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Wednesday, July 24, 2024

More reforms on the cards as Zim targets to grow investor confidence

Story by Stanley James, Business Editor

MORE reforms are on the cards to bolster project uptake by local and external investors as the Second Republic targets restored business confidence in productive sectors.

In pursuit of this goal, the government established the Zimbabwe Investment and Development Agency (ZIDA) as a one-stop investment shop to bolster project inflows.

Despite strides achieved since the launch of ZIDA, it emerged during a media engagement in Harare this Wednesday that the institution has also faced some limitations in terms of investor attraction, a move authorities suggest requires more reforms.

“Indeed the setting up of ZIDA in 2020 has also transformed the investment landscape. However, it is imperative to note that there have also been some areas where we need fine-tuning despite a sudden growth trajectory in terms of project approvals. So indeed, the need for reforms becomes imperative,” said ZIDA chief executive officer, Mr Tafadzwa Chinamo.

It is, however, the rollout of several incentives by the Second Republic that has aided an appetite for investments by local and external businesspeople.

“A cocktail of incentives is being rolled out you look at the exemption of strategic sectors from the payment of taxes, rebates in the transport sector, deferment of value-added tax on certain products, a reduced period in the application of investment licences among others,” he added.

The Second Republic has also reiterated its commitment to reforms in the establishment of public-private partnerships across the country, special economic zones and general investments.

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