Zimbabwe’s quest to re-attracting foreign direct investment calls for rapid action to reform blocks in the legislative and administrative processes that still make the country least attractive for investments on the African continent.
Guaranteeing investor funds is one of the top priorities facing financial authorities as Zimbabwe dangles opportunities to foreign investors who are already displaying a huge appetite to commit their funds into the country.
Treasury has hinted to coming up with hedging policies that will guarantee the flow of these funds as well as promoting a market based foreign currency exchange to help incentivise the investors, highlighting a strong commitment to harness the potential of foreign flows into the country within the shortest possible time frame.
While this is laudable, there still remain economic barriers involving the current legislative and administrative framework which government has to critically look into to align with the current process being implemented through Treasury, according to an economist Mr John Robertson.
Zimbabwe embarked on a rapid results initiative which tackled some of the bureaucratic delays and lethargy that affected investments in the past, but a number of gray areas remain unaddressed relating mainly to 22 statutory instruments that need immediate attention according to the industry leaders.
Added to this are challenges around the cost of doing business.
Harnessing the potential of diaspora investments is a huge opportunity for Zimbabwe to improve its economic standing.
An estimated population of three million Zimbabweans living across the globe, presents a deep pool for the government to cast its fishing net and realise inflows that will range round a billion dollars.
With vision 2030 in sight it is now imperative for the government to repeal legislature such as the inventory of business regulations, laws and procedures in Zimbabwe that has hampered full participation of Zimbabweans to investment matters.