zia ceo richard mubaiwa 06-12-10.jpgThe government has started tracking investment projects to ensure that approved local and foreign businesses are implemented to restore industrial productivity and facilitate economic growth.

The arrangement is being made following stakeholders’ concern that several local and external approved projects are failing to take shape, thus prejudicing the country of millions of dollars in potential income.

Government has mandated the Zimbabwe Investment Authority (ZIA) to embark on a tracking system so that industry and commerce can benefit.

ZIA Chief Executive Officer, Mr Richard Mubayiwa confirmed that the tracking system will focus on ensuring that approved projects become a reality to assist economic planners with accurate data on employment creation, export receipts, productivity levels and revenue inflows.

“Indeed we are embarking on the policy and we hope this will be crucial in assisting towards economic growth,” said Mr Mubayiwa.

The tracking of investment projects aims to reduce the duration of investment approvals from 6 months to 5 days while ensuring that the government plugs out loopholes on investment procedures.

A business analyst, Mr Luxon Zembe says while industry and commerce welcome the tracking system, it is in the interests of stakeholders that investors should fulfill their commitments by implementing approved projects.

“We hope that this system will benefit key sectors and develop existing ones,” Mr Zembe said.

The government this year established a One Stop Investment Shop to ensure that investment project approvals are done under one roof.

However, observers say the success of the tracking system will depend on private sector commitment to work with the government on policies to increase investment inflows.