Economic Planning ministry acts on plan

via Economic Planning ministry acts on plan | The Herald September 8, 2015 by Tendai Mugabe

The Economic Planning and Investment Promotion Ministry is crafting an Investment Policy, which seeks to position Zimbabwe as an attractive investment destination in line with the 10-Point Plan for economic growth announced by President Mugabe in his recent State of the Nation Address. The policy is expected to be tabled before Cabinet this month and will define the role of public and private sectors and harnessing of foreign direct investment for productive capacity-building and enhancing international competitiveness.

Further, the ministry is working on transforming the Zimbabwe Investment Authority into a one-stop shop.

Economic Planning and Investment Promotion secretary Dr Desire Sibanda told The Herald yesterday that they would soon introduce an investment handbook to guide investors on how to invest in Zimbabwe.

All this, Dr Sibanda said, was in line with the 10-point plan and in broader fulfilment of Zim-Asset.

“Through this handbook, we will engage them (investors), highlighting investment opportunities,” he said.

“It will also show Zimbabwe’s economic and political realignments – the gateway to the Sadc market of not less than 400 million and the 40-plus types of minerals that make Zimbabwe the Persian Gulf of minerals.”

Dr Sibanda said they were also pinning hopes on the setting up of special economic zones (SEZs) to spur economic development.

Said Dr Sibanda: “We are confident the economy will grow once SEZs are in place as seen in countries like China. Zambia grew its economy by 6 percent and Ethiopia 8 percent, while Nigeria has surpassed South Africa as Africa’s biggest economy, mainly due to SEZs.”

Dr Sibanda said plans to host a major conference dubbed “Investment, Growth and Reduction of Poverty Conference” next month were underway.

He said the conference would bring together Zimbabwe’s sharpest brains and would focus on the country’s investment position, attracting investors and growth from an African perspective.

Dr Sibanda said ZIA would soon have an investment website as part of embracing e-governance.

Through the website, Dr Sibanda said, investors would be able to learn Zimbabwe’s investment conditions.

Dr Sibanda said another key area was to organise dialogue with mining companies to ensure that they contribute significantly to the fiscus through mineral beneficiation.

He said the current situation where 90 percent of the minerals were being exported in their raw form was unacceptable.

Several other ministries have already outlined how they intend to implement the 10-Point Plan.

The 10-Point Plan is drawn from Zim-Asset and gives policy direction to Government and ministries are expected to come

up with capital projects that transform the economy in line with targets set in Zim-Asset.