Chronicle EditorOliver Kazunga, Senior Business Reporter
THE Nigerian community in Zimbabwe has said the prevailing peaceful environment in the country is good for attracting investment into the economy.
In an interview at Mhlahlandlela Government Complex last week, Bulawayo Nigerian community chairman, Mr Chidi Okafor, said Zimbabwe was one of the safest countries to do business.
“When you talk of the safest environments to do business, talk of Zimbabwe. Zimbabwe is one of the safest places to do business. You don’t put it in one day and get it in one day. Surely, there is peaceful atmosphere that is guaranteed.
“You can lock up your shop going home and come back the following day and you find it the way it was when you left,” he said in an interview after presenting goods worth RTGS$10 000 to the Minister of State for Bulawayo Provincial Affairs, Judith Ncube, towards assisting the survivors of Cyclone Idai.
Mr Okafor said as a community they would encourage other investors from Africa and the rest of the world to explore investment opportunities in different economic sectors in Zimbabwe.
“Investment is more than 100 percent safe in Zimbabwe and we will encourage other investors to tap into various sectors of the economy,” he said.
There are a number of Nigerians resident in Zimbabwe who are running retail outlets.
“But if given an opportunity people would go into production as well and things like that because the investment is 100 percent guaranteed and it’s safe.”
Meanwhile, Government is set to undertake a comprehensive overhaul of the country’s investment architecture with authorities having drafted a law streamlining the investment licence application process while removing cumbersome bureaucratic procedures.
This will be done through the Zimbabwe Investment Development Agency (Zida) Bill that is expected to be tabled in Parliament soon.
If signed into law, it will allow applications for investment licences to be processed within five days, while all foreign direct investments will be legally binding and immune to compulsory expropriation and nationalisation.
Investors will also be allowed to freely repatriate profits and income from investments to their source countries with minimum hindrance. At present, it takes in excess of a month for a potential investor to acquire relevant regulatory licences and certifications from different Government agencies and departments, a process that is also often encumbered by corruption.
The Bill provides for the immediate repealing of the Zimbabwe Investment Authority Act, the Special Economic Zones Act and the Joint Venture Act, which will all be housed under Zida.
In addition, licensing arms of agencies including the Zimbabwe Revenue Authority; Environment Management Agency; Reserve Bank of Zimbabwe; Companies Office; National Social Security Agency; Zimbabwe Energy Regulatory Authority; Zimbabwe Tourism Authority, State Enterprises Restructuring Agency and some Ministry departments will be integrated under Zida.
The proposed law, which is part of the ease of doing business reforms being undertaken by Government, compels Zida to process licence applications within five days and offer immediate service to all potential investors.
– @okazunga.
Online Reporter