Staff Reporter
The Zimbabwe Investment and Development Agency (Zida), has unveiled new license-capturing software that has expedited the country's licensing process.
This development has decreased the licensing time by 14 days, recording a 34 percent surge in the issuance of licences over the first eight months of 2023.
Previously, a primary impediment for businesses and investors in Zimbabwe was the prolonged and tedious bureaucratic procedures associated with securing licenses and permits.
The introduction of Zida's software has addressed this challenge, streamlined operations, and enhanced overall efficiency.
Willard Manungo, the Deputy Chief Secretary responsible for policy analysis, coordination, and development planning in the Office of the President and Cabinet, commended Zida's initiative during a stakeholder meeting in Harare yesterday. He emphasized the software's efficacy in cutting down license processing duration from an earlier 21 days to a mere week.
By August 31, 2023, Zida's records showcased a renewal of 309 investment licences, coupled with the introduction of 426 new ones, totalling 753 licences.
This figure indicates a 37.8 percent annual increase, a testament to the relentless efforts of investment analysts and promotion teams in advertising investment prospects worldwide.
The aggregate investment value of the licences signed during the year's first half reached US$1.07 billion, a marked upturn from the US$760.87 million recorded at the conclusion of the first quarter. From 2020 onwards, Zida's contribution to the sector has seen the issuance of over 700 investment licences, amassing an estimated investment worth US$5.65 billion.
Mining emerged as the top choice for investors, with 130 licences being granted, trailed by the services sector at 49 licences.
New investment licences are anticipated to usher in more than 9,900 employment opportunities.
In contrast, licence renewals have reportedly generated a commendable 22,000 jobs over successive years.
Manungo, advocating for strengthened collaboration between corporations and Zida, underscored the essence of progressing identified investment avenues and accelerating projects to the authorization phase.
Meanwhile, in its ongoing commitment to advancement, Zida is setting its sights on bolstering its digital prowess and interlinking with primary regulatory bodies and ministries.
This initiative aims to further optimize the licencing trajectory by minimizing the manual management of applications across various establishments.
