THE Zimbabwe Investment and Development Agency (Zida) yesterday launched an electronic platform called Do It Yourself (DIY), a ground-breaking initiative aimed at enhancing the ease of doing business in the country.
Speaking at the launch, Zida board chairperson Busisa Moyo said the portal represents a pivotal shift towards modernisation and efficiency, positioning Zimbabwe as a competitive player on the global investment landscape.
“In recent years, Zimbabwe has witnessed a steady increase in foreign direct investment and domestic direct investment — a large number of them passing through Zida — as has been on the agency’s recent quarterly performance reports,” he said.
“These investments span various sectors, including agriculture, mining, tourism, and manufacturing, highlighting our country's diverse opportunities. However, we recognise that untapped potential is still waiting to be unlocked.”
He added: “Launching the DIY Portal is a significant step towards realising this potential by creating a faster and much easier route for an investor in any part of the world to access Zimbabwe’s investment opportunities.
“By simplifying procedures, reducing red tape, and providing greater transparency, we are sending a clear message to investors: Zimbabwe is open for business, and their investments are welcome and protected.”
Last year, the country received 761 investment applications and out of this figure, 616 licences were issued. The agency renewed 415 licences, with an actual investment value of US$1,2 billion.
Of the total projected investment value in 2023, the energy sector attracted more investment of US$3,525 billion, followed by mining at US$2,602 billion.
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Construction and services sectors attracted investment worth US$1,961 billion and US$1,276 billion respectively. Transport, agriculture and tourism attracted least investment.
Zida said the mining continued to draw the most investment, both in terms of number and projected investment value. In the fourth quarter of 2023, 76% of the projected investment value for all licenses were issued in the mining sector.
Moyo said digitalisation of the Zida licensing system marks a crucial milestone in their journey towards modernisation.
“This transition from manual systems to digital platforms enhances efficiency and ensures accuracy, security, and accessibility. It is a testament to our commitment to harnessing the power of technology to drive economic growth and prosperity,” he said.
Zida chief executive officer Tafadzwa Chinamo said while their focus remains on attracting quality investments to fuel economic growth, they also recognise the pivotal role of digitalisation.
He said the rapid pace of technological advancement and the unprecedented exchange of innovations necessitate their proactive embrace of digital technologies.
“The launch of this portal embodies our broader vision for a modern, digitally empowered Zimbabwe. It sends a clear message to the international community that we are open for business, eager to embrace innovation, and committed to creating an environment conducive to entrepreneurship and investment,” he said.
“However, digitization requires more than just adopting new technologies; it demands a fundamental shift in mindset, processes, and systems. Collaboration, adaptability, and a willingness to embrace change are essential as we embark on this transformative journey.”
Martin Rushwaya, chief secretary to the President and Cabinet, said the development marks a significant milestone in the economic prosperity and development journey – as well as the country’s’ initiatives in the ease of doing business.
“Zimbabwe is blessed with abundant natural resources. These resources, coupled with our fertile land and skilled workforce, present an array of opportunities for investors looking to diversify their portfolios and tap into a region brimming with potential,” he said.
“We have undertaken decisive steps to streamline regulatory processes, dismantle bureaucratic hurdles, and fortify investor protection mechanisms to achieve this vision.”
Rushwaya said they aim to establish a transparent and predictable regulatory framework that fosters investor confidence and catalyses long-term investment in Zimbabwe.
He said Zida stands as a beacon of support for potential investors, offering a comprehensive suite of services ranging from market research and feasibility studies to facilitating business permits and licenses.
“With Zida as your partner, navigating Zimbabwe's investment landscape becomes seamless and rewarding.”
Zida got technical support from the International Financial Corporation for the project.
