THE Zimbabwe Investment Authority will adopt an aggressive strategy that includes setting up offices in selected strategic source markets around the world to attract investment into the country.
Apart from targeting offices in external source markets, the Ministry of Macro-Economic Planning and Investment Promotion has recommended to Cabinet the setting up of offices around the country in order to decentralise ZIA operations which are currently concentrated in Harare and Bulawayo.
This is expected to ensure ZIA’s representation in provinces and in source markets.
ZIA will also set up offices in South Africa, China, India, United Kingdom and the United States.
In the short-term, ZIA seeks to deploy investment attaches in the respective source markets to be stationed at Zimbabwe’s embassies.
“ZIA in collaboration with the Ministry (of Macro-Economic Planning and Investment Promotion) to award Investment Ambassadorial Status to competent persons to market and lobby for Zimbabwe,” the recommendations say.
In the medium-to-long term, ZIA seeks to set up investment offices in major source markets outside embassies, given that embassies are restricted areas.
Government expects to complete the transformation of the ZIA into a full service Investment Promotion Authority from a simple licensing and facilitating board by the end of the year.
The transformation includes the operationalisation of the One Stop Shop investment centre including the appointment of a new board and an overhaul of the authority’s structure for it to effectively facilitate investment.
The new ZIA’s functions will include marketing, operations, investment facilitation, investment tracking and aftercare of established investors.
Apart from appointing a new board and changing the ZIA structure, Government will streamline investment approval processes to meet the proposed five-day approval target and even aim for less than five-days.
Government is also in the process of harmonising investment laws through the creation of an Omnibus Investment Act with a view to removing stumbling blocks to investment inflows in order to make Zimbabwe a destination for foreign capital.
The Omnibus Act that will give investment direction and clarity to all investment related matters in particular a new ZIA to regulate, coordinate and promote all national investments.
The move is part of the wider strategy to create a sound investment environment that Government is seized with.