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technology-based investor tracking system to monitor progress on the implementation of projects.
This was viewed as part of continuous efforts to facilitate foreign direct investment after the establishment of the one-stop shop investment centre in 2010.
ZIA chief executive Mr Richard Mbaiwa confirmed in an interview the project had been put on hold after failure to secure funding.
“The project has not taken off. We have not been able to get the funding,” he said.
But earlier last year he had indicated that ZIA had enlisted a consultant to look into the requirements for the system.
Economic Planning and Investment Promotion Minister Tapiwa Mashakada last year said ZIA required about US$2 million to meet various obligations, including installation of state-of-the-art ICT systems.
Mr Mbaiwa said then that ZIA had already identified a company prepared to fund the designing of the advanced investor tracking software system.
The software would contain a database of investors and would update progress on project implementation and challenges.
“From the point of contact with the investor, we must be able to follow up and tell at what stage where an investment project is,” Mr Mbaiwa said then.
The system would provide timely updates on investors’ requirements and ZIA would intervene to expedite implementation of projects. After this, he said a software company would have been engaged to implement the system, scheduled to be operational by June last year.
“It is an urgent matter and we are looking at between May and June to launch the system,” he said last year.
“We are consulting to establish the current system, requirements and bottlenecks.”
The investor-tracking system would have come in handy for ZIA, particularly regarding efforts to ensure better implementation of all approved projects.
Often, ZIA has come under fire for touting huge numbers of approved projects, which, in the end, would not be implemented. All this comes about as Zimbabwe strives to attract more FDI after drawing in a paltry US$105 million in 2010, compared with US$444 million in 1999 and US$10 billion that found its way into the region.
The Government hopes to start attracting increased volumes of FDI after scoring progress on the macroeconomic front, which augurs well for investment.
Annual inflation has fallen from the hyperinflationary levels of 2008 to about 5,4 percent in 2009. Annual inflation closed the year at 4,9 percent.
The economy has stabilised and was forecast to post a 4,5 percent growth last year, from 8,1 percent in 2010. It is expected to grow by 9,4 percent this year.
The introduction of the multi-currency system has also eliminated exchange risk, making Zimbabwe one of the safest countries in Africa in that regard.
These “positives”, coupled with many investment opportunities in the mining, manufacturing, agriculture, infrastructure, tourism, banking, finance and ICT sectors, give Zimbabwe the edge as a prime destination for investment.
There is frenzied interest by investors to come to Zimbabwe, but misconceptions have centred on politics. The indigenisation and economic empowerment programme has also scared potential FDI.
It is also hoped that the recently introduced one-stop shop investment centre will improve the country’s business culture and competitiveness rankings and help attract more foreign investment.
Online Reporter