ZIA to de­volve op­er­a­tions

Chronicle (Zimbabwe) - - Business - Bianca Mlilo Busi­ness Re­porter

THE Zim­babwe In­vest­ment Au­thor­ity (ZIA) plans to de­volve its op­er­a­tions as a way of pro­mot­ing in­vest­ment, an of­fi­cial has said.

Devo­lu­tion is the ad­min­is­tra­tive de­cen­tral­i­sa­tion of pow­ers from the cen­tral gov­ern­ment of a state to sub­na­tional level such as regional or lo­cal level.

De­volved ter­ri­to­ries have the power to make leg­is­la­tion rel­e­vant to the area. Presently all ad­min­is­tra­tive con­cerns are be­ing run from the cap­i­tal, Harare.

ZIA chief ex­ec­u­tive of­fi­cer Mr Richard Mbaiwa told del­e­gates at a con­fer­ence held by the Zim­babwe Na­tional Cham­ber of Com­merce last Fri­day that this was meant to gen­er­ate more in­vest­ment from the pre­vi­ously marginalised ar­eas.

He was re­spond­ing to a ques­tion raised by a del­e­gate who had asked if the con­cept of devo­lu­tion would ever see the light of day at the in­vest­ment au­thor­ity.

“Very soon ZIA will de­volve, which means we’ll have of­fices even as far as Binga and in other far off ar­eas. We’ll de­ploy regional econ­o­mists to dif­fer­ent re­gions,” said Mr Mbaiwa.

“We’ll be able to pro­vide in­vest­ment fa­cil­i­ta­tion ser­vices in all parts of the coun­try.”

He also said they were work­ing with in­de­pen­dent in­vest­ment con­sul­tants in their on­go­ing na­tional brand­ing ex­er­cise.

Mr Mbaiwa also said a for­eign com­pany could re­mit the to­tal­ity of its prof­its to its mother com­pany, pro­vided it meets all the con­di­tions stip­u­lated by the in­vest­ment body.

“If all for­mal chan­nels of reg­is­ter­ing projects are met, then yes, a for­eign com­pany can re­mit 100 per­cent of its prof­its to its mother coun­try,” Mr Mbaiwa said.

Mean­while, Indi­geni­sa­tion Min­is­ter Pa­trick Zhuwao said his min­istry had con­cluded the amend­ments to the indi­geni­sa­tion pol­icy.

He de­nied ac­cu­sa­tions that his min­istry was tak­ing too long to amend the law say­ing the time be­ing taken was be­cause it (indi­geni­sa­tion pol­icy) has to be aligned with other laws and con­sul­ta­tions should be made with other line min­istries. — @Bian­caMlilo

Min­is­ter Pa­trick Zhuwao

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