by Staff reporter
President Emmerson Mnangagwa affirmed that his administration remains committed to protect investments and private property in the country, adding that Zimbabwe Investment and Development Agency (ZIDA) has been accorded authority and responsibility to oversee investment and development activities in the country, which is crucial for the growth of the economy.
The President said this yesterday while officially launching ZIDA whose purpose is to promote and protect investment and development strategies that encourage both domestic and foreign investment in the country. He highlighted that the establishment of ZIDA became imperative after the Second Republic accelerated its quest to leapfrog the economy to an upper middle income economy status.
“Many responsive initiatives were set in motion, resulting in the enactment of ZIDA on 7th of February 2020. Action and results must be at the centre of this organisation, through tangible and concrete investments towards transforming, industrializing, modernising and growing our economy,” he said.
President Mnangagwa said that the launch of ZIDA is a reassurance to local, regional and international investors that indeed Zimbabwe remains open for business.
He applauded ZIDA’s choice of the ‘gem’ on its logo saying this represents the untapped potential that Zimbabwe holds in abundance, natural resource endowment. “Furthermore, l note that its strategic focus, ZIDA has recognised the need to harness Zimbabwe’s local and global highly skilled, competent and adaptive human capital, to deliver accelerated and sustainable socio-economic growth,” said the President.
President Mnangagwa urged Government ministries, departments, local authorities and agencies to collaborate with ZIDA towards the attainment of the country’s national development aspirations adding that the importance of shifting the country’s development paradigm and thrust cannot be over emphasised.
“The days when investors endured the cumbersome bureaucratic and lethargic referral path ways to set up businesses in our country must permanently be behind us. Upon operationalization of ZIDA through the appointment of the Advisory Board and the Chief Executive Officer on 1 April 2020, the Agency became the face and embodiment of our investment and development aspirations towards bringing world class and seamless investment into the country,” the President said.
He exhorted the Board and Management of ZIDA to benchmark Zimbabwe against the best regional and international investment destinations challenging the Agency to ride on the prevailing macro-economic stability, to attract capital, skills, technologies and investment.
The President went on to say that the country must continuously improve and make progress on the rankings of the Ease of Doing Business. He said, the milestone the country has achieved on the Ease of Doing Business rankings should inspire and encourage the people to think big and establish industries that will competitively impact the global markets.
President Mnangagwa urged players to attract investments, which establish competitive value chain industries through the exploitation of the opportunities availed by the National Development Strategy 1.
