Business - Economic Updates - Local - Top Stories - April 9, 2021

ZIDA OSISC working on promoting domestic and foreign investment

Sakhile Phiri (Bulawayo Correspondent)

The Zimbabwe Development Agency (ZIDA) has said through their One Stop Investment Service Centre (OSISC) they are working on promoting domestic investment given the inward-looking economic trends that have emerged across the globe as a result of the Covid-19 pandemic.

With ZIDA’s key mandate being to drive direct foreign investment into Zimbabwe, the agency will also focus on clearing the path for domestic investment.

ZIDA came into life in December 2020 when President Mnangagwa officially launched it, raising hopes that the country will now go a step further in attracting both local and foreign direct investment.

Speaking in an online presentation unpacking the One Stop Investment Service Centre (OSISC) on Thursday, chief investments and corporate affairs officer Mr Tino Kambasha said they were excited about the new service they were offering.

“We are quite excited about the new baby (ZIDA) and one of its key elements is the One Stop Investment Service Centre (OSISC). We think our biggest stakeholders are Zimbabweans themselves. We need to find out what is hindering us to do business among ourselves. Domestic direct investment is also our priority,” said Mr Kambasha.

He also noted that if it was frustrating doing business among ourselves, what was to be done when foreign investors start coming in.

Mr Kambasha added: “And if you notice in recent times domestic investment has been significant, for instance, in the mining sector, the Padenga Holdings’ Dallaglio deal was quite significant. Exporters will recover the country so we are working with ZimTrade which is also working wit embassies in other countries. As we work on the ease of doing business, ZimTrade is also working on the ease of export.”

OSISC chief facilitator Mr Never Nyemudzo said the OSISC brings together all Government departments into one to streamline the registration process for potential investors.

“OSISC is the entity under ZIDA to facilitate investment inflows, to co-ordinate the issuance of permits, licences and other authorisations from Government departments. The reason ZIDA was created is to remove the silo workings of various Government departments.

“Partners under ZIDA currently include: the Reserve Bank of Zimbabwe, the Zimbabwe Revenue Authority, Ministry of Lands, Ministry of Mines, local Government, Zimbabwe Tourism Authority, Environmental Management Agency, Zimbabwe Energy Regulatory Authority, the Office of the President and Cabinet, the National Social Security Authority and others,” said Mr Nyemudzo.

Among others, they had also signed an MOU with the Zimbabwe Tourism Authority for Branding Zimbabwe and they were also working on the Public Private Partnerships (PPPs), which the Government is pursuing through ZIDA are meant to be one of the quicker ways that can result in increased investments in infrastructure development.

The OSISC is an investment facilitation centre, which houses relevant government agencies as a single cohesive entity that provides prompt, efficient and transparent services to investors.

The ZIDA Act was promulgated last February, and a numbers of laws were either repealed or amalgamated to streamline the operationalisation of the new investment agency. These include the Zimbabwe Investment Authority Act (Chapter 14:30), the Joint Venture Act (Chapter 22:22), and the Zimbabwe Special Economic Zones Act (Chapter 14:34).

 

 

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