Zimbabwe’s economic planning ministry to reform investment centre

In a bid to improve the growth of the country’s economy, Zimbabwe’s ministry of Economic Planning and Investment is refocusing on a new vision and thrust in a bid to initiate a process of developing and implementing an economic growth strategy and plan for the government, according to Minister Simon Khaya Moyo.

According to Moyo, his ministry is focusing on a set of priorities to enable economic growth.

Moyo said that in 2015, his ministry plans to ensure that the Zimbabwe Investment Authourity (ZIA) operates as a truly one stop investment centre.

“We are urgently working on reforming the operations at the one stop investment centre at ZIA to make it a world class one stop investment centre,” Moyo said.

He added that the major aim is to reduce the number of days it takes to process investment.

Moyo says that best practices from countries like Mauritius show that a company can be incorporated within 24 hours.

“In Rwanda, the Development Board has established a one stop 24 hour long business registration process,” Moyo said.

Moyo says that one of his ministry’s key priorities is to work with the ZIA to plan and implement investment promotion strategies for the purpose of encouraging investment by domestic and foreign investors.

Other initiatives will include facilitating and processing investment applications for approval through the one stop investment centre, identifying sectors of the economy with potential for investment for the purpose of attracting domestic and foreign investors and promoting and coordinating investment activities in enterprises or sectors of the economy which are of strategic importance to national development.

“The ministry will finalise work on creating a platform for online investment projects application and processing. The platform will also contain a list of projects that are open for investors in Zimbabwe. This will allow potential investors to apply online for investment projects thereby improving the ease of doing business in the country,” Moyo said.

Other initiatives proposed by Moyo include working on the formulation of an investors’ forum to bring together investors and policy makers to deliberate on how best the investment climate in the country can be improved.

Moyo said that investor forums exist in a number of countries in Africa which include Rwanda and Uganda. In these countries, they have enabled the governments to know the concerns of the investors.

“Over the past six months, we have received over 30 delegations scouting for investment. We need to know their concerns and address them to remain competitive in the global community,” Moyo said.

Moyo also said that his ministry in conjunction with the government is working towards reviewing the country’s incentive structures in order to make them competitive.

“The 2015 national budget has already provided new incentives to promote exports such as low corporate tax for exploring companies and royalty payments for companies that promote value addition have been removed,” Moyo said.

He added that the government will provide more incentives through Special Economic Zones (SEZ).

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