Economic Updates - Featured - Finance - December 18, 2020

ZIDA to  boost foreign direct investment

By Amanda Jojo

President Emmerson Mnangagwa officially launched the Zimbabwe Investment and Development Agency (ZIDA) yesterday as a means to relay a message to the world that Zimbabwe is moving towards an economic development agenda.

ZIDA was established in terms of the Zimbabwe Investment and Development Act (Chapter 14:37), the act was published in the Government Gazette in February 2020 and was effected then.

ZIDA Act was set in motion to promote and protect investment and development strategies that encourage both domestic and foreign investment in the country.

President Mnangagwa said the launch of the Zimbabwe Investment and Development Agency became imperative after the advent of the Second Republic as it has accelerated the quest to leapfrog the economy to an Upper Middle-Income economy status.

“Action and results must be at the centre of this organization, through tangible and concrete investments towards transforming, industrializing, modernizing, and growing our economy.

“Government ministries must departments to collaborate with the Zimbabwe Investment and Development Agency towards the attainment of our national development aspirations,” President Mnangagwa said.

President Mnangagwa challenged ZIDA to ride on the prevailing macroeconomic stability, peace, and unity in Zimbabwe as well as its hospitality, to attract global capital, skills, technologies, and investment.

“Furthermore, I note that in its strategic focus Zimbabwe Investment and Development Agency has recognized the need to harness Zimbabwe’s local and global highly skilled, competent and adaptive human capital, to deliver accelerated and sustainable socio-economic growth,” he added.

He also encouraged players to attract investments that establish competitive value chain industries.

President Mnangagwa appointed Busisa Moyo as board chair and Douglas Munatsi as chief executive.

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