Private sector & diaspora participation key in economic growth

By Yvonne Mkondani

THE Zimbabwe Investment and Development Agency (ZIDA) was officially launched by President Mnangagwa in Harare this Thursday in a move that is expected to spur economic growth.

Speaking during the launch, President Mnangagwa  gave an outline of what is expected of the agency including ridding bureaucracy as well as luring investment into the economy.

The one-stop-shop under ZIDA will provide services such as the issuing of permits and licences under one roof, with an investor now being able to complete the process and register a company within hours.

The establishment of Zimbabwe Investment and Development Agency (ZIDA) became imperative after the advent of the Second Republic, as we accelerated our quest to leapfrog our economy to an Upper Middle-Income economy status,” he said. “The days when investors endured the cumbersome, bureaucratic and lethargic referral pathways to set up business in our country must permanently be behind us.

I challenge ZIDA to ride on the prevailing macro-economic stability, peace and unity in our nation as well as our hospitality, to attract global capital, skills, technologies and investment.

The President also spoke on the need for private sector and diaspora citizen participation to drive economic growth through the recently launched NDS-1 economic blueprint, paying particular focus on improving the country’s rankings in  the ease of doing business.

We must continuously improve and make progress on the rankings in the ease of doing business.

 In line with our private sector-led development thrust, I anticipate greater collaboration between Government and private sector stakeholders in all our provinces to craft and implement sustainable investments projects across all sectors of the economy, said President Mnangagwa.

To this end, the active participation of the private sector stakeholders and our diaspora citizenry is absolutely critical.

The launch came after President Mnangagwa signed the ZIDA Act into law on February 7, giving legal effect to the agency.

The establishment of the agency is in line with the Second Republic’s target of achieving one-stop facilities for handling businesses.

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