January 12, 2025
Zimbabwe to align investment laws with region
ZIMBABWE has set its sights on aligning its investment policies with the Southern African Development Community (SADC) Investment Policy Framework, which aims to transform the region into an attractive investment zone.
Under the new regional investment framework, Sadc seeks to foster a collective stance to lessen the costs of restrictions to foreign investment, improve legal regimes and mechanisms to enhance investor protection, co-ordinate effective regimes for tax incentives for investors as well as facilitate long-term investments in infrastructure.
Zimbabwe’s investment consultant, Sichoni Takoleza, told delegates from the Confederation of Zimbabwe Industries (CZI) and Zimbabwe Investment and Development Agency (Zida) — who attended a Sadc Regional Investment Policy Framework (Sadc RIPF) dissemination seminar this week — of the urgent need to align national policies with the region’s new dictates.
“… the aim is to relay the key elements of the Sadc RIPF and get views from business on the opportunities or what a road-map to domestication could look like considering our obtaining environment and policies.
“Target seminar outcomes is to enable members to appreciate the RIPF and allow members to proffer suggestions on improving the domestic investment policy environment,” Takoleza said.
Takoleza further said that the virtual seminar was also meant to prepare the private sector to participate in the implementation process for the final agreed strategies of Sadc RIPF, and to be involved in assessing performance.
The Sadc Secretariat is implementing the Support to Improving the Investment and Business Environment (SIBE) Programme with financial support from the European Union.
One of the key activities being supported by the SIBE Programme is the domestication of the Sadc RIPF through the development of National Action Programmes for Investment (NAPI) for each of the member states.
Zimbabwe requested support under the SIBE Programme to develop its NAPI, a process that Takoleza leads.
As the process starts, Takoleza said it was critical for the private sector to be involved and to participate in the views that shape Zimbabwe’s domestication of the RIPF into the NAPI.
Zimbabwe is currently pursuing its international re-engagement policy through the “Zimbabwe is Open for Business” mantra, which seeks to re-establish the country as a lucrative investment destination.
Among other initiatives, the government set up Zida in February 2020 with a view to create a conducive environment for investment through refining the ease of doing business.
Zida repealed the Zimbabwe Investment Authority Act, the Joint Venture Act and the Special Economic Zones Act, which saw the dissolution of the Zimbabwe Investment Authority, the Joint Venture Unit and the Zimbabwe Special Economic Zones Authority.
Zida’s duties will, among others, include highlighting reforms by the government and ensuring non-expropriation of investments, fair and equitable treatment of both domestic and foreign investors.
The government also aims to transform the country into an upper-middle-class economy by 2030 through increased output in mining, agriculture, manufacturing and tourism.
