Chronicle Editor
Judith Phiri, Business Reporter
THE Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, has said there is a need to relook and change some of the by-laws governing local authorities which are hindering investments in most parts of the country.
The minister who now has an added Investment Promotion portfolio in his ministry has vowed to woo the much-needed investment into the country.
He was responding to concerns by delegates at the Matabeleland South Investment Forum at Blue Hills Camp, Umzingwane District held recently.
The delegates had said some of the by-laws being used by the local authorities were outdated and hindering investment initiatives.
In an interview on the sidelines of the event, Prof Ncube said to promote investment there was a need to relook at some of the by-laws and effect changes where there is a need to.
“The delegates raised something very important which I see coming up in most of the provinces, which our local authorities need to be assisted with in changing the by-laws, some of these laws are old and archaic, while they make it very difficult for investors to invest freely.
“Someone said he has been trying to invest in a gated community which is a real estate development and they are being slowed down by some of our old by-laws. So, I think as Government we will look into this issue so that we can change our local authorities and urban council Acts so that these by-laws are more facilitative than restrictive to investors.”
He said changing the by-laws was important because as they availed incentives to investors, they were on the other hand, getting frustrated by the administrative, legal aspects, regulations and the by-laws hindering their investments.
The minister said they have also been made aware that investors were finding it difficult to access rebates because some of the systems were too centralised to head offices in Harare.
“The investors want more decentralisation, again in the spirit of devolution. I am happy to say that we have a Zimbabwe Revenue Authority (Zimra) regional head office in Bulawayo and also a Zimbabwe Investment and Development Agency (Zida) southern regional office recently opened. This will go a long way in improving access by investors for their rebates and applications, among other things,” said Prof Ncube.
“As well we need to invest more into online facilities so that investors access all their forms and documentation. This needs to be done, we will build capacity in this direction.”
He commended the investment conference which comes after the Matabeleland North Diaspora Investment Conference held in Lupane District last month, stating that there was strong participation from the diaspora community.
Prof Ncube said there was potential to grow the Gross Domestic Product (GDP) of Matabeleland South Province through various sectors such as mining, agriculture, tourism, infrastructure and energy.
Speaking at the conference, Environment, Climate and Wildlife Minister Nqobizitha Mangaliso Ndlovu said the conference was a platform to introspect and look at the provincial economy, see where there are opportunities and where they need to be created.
He said as a child of the province, one of its key strengths was livestock production and the sector has been going down.
Minister Ndlovu said there was a need to nurture livestock production.
The conference ran under the theme: “Unlocking Investment Opportunities through Private Sector Led Initiatives for Devolving Rainbow Province.”
Hosted by the Office of the President and Cabinet, the investment forum is part of efforts to unlock the massive economic potential of the province by luring the diaspora community and potential foreign investors to tap into available opportunities.
Bongani Ndlovu