By Wellington Zimbowa
ZIMBABWE has scaled its national economic investment drive, with the Zimbabwe Investment Development Agency (ZIDA) and the Zimbabwe Tourism Authority (ZTA) moderating on a strategic alliance to boost the country’s image to woe investors.
Speaking on the telephone, this Thursday, after a virtual stakeholders workshop, ZIDA’s chief investments and corporate affairs officer Tinotenda Kambasha said perceptions were critical in attracting the much-needed investment in the country.
“We are in the process of coming up with an agreement on a strategic alliance aimed at ensuring ease of doing business and national image,” he said.
During the virtual conference, attended by delegates from various organisations, including academia, business and development, Kambasha said, currently, ZIDA was focused on domestic investment.
The workshop sort to unpack progress in providing a one-stop investments centre that houses various critical Government agencies such as the Zimbabwe Revenue Authority (ZIMRA), Immigration officials, Environmental Management Agency (EMA), Reserve Bank of Zimbabwe (RBZ), among others.
The One-Stop Investment Services Centre (OSISC) headed by Never Nyemudzo as the chief facilitator, provides key investment services such as investment analysis, company registration, tax registration, clearance and licensing.
It connects to key utilities, investment promotions, public relations and aftercare services, previously provided by different entities.
Kambasha said for the past two years, locals were dominating in installments for the country, leading local supplier of crocodile and meat Padenga Holdings.
The company, which accounts for nearly 85 percent (%) of the global supply of Nile crocodile skins according to African Financials, last year, made a major mining investment after buying shares worth 50.1% from Dallaglio Zimbabwe, a local mining investment.
Padenga Holdings reported that the company saw the contribution of its mining operation standing at US$37.92 million in full-year 2020.
The Zimbabwe Stock Exchange (ZSE) listed, Padenga Holdings Limited, is the leading supplier of crocodile skins and meat in Zimbabwe, accounting for nearly 85% of the global supply of Nile crocodile skins used for high-end luxury fashion brands lucratively active in European and Asian markets.
But, during the meeting, one participant queried why the agency was seized with local investors quipping that he expected it to “have been otherwise.”
Responded Kambasha, “We are doing our in-house, there are certain issues to be solved first.”
He added that with the shrinking global economy, competition for international investors was rife, hence, the need to solve in-house issues first.
But the anticipated joint national rebranding partnership is set to coax international, local and diaspora investors.
Previously, these appeared put off by bureaucratic investment processes, conflicting policies and misgovernance and now warming up to President Emmerson Mnangagwa’s ‘Zimbabwe Open for Business,’ mantra.
Under the new administration, the firm continues to echo to the global community in line with the Vision 2030 middle-income agenda that investor security is guaranteed.
ZIDA’s chairman and prominent industrialist, Busisa Moyo is on record saying that Diasporas’ were critical to the country’s economic revival.
Promulgated by a Parliamentary Act in 2020, to solve the long bureaucratic registration process for both local and foreign investors who had to go through the Zimbabwe Investment Authority (ZIA), the Joint Ventures Unit in the Ministry of Finance and Economic Development, the Zimbabwe Special Economic Zones Authority (ZIMSEZA) and the Export Processing Zone Authority.
The collapsed agencies are now housed under ZIDA, with Douglas Munatsi as the chief executive officer, although its regulations are still to be promulgated.
By Wellington Zimbowa