Govt moves to improve ease-of-doing-business

GWERU - Fred Moyo, the deputy minister of Mines, has said his ministry is keen to improve Zimbabwe’s ease-of-doing-business.

Moyo said he witnessed many investors walk out on the country due to cumbersome investment procedures.

Speaking on Friday in Gweru, Moyo said the country remained unattractive to investors.

“We have to tackle issues of ease-of-doing business. This is where we fail,” Moyo said.

He said Zimbabwe must follow the Mauritius’ model, which concludes investment deals fast.

“Mauritius concludes investor business in 48 hours, whilst Zimbabwe takes six months. So investors will opt for such a country,” Moyo said.

Zimbabwe’s indigenisation laws have scared away investors at a time the country is in dire need of Foreign Direct Investment (FDI).

Zimbabwe is ranked 170 out of 189 economies on ease-of-doing-business, according to the World Bank.

Government set up a One Stop Shop Investment Centre in Zimbabwe’s capital Harare in 2010, in a move aimed at slashing the period for approval of investment applications from 90 days
to five days.

At the December 2010 launch of the centre, President Robert Mugabe said the One Stop Shop was to comprise all agencies and ministries concerned with investment promotion.

But there is still a lot of red tape stalling investment.

Moyo said his ministry was in the process of concluding a Minerals Development Policy which would soon be tabled before Parliament.

“We are about to conclude the Minerals Development Policy,” he said.

“It recognises the national aspirations and must have strategies to enable the country to benefit most from its minerals.”

The Mines and Minerals Policy was enacted in 1956 and there are concerns from stakeholders that it is now outdated.

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