CEO Roundtable pushes for investor-friendly laws
THE oncoming CEO Roundtable will advocate for investor-friendly legislation that will enhance the country’s chances of attracting Foreign Direct Investment into Zimbabwe.
To be held from the October 27-29, 2021 the meeting strives to promote efforts that seek to propel a prosperous Zimbabwe that will be driven by a more stable macro-economic environment where local business operations and foreign investments flow smoothly.
Zimbabwe has been experiencing limited investment attributable to policy uncertainty and frequently changing legal framework for business among other reasons.
The second republic has however, been inundated with initiatives that promote investment from beyond the country’s borders through the “Zimbabwe is Open for Business”mantra.
Zimbabwe has in the first half of 2021 attracted US$22,35 million worth of foreign direct investment (FDI), while according to figures produced by the Reserve Bank of Zimbabwe (RBZ) the country received a total of $71,2 million in the first half of 2020.
Substantial foreign direct investment in Zimbabwe has been directed towards the mining sector (especially platinum and gold) agriculture and manufacturing sectors.
Addressing the media at the convention’s pre-event briefing held ahead of the event, CEO Roundtable chairman Mr Oswell Binha enunciated the central role of the legislature in making Zimbabwe an attractive investment destination.
“In charting the recovery curve and building momentum for the future, we are cognisant of the legislature’s role in promoting the ease of doing business in Zimbabwe as we gear towards attaining a prosperous upper-middle-income economy by 2030.
“There is a symbiotic relationship between enacting investor-friendly laws and a vibrant economic environment where business is conducted based on robust investorfriendly laws and policies that promote Foreign Direct Investment and boost foreign receipts,” Mr Binha said.
Mr Binha revealed that the convention had invited the Speaker of the National Assembly of Zimbabwe for clarification and enlightenment on the position of the legal framework concerning foreign and local investments going forward.
“For this reason, Speaker of the National Assembly of Zimbabwe, Honourable Jacob Francis Mudenda will grace the upcoming CEOs Roundtable and tackle this pertinent issue as far as vying of investors are concerned,” he said.
Last year foreign direct investment inflows into the country reached US$194 million from US$259 million in 2019 translating to a 25 percent decline in FDI inflows.
To build a robust investment environment in the country, on February 6, 2020, the President of Zimbabwe signed into law the Zimbabwe Investment Development Agency Act (Chapter 14:37) (ZIDA Act) legislation that foments ease of doing business in the country.
The Act deals with the promotion, entry, facilitation, and protection of investment in Zimbabwe. ZIDA was introduced as part of the Government’s efforts to streamline investment laws and create a business-friendly environment attractive to both local and foreign investors.-The Herald
