admin“We are targeting to approve projects worth US$10 billion this year as well as to reach 50 percent investment approval per annum.
“By 2015 we aim to have FDI contributing 25 percent of the country’s Gross Domestic Product,” he said.
Mr Mbaiwa said the authority would attract investment through road shows and conferences in and outside the country.
ZIA was formed in 2010 as a One Stop Shop with one of its major mandates being to reduce investment approval time to five days from the previous 90 which observers said was driving away investors.
In Mauritius it takes less than one day to approve an investment.
So far this year ZIA has approved projects worth US$28 million, down from US$33 million during the corresponding period last year.
Last year the authority approved projects worth US$6.6 billion with potential to create 26 000 jobs, up from US$520 million and potential to make 7 000 jobs in 2010.
The mining sector received more than half of the investment chunk followed by tourism, manufacturing and the service industry.
Brazil, India, China and South Africa contributed much of the investment.
Last year’s increase was attributed to increased investor confidence as well as the stable macro economic environment which the inclusive government ushered in. — New Ziana.
Online Reporter