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Victoria Ruzvidzo in NEW YORK, USA
ZIMBABWE has made significant strides in creating a conducive environment for Foreign Direct Investment (FDI), with its policies under the Second Republic resulting in its Prosperity Index rising by 3,7 points last year.
The country is set to achieve more under its National Development Strategy economic blueprint that seeks to create an upper middle income economy by 2030; a global research firm has said.
In its report released this week, The Atlanta Freedom and Prosperity Council commended Zimbabwe for its transformative economic blueprint that resulted in a 46 percent jump in investment to $588 million in 2023, reflecting a 48,9 percent rise.
“Zimbabwe’s Government has shown commitment to improving the business environment, evidenced by the establishment of the Zimbabwe Investment Development Agency in 2020 to streamline investment processes,” it said.
Under the Prosperity Index, countries are scored and ranked according to the equally weighted average of six components: income, education, health, minorities, environment and inequality.
“Zimbabwe outperforms some of its neighbours on the overall prosperity score, including Zambia and Lesotho,” read the report.
The Atlantic Council noted that the graduation by Zimbabwe in 2019 from being considered a low income country by the World Bank to assuming lower-middle income status was indicative of progress made.
FDI, it said, was critical in technology transfer, managerial expertise, access to global markets and an influx of resources to stimulate domestic industries.
In terms of women’s empowerment and freedom index, Zimbabwe emerged 5th out of 46 countries in Sub Saharan Africa, exceeding both global and regional averages.
“Zimbabwe’s efforts to legally promote women’s economic empowerment are notable. For instance, the 2023 amendment to the Zimbabwe Labour Act comprehensively prevents gender discrimination or sexual harassment in the workplace while also mandating 14 weeks of fully paid maternal leave to all female workers, removing a requirement that employees needed to work for a full year before qualifying,” said the report.
It also said legal provisions such as the 2007 Domestic Violence Act, the Deceased Estates Succession Act and its subsequent amendment and other legal instruments ensured protection against domestic violence and discrimination in property ownership.
“Central to Zimbabwe’s Vision 2030 is the establishment of an open, efficient and effective business environment that promotes entrepreneurship and attracts greater foreign direct investment. Combined with investor confidence, this approach is essential for creating more employment opportunities, sustained value addition and export-led growth,” said Atlantic Council Freedom and Prosperity Centre.
Online Reporter