Farirai Machivenyika Senior Reporter
The Zimbabwe Development Agency (ZIDA) which will be established following the signing into law of the ZIDA Act, would be supervised by the Office of the President and Cabinet.
President Mnangagwa signed the ZIDA Act into law on Thursday and it was gazetted yesterday.
The new law repealed the Zimbabwe Investment Authority Act, the Joint Venture Act and the Special Economic Zones Act, resulting in the dissolution of the Zimbabwe Investment Authority, the Joint Venture Unit and the Zimbabwe Special Economic Zones Authority.
In a statement yesterday, Chief Secretary to the President and Cabinet Dr Misheck Sibanda said the enactment of the Act demonstrates the Second Republic’s commitment to creating a sustainable investment climate to spur economic growth.
“As part of a seamless transition to the new institution, an audit of the three entities that preceded ZIDA and the hunt for the ZIDA chief executive officer, are already underway.
“Because of its critical role in growing the economy through investment, ZIDA will be supervised and given strategic direction by the Office of His Excellency the President,” said Dr Sibanda.
He added that the Agency will be responsible for promoting both domestic and foreign investment.
“Its major focus will be accelerating institutional and regulatory reforms as well as inculcating a mindset change towards creation of the much needed conducive investment environment.
“The vision of ZIDA is to transform Zimbabwe into a dynamic national hub for local and global business, investment and innovation. Zimbabwe’s foreign missions are required to play a major role in driving the investment promotion agenda of ZIDA.
“ZIDA will establish offices in strategic investment source markets of the world.”
Dr Sibanda said ZIDA will be expected to showcase the country’s advantages as an attractive investment destination.
“A value proposition that highlights both the country’s comparative and competitive advantages will distinguish the investment promotion efforts, key attributes of Zimbabwe namely her quality human capital, abundant natural resources, a favourable climate, tourism attractions, innovation hubs, a plethora of water bodies and good logistical location in the region, among other favourable factors, will be centrepiece of the promotion effort,” Dr Sibanda said.
ZIDA will also be tasked with highlighting the reforms being carried out by Government and guarantees provided in the ZIDA Act that include non-expropriation of investments, fair and equitable treatment of both domestic and foreign investors, facility to transfer funds without restrictions or delay and transparency in the provision of investment information.
Said Dr Sibanda: “Enactment of the ZIDA Act coincides with the commissioning of the National Investment Policy and accompanying guidelines both of which are meant to give impetus to the ease of doing business goal of the reform agenda.
“The overall goal is attracting FDI which is critical to reviving industry, generating new jobs and boosting economic performance.”
ZIDA would have offices across the country in line with the devolution policy.
“The enactment of the ZIDA to officially establish the one-stop investment services centre is a major milestone in realising the mantra ‘Zimbabwe is Open for Business’ and in creating the developmental framework for Vision 2030 aimed at turning Zimbabwe into an upper middle income economy,” Dr Sibanda said.
The ZIDA will be launched at a date to be announced.