via Govt begs for foreign investment – The Zimbabwe Independent July 25, 2014 by Wongai Zhangazha
GOVERNMENT has pleaded with Western diplomats to help bring investment to the country to fund its economic blueprint, ZimAsset, assuring them that a number of laws that hindered foreign direct investment are being amended.
Speaker of Parliament Jacob Mudenda made the plea during a tour of the Norton Special Economic Zone (NECZ) on Wednesday, which was attended by foreign diplomats.
He said the parliamentary portfolio committees are working on amending laws that hinder foreign direct investment.
“Diplomats move along with us, march with us, bring that money,” said Mudenda during the function that was organised by the Ministry of Foreign Affairs.
“If you can invest in Afghanistan and Iraq, then why not in Zimbabwe where there is peace and tranquillity. There are laws that need to be changed, including the investment law under the Zimbabwe Investment Act (ZIA).”
Mudenda said there was need to define what an investor is in law and what foreign direct investment is from a Zimbabwean perspective.
Section 13 of the current ZIA was not investor-friendly as it took long to approve an application from an investor while the composition of the Investment Committee needed to be relooked at, he said.
“The investor applies and the application is received by the investment committee and it sits there for 14 days. Then it goes to the Investment Board where it sits for another 21 days, all in all it totals 35 days. In China it takes three days and they are through with you. We say no to section 13,” said Mudenda, adding “we need to look at the composition of the Investment Committee.
We need men and women in that committee who understand business issues”.
He also criticised the Indigenisation and Empowerment Act, in particular sections 3 and 4, arguing that it gives too many discretional powers to the minister of Indigenisation.
Mudenda said: “The minister (of Indigenisation) presented his draft to the Zanu PF politburo and we were happy that he is working with speed to make sure those amendments are finalised.
“Section 3 and 4 of the Act must be clear, eloquent and leave no room for speculation. The office of the Attorney General, in crafting those sections, should be mindful of that,” he said.
Mudenda also spoke of the need to amend the Banking Act so that the Reserve Bank of Zimbabwe (RBZ) has more authority on fiscal matters as well as the Mineral Act of 1963 in order to attract foreign direct investment.
“Parliament is also keen to assist the executive to amend the immigration laws. Other countries give their visas right at the port of entry. Well, there is this fear of security but if we empower our RBZ, they can check in 24 hours whether an investor is bringing in clean money.”
Mudenda told the diplomats that there was rule of law in the country and the political climate was very amendable.
“We respect rule of law. There may be instances here and there but that should not hinder or obliterate foreign direct investment.
There is the sacred law (constitution) that will ensure that all I am saying is indeed protected by the law,” he said.
“Members of the diplomatic corps, do you want any further comfort other than that? You are in a legal comfort zone where parliament is the anchor of the rule of law,” said Mudenda.
COMMENTS
i did invest in zimbabwe a few years ago and am still trying to get it back after some minster helped himself to it,so i dont think i will give you anymore to steal.
Appealing to Western countries to invest where? Mudenda needs brain scanning because his mental archives is “weeviled”.
No-one trusts your party Mudenda besides those who benefited and continue to do so from its perverse and pervasive policies.Wallow under the schizophrenic policies of your party Bingaboy(kumunzi in Tonga sonny)and yell to no-where,no-one trusts you anywhere anymore in a globalized informed world.
Mudenda addressing the wrong crowd….investors will come on their own. It is individuals, funds, companies etc who make decisions to invest, not diplomats. Now can you make an investment in a country were the average MP and minister has the reasoning of Chinotimba who argues,”Tinoshaya mukaka sei…idzomombe nehuswa zvakazara”.
Genuine investors do not trust Zanu especially after the 31st July Great Election Robbery. Above there all there is no rule of law..the law is Mugabe and Tomana who decide whom to prosecute and whom to give clemency.
You quite right Madlinduna Xhosaboy, make the changes law because nobody trusts Zanu PF Government!! And even then they still may not trust you because for instance the land situation, there were laws for takeover and compensation and restitution and and and, All were changed for the convenience of Zanu PF Government. The reason for a law is so everyone knows what the rules are! If you go play in a soccer match and you go with the understanding of the rules. if those rules are continually changed through out the match by the referee so the other team is allowed to win it is no longer a match its a show for which actors are paid just like in Zimbabwe!!!!
“Well, there is this fear of security but if we empower our RBZ, they can check in 24 hours whether an investor is bringing in clean money.” Kkkkkkkkk clean money. Only thieves can invest with them becoz thieves don’t care even if they lose the money. So forget to get pure investers.
Whether there is a law or not is irrelevant to Zanu. They do as they please so let us not talk about ‘the law’ It is only bandied about by these thugs as a means to con the gullible into investing (‘donating’) their money.
Really? Who would want to throw their money away like that? Please invest in our country where the government can choose to confiscate your stuff & hand it over to the needy, i.e. Zanu PF politicians [thugs.]
Typical crass stupidity begging for Money while borrowing to buy Mercs. Where is your shame?
Mudenda, who made those laws in the first place.We all know what Zanu stands for, corruption and lawlessness.
Dream on Zanu.
What a joke
Of course you are begging you dolts-Simple, a new FAIR election , and crime commission following, fix up the jails for the Zanu criminals ,restore real law, remove the top half of the army and police……….the money will flow, everyone in the diaspora wants to come home but not while tyrants are in place.
Two mining companies from Australia have just lost over 1.5 mill, I am sure it will be the last investment while mugarbage is in control
It seems the Zim govt cannot understand that its not foreign govts that invest in a country – its private people in countries that invest – zim govt simply cannot seem to understand this simple fact.
For example Shell ( the fuel company) will decide to invest in Zim not the British govt – for decades they have talked like this – utter nonsense !
Well, the Dutch govt. Royal Dutch Shell’s headquarters is at The Hague. But, you’re otherwise spot on!
to be a bit more pedantic UMWRONG here are the real facts about Shell ;- Royal Dutch Shell plc, commonly known as Shell, is an Anglo–Dutch multinational oil and gas company headquartered in the Netherlands and incorporated in the United Kingdom.
Note the letters – plc behind the name.
Anyone can cite Wikipedia. “Headquartered in the Netherlands” really defeats the argument.
You are 100% correct. I ask anyone here, would YOU invest your precious money in Zim? EVERYONE who has been foolish enough to do so, has lost it.
Even if The Mafia changes their “law”, what good is that? Since when has Zanu ever obeyed the law? Since when have judges been impartial? Not since Gubbay, that’s for sure!
“If you can invest in Afghanistan and Iraq, then why not in Zimbabwe where there is peace and tranquillity. There are laws that need to be changed, including the investment law under the Zimbabwe Investment Act (ZIA).”
Yeah right we may not have a war of guns and mortars but we have a Pack of raging grabbers led by a geriatric and his insatiable wife
It is indeed strange that The Mafia can never understand what The rule of Law really means. This is the root cause of our problems, from the Land Grab onward the law was disregarded.
You cannot say, “Ignore the law of the land, this is ‘Political'” like The Mafia did.
Yes they invest in Afghanistan. It’s their own risk. The Afghan government does not insist on taking half of the companies assets and shares!!
Mudenda face it you guys have stuffed it up. Nothing you say or do will change the perception of investors that this country is just a basket case
Dream on MUDENDA, nobody is going to invest one cent in the cess pool you and your party have created. Whilst I enjoy watching you squirm with your begging bowls at the feet of the filthy colonialists, I feel dreadfully sorry for the people of the country who you have reduced to living in abject poverty. Only when the repulsive geriatric murderer is dead and all the top echelon of Zanu are in prison or on the run, will peace and prosperity return to the nation you people have ruined. May you all rot in hell, thats if the Devil will let you in!!
Come now guys how the hell are these zanupf goons going to pay the civil service their salaries.
Amend all necessary laws quickly…Yeseterday. People dont trust you. Leopards and spots…..hard to change!!!
Noone trusts ZPF. Laws change daily and that alone shld frighten any investor. never seen such stupidity. Today its this tomorrow its that so much about Policy Consistency. Mudenda shld as much as convince his thieving brother and sister in ZPF to at least invest within