investment. Speaking during a joint sensitisation workshop for Parliamentarians and business executives in Bulawayo on Saturday, Speaker of Parliament Jacob Mudenda said the proposed convention should afford the business community opportunity to come up with a collective position on how to enhance the ease of doing business in the country. He said there was a need to accelerate alignment of laws to attract investment and pledged Parliament’s commitment to assisting in this regard.
“The Confederation of Zimbabwe Industries (CZI), Zimbabwe National Chamber of Commerce (ZNCC), mining bodies, Employers Confederation of Zimbabwe (EMCOZ), farmers’ unions and the Bankers Association of Zimbabwe (BAZ) must meet before the end of the year to come up with a synchronised model of laws that will be used to drive and improve the ease of doing business,” said Mudenda.
The Speaker said in coming up with the model laws, the participants should consult the Law Society of Zimbabwe and law departments at universities. “There’s a need for stakeholders to consult the law society of Zimbabwe, the faculties of law at Midlands State University, University of Zimbabwe and Great Zimbabwe University so as to come up with model laws that are polished,” he added.
CZI president Busisa Moyo said industry would be happy if several laws were aligned with modern business practices. He said laws such as the Companies Act, Zimra Act, Zimbabwe Investment Authority Act, among others constrain the ease of doing business. “Chapter 24:3 of the Companies Act has provisions that are no longer applicable in the modern business practices, Zimra penalties are so inconsiderate and constrain the ease of doing business,” said Moyo.
The government is already working on a number of measures aimed at increasing foreign direct investment. The measures seek to buttress the ideals of the country’s economic blueprint, Zim-Asset, which requires close to $27 billion private sector funding to achieve the 7,2 percent growth rate by 2018.
In his recent state of the nation address President Mugabe unveiled a 10-Point Plan for Economic Growth. The master plan covers revitalisation of agriculture and its processing value chain, value addition and beneficiation of mineral resources, infrastructure development, unlocking SMEs potential, restoring and building the financial services sector and encouraging private investment.
It also includes promoting joint ventures and private public partnerships, modernising labour laws, weeding out corruption and implementation of special economic zones.
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