Foreign investors operating in the country have started registering their business operations with the Zimbabwe Investment Authority (ZIA) in line with a government directive which seeks to ensure transparency.
This is being done after government this month ordered external investors to register their business activities after it emerged that some foreign owned firms are operating without proper registration, thereby prejudicing the state of potential revenue.
The Zimbabwe Investment Authority (ZIA) Chief Executive Officer, Mr. Richard Mubayiwa confirmed that the organisation has received inquiries from some external investors based in the country ahead of a registration deadline on 30 October this year.
â€œThey are compiling their figurers and some of them are still in the process to give us further details and we hope this will translate into transparency,â€ said Mr Mubayiwa.Â
Government through the Ministry of Economic Planning and Investment Promotion has revealed that several foreign investors had established businesses in the country without registering with ZIA, in contravention of the ZIA Act Number 4 of 2006, an anomaly which Mr Mubayiwa says needs to be addressed for the benefit of the economy.
Â â€œThere is light at the end of the tunnel as we believe that some key aspects will be addressed to ensure accountability as we seek to increase foreign direct investment inflows,â€ Mr. Mubayiwa added.
Stakeholders are working on policies to increase Foreign Direct Investment as well as local investments to restore business confidence through stimulating savings, facilitating price stability and boosting productivity in sectors such as mining, agriculture, tourism, construction and manufacturing.