AS Zimbabwe pushes on with efforts to attract investment the southern African country is out to ensure that its laws are business friendly.
In 2018, the country’s leadership went to Rwanda with the aim of taking a leaf from how authorities in Kigali are successfully courting Foreign Direct Investment.
This led to the enactment of the Zimbabwe Development Agency Act, which president Emmerson Mnangagwa signed into law last week.
Zimbabwe’s industry and commerce minister, Dr Sekai Nzenza said, “The President has signed into law the ZIDA Bill and that is fantastic. We will embrace the ZIDA Bill and promote imports and promote exports and more importantly re-engage and speak about Zimbabwe is open for business”.
The new law repealed the Zimbabwe Investment Authority Act, the Joint Venture Act and the Special Economic Zones Act.
The Zimbabwe Investment Development Agency has since been born and it, among other things seeks to promote, plan and implement investment promotion strategies for the purpose of encouraging investment by domestic and foreign investors and promote the decentralization of investment activities (in line with the spirit of devolution);
The agency also seeks to establish and regulate special economic zones and allow investors to repatriate profits to their countries without any hindrance.