ZIA mulls investor tracking

monitor progress on the implementation of projects.
This comes as part of continuous efforts to facilitate foreign direct investment after the establishment of the one stop shop investment centre last December.
ZIA chief executive Mr Richard Mbaiwa said they had already enlisted a consultant to look into the requirements for introducing the system.
He said the computer-based software system 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 an investment project is,” said Mr Mbaiwa.
The system would provide timely updates regarding investors’ requirements and ZIA would intervene to expedite implementation of projects.
Mr Mbaiwa said ZIA had already secured a company that is prepared to fund the designing of the advanced investor tracking software system.
After this, said Mr Mbaiwa, a software company would then be engaged to implement the system scheduled to be operational by June this year.
“It is an urgent matter and we are looking at between May and June to launch the system and the work has started. We are consulting to establish the current system, requirements and bottlenecks,” said Mr Mbaiwa.
The investor tracking system would come in handy for ZIA as regards efforts to ensure a better implementation rate of all the approved projects.
Often, the body has come under fire for touting about huge numbers of approved projects, which would however eventually not be implemented.
All this comes as Zimbabwe moves to attract more FDI after drawing in a paltry US$60 million in 2009 compared to US$444 million in 1999.
The country hopes to start attracting increased volumes of FDI following progress on the macroeconomic front, which augur well for investment.
Annual inflation has fallen from the hyperinflationary levels of 2008 to about 5,4 percent in 2008.
Annual inflation closed the year at 3,2 percent last year.
The economy has also stabilised and posted a 4,5 percent growth in 2009 and 8,1 percent last year. It is expected to grow by 9,3 percent this year.
The introduction of multi-currency system has eliminated exchange risk.
These positive developments, coupled with many investment opportunities in sectors such as mining, manufacturing, agriculture, infrastructure, tourism banking and finance and ICT makes Zimbabwe a prime destination for investment.
There is frenzied interest by investors to come to Zimbabwe, but misconceptions centred on the country’s politics and indigenisation and economic empowerment programme have been scaring away potential FDI.
It is also hoped that the recently introduced one stop shop investment centre will improve the country’s doing business and competitiveness rankings and help attract the much needed foreign investment to Zimbabwe.