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Friday, May 24, 2024
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Zimbabwe aims for 48-hour project approval timeline

Story by Stanley James, Business Editor

EASE of Doing Business Reforms are gaining traction as government targets to reduce the project approval period from 14 days to 48 hours.

Zimbabwe has embarked on reforms that seek to remove challenges facing local and external investors in setting up projects.

The establishment of a one-stop investment shop, digital processing systems, and tax holidays for investors are some of the key features put in place by the government to facilitate increased business inflows.

Under the reforms, the government is targeting a 48-hour project approval period as compared to the current 14 days.

Pan-African Chamber of Commerce Board Member, Dr Langton Mabhanga says the plan dovetails with the Second Republic’s agenda of opening the country to global investors.

“It is a testimony of the commitment by the relevant authorities to focus on easy methods of accommodating the investors taking into account the key objectives of the government towards ensuring that all hurdles hindering project approvals become a thing of the past so, it is something that the business community has been advocating for some years.”

Parliamentary Portfolio Committee on Budget, Finance and Investment Promotion Chairperson, Honourable Clemence Chiduwa explained the importance of reducing the period for approving local and external projects.

“What is critical is to ensure that the process is implemented because as a country, we might end up with a proposal that is not implemented. Therefore, we shall work with the relevant authorities to ensure that such a proposal becomes a reality remember. It is our role to monitor and evaluate such projects that we believe have a positive effect in stimulating overall development in line with the key objectives towards attracting more investments.”

Government through the Office of the President and Cabinet, Zimbabwe Investment and Development Agency, Registrar of Companies and the National Competitiveness Commission continue to review the investment environment to sustain current gains.

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