One stop centre- In terms of the plan, all investment procedures will be done under one roof in a move that is expected to drastically reduce time taken to start new businesses from 49 days to three days.
An economic policy and investments manager for the chamber of mines, Mr. Joseph Mverecha said the creation of a one stop investment centre will increase investment inflows within the country, create jobs and boost foreign currency inflows.
â€œThis is a positive step and we hope such an initiative will increase investor confidence,â€ said Mr. Mverecha.
The one stop investment centre is being implemented following a 60% increase in project approvals within the country in the first quarter. Deputy Minister of Economic Planning and Investment Promotion, Dr Samuel Undenge said Government is crafting policies which will promote domestic and foreign investment.
Â â€œ Government is ready to work with relevant authorities in ensuring that the one stop centre is a success ,â€said Dr Undenge.
Captains of Industry and Commerce have also expressed optimism that the one stop centre will improve the countryâ€™s ratings as a safe and viable investment destination and increase foreign direct investment inflows to 25% from 4% of the Gross Domestic Product (GDP).
Economic observers say the one stop investment centre is important in broadening the scope of business for firms at a time when several industries are facing financial problems.