Economic analysts say the amendment of the Zimbabwe Investment Authority (ZIA) Act to give legal effect to the One Stop Shop Investment Centre is a positive move in bringing foreign investors in line with local economic policies and laws.
Following the recent approval of the ZIA Amendment Bill by cabinet, economic analysts have expressed optimism that if the Bill passes into law, the move will ensure that genuine investors will be registered through the One Stop Shop Investment Centre thereby creating transparency and accountability.
The ZIA Amendment Bill seeks to make foreign investor registration compulsory, give legal effect to the One Stop Shop Investment Centre as well as setting up the appointment of a Board of Investment which will promote and co-ordinate investment.
â€œReigning in investors under the One Stops Shop Investment Centre will reduce the amount of funds lost through operations of unregistered foreign investors,â€ an economic analyst, Mr Christopher Mugaga said.
Under the prevailing situation in which there are inadequate or no records of foreign investors operating in the country it is optional for investors operating in the country to register with ZIA thereby compromising scrutiny.
Business consultant, Mr Herbert Mazonde said the amendments are also in line with the current indigenisation drive as foreign investors will be compelled to employ indigenous labour in areas which locals are technically competent, as some firms have in the past brought in their own labour at the expense of Zimbabweans.Â
The Zimbabwe Investment Authority Act was passed in 2006 to provide for the establishment of the Zimbabwe Investment Authority and its function which is to promote and co-ordinate investment.