via Govt works on modalities to improve investment climate – NewsDay October 16, 2015
Government is working on the Ease of Doing Business Project to improve the investment climate following month-on-month reduction in investment opportunities.
BY TATIRA ZWINOIRA
This comes as economic growth is projected to register 1,5% from an initial 3,2% by year-end.
Speaking at the Zimbabwe Economic Review and National Competiveness conference on Thursday in Harare, the Minister of Policy Coordination and Promotion of Socio-Economic Ventures in the President’s Office, Simon Khaya Moyo, said the project would allow the government to have a direct impact on business conditions.
“The Ease of Doing Business Project would allow the government to have a direct impact on business conditions by addressing some challenges through legal, regulatory or administrative reforms,” Khaya Moyo said.
“Government acknowledges the many challenges currently bedevilling the economy.”
The project will act as a one-stop investment centre with decision-making powers for prompt conclusion of investment proposals, reduce the number of days in setting up business which is currently 90 days, and overhaul the Companies Act together with any other legislation hindering investment.
On the global competitiveness index, Zimbabwe is ranked 124 out of 144 countries while on the Doing Business 2015 Data website from the World Bank it is 171 out of 189 counties.
A breakdown on the World Bank ranking puts Zimbabwe at 180 in starting a business, 176 dealing with construction permits, 104 getting credit, 180 trading across borders and 87 protecting minority investors.
“Financial market equilibrium and achievement of national competitiveness is only possible through a combination of increased productivity and reduction in the cost of doing business,” Khaya Moyo said.
“We cannot allow investors to continue ‘loitering’on our streets. We have to really pull up and do things correctly, that is why we need to set up a project that will allow swift implementation of policies for investors.”
The project is further expected to help reduce the cost of doing business as part of efforts to create a more investor-friendly market.