Bulawayo Zida office show of Government commitment to economic growth

Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube has said the recently commissioned Zimbabwe Investment and Development Agency (Zida) Southern office in Bulawayo is a clear demonstration of the Government’s commitment to creating a more conducive investment environment across the country.

The new office, which was commissioned last Friday is also expected to play a vital role in attracting and supporting investment into the Bulawayo Metropolitan Province, Matabeleland North and South Province, Masvingo, and the Midlands Province.

“This is an important milestone for Zida and for the investment promotion landscape in Zimbabwe, as they continue to improve the ease of doing business in the country, by making themselves more visible and accessible — not only to foreign investors but to domestic businesses as well,” said Prof Ncube during the commissioning ceremony.

“The relocation and establishment of a much larger office with additional staff is a clear demonstration of the Government of Zimbabwe’s commitment to creating a more conducive investment environment, all across the country. This Office will play a vital role in attracting and supporting investment into the Bulawayo Metropolitan Province, Matabeleland North and South Province, Masvingo and the Midlands Province.

“It is expected to continue to provide a one-stop shop for investors, offering a range of services, including business registration, licensing, and investment advice.”

Zimbabwe Investment Development Authority (Zida)

Prof Ncube said part of the Government’s strategy in the last three years has been to drive the devolution programme, and the decentralisation of such operations by agencies such as Zida is a part of the process, which plays a role in addressing the ease of doing business for local and foreign investors in the country.

The broader vision is to have offices being opened in strategic locations across the country, to augment what is already available.

“We are a landlocked country but we have not taken a back seat in ensuring that we stay in the race to attract foreign direct investment, which is in demand globally as countries compete for the cake which is growing smaller and smaller due to a large number of global dynamics.”

Prof Ncube added that over the last four years, the Government has undertaken several reforms and initiatives to promote and facilitate investment, especially in the southern region.

The key highlight was the refurbishment and upgrade of the Beitbrigde Border Post in Beitbridge.

Added to that, the establishment of the Victoria Falls Stock Exchange in the tourist city has increased investors and local businesses’ ability to raise capital in hard currency using different securities such as debt, equity and the recently regularised Real Estate Investment Trusts (REITs). Both of the locations serve as a physical gateway into the country and are already recognised as flagship developments for the country, said the minister.

He noted that Zida has been working closely with the Ministry of Finance and other agencies, to deliver an updated Special Economic Zone regulatory framework, that will align with recent developments under AfCFTA, and also with recent changes to certain taxation laws in the country.

These regulations, the minister said, have been carefully crafted to drive the establishment of businesses within these specially demarcated zones.

“Additionally, provisions have been in the regulations to ensure that a greater portion of the investment into the zones, will allow local and Small to Medium Enterprise businesses to offer support services to investors in the zones.

“I am passionate about the development of these zones and have been working closely with the Attorney General and Zida Chief Executive Officer to ensure that these regulations are promulgated.”

He urged all ministries and agencies, and the private sector to approach Zida for more information about these zones, and thereafter table their proposals for the zones — which must align with the approved development plans for the zones.

Africa Continental Free Trade Area (AfCFTA)

Prof Ncube noted that in the last three months, Zida has also worked with the Ministry of Mines and Mining Development and the Ministry of Tourism and Hospitality Industry to create “investor matchmaking platforms” which are tools to improve the ease of doing business in the country.

The mining claims matchmaking platform gives Zida an opportunity to market local mineral claims to potential local and international investors.

Mining Claims Matchmaking platform allows claim holders to register and specify the type of assistance they require from the investor such as technical assistance, tributary partnership, joint venture partnership, debt funding, or a buyer for the mining claim.

It is a one-stop shop that allows investors to partner with claim holders for possible extraction of the diverse minerals found in Zimbabwe.

According to Zida, the platform is open to all mining claim holders in Zimbabwe, regardless of whether they are individuals, companies or syndicates.

It is a web-based platform that allows users to search for available claims, view detailed information about each claim and submit bids.chronicles