Investment starved Zim bank on Zida

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Investment starved Zim bank on Zida

By Kundai Maponga

GOVERNMENT in an effort to reduce the trade deficit and attract investment will soon launch the Zimbabwe Investment and Development Agency (Zida) a senior government official has said.

Speaking at the launch, of the second phase of the Ease of doing business, Chief Secretary to the President and Cabinet Mr Sibanda said the government is moving with speed to establish Zida.

“In the spirit of supporting the business through collaborative development, I wish to announce that government is at an advanced stage of establishing a robust institution for the creation of a conducive investment and trade environment in the form of the Zimbabwe Investment and Development Agency,” he said.

Zida a proposed one-stop-shop which aims among other things to allow investors to easily acquire licenses, permits and other important paperwork under one roof, is seen as the panacea to the investment drought hounding the country.

“The vision of Zida is to transform Zimbabwe into a dynamic regional and global hub for business, investment, trade and innovation. This thrust would position the private sector in leading economic growth through among other things, creation of jobs, transforming the population from subsistence agriculture and reducing the current account deficit by enabling more export investments attained and substituting imports with the production of local high-quality goods,” he said.

Since the coming in of President Emmerson Mnangagwa government has adopted the mantra ‘Zimbabwe is open for business’ but has been accused of its business unfriendly-environment when it comes to conducting of business due to high taxes, corruption and cumbersome registration and licensing processes.

The Bill to create Zida is currently before the Parliament.

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