Business has embraced the proposed Companies and Other Entities Bill and Labour Amendment Bill to be tabled in the ninth parliament as a boost to private sector competitiveness.

The economic bills to be tabled in the forthcoming ninth parliament consisted of composite and practical guidelines aimed at boosting economic and jobs growth.

The proposed Companies and Other Entities Bill will strengthen corporate governance practises by helping to improve the way companies are managed by their boards.

“The existing Companies Act does not suit the current environment to many companies closure hence this bill will increase business flexibility helping companies to survive like in other countries like South Africa who have improved their corporate governance,” said the Zimbabwe National Chamber of Commerce Harare Chapter chairperson Mr Mike Kamungeremu.

The proposed Labour Amendment Bill will create a win-win situation at the workplace for both employers and employees as the existing act is one sided against workers.

“The proposed Labour Bill will make it easy for companies to hire as well as paying workers according to their output. In that way companies will be able to be productive and even hire more people,” said Mr Cornwell Muzhanje, an economic analyst.

The Zimbabwe Investment and Development Bill which will also be tabled in Parliament culminates into the establishment of the Zimbabwe Investment and Development Agency (ZIDA) will create a one stop shop to help attract foreign direct investment and improve Zimbabwe’s ranking on the ease of doing business.