Government approves amendment of ZIA Act

HARARE – Government has approved amendments to the Zimbabwe Investment Authority Act which will amplify the role of the investment regulatory board in coordinating all investment in the country.\r\n

Amendments to the Act are expected to bring polices by the Ministry of Economic Planning and Investment Promotion within legal framework to ensure compliance.

Government recently launched the one stop shop but this had not yet been incorporated into law as ordered. In addition, government ordered all companies operating in the country to register but the policy was not effective as it did not carry legal effect.

Economic Planning and Investment Promotion Minister, Mr. Tapiwa Mashakada said amendments will make ZIA the co-ordinator of investors in the country while re-aligning the investment authority Act to a number of regional and international best practices, hence the amendment.

“The first step is to incorporate the one stop investment centre into law…it will now be compulsory for all investors to register with ZIA before they start their operations,” said Mr. Mashakada.

The Zimbabwe Investment Authority Act was established in 2006 to provide for the establishment of the Zimbabwe Investment Authority and its function which is to promote and co-ordinate investment.