CITY CRAFTS INVESTMENT POLICY:
HARARE City Council has crafted an investment policy aimed at creating an enabling business environment and making Harare an attractive investment destination.
The investment policy had been developed in response to the demands of the Ease of Doing Business concept as well as the Rapid Results Initiative being implemented by the city.
According to the recent minutes of the Finance and Development Committee, acting town clerk Mrs Josephine Ncube told councillors that the policy was a mechanism towards mobilisation of private investments opportunities that support economic growth and sustainable development in the city.
“The acting town clerk (Mrs Ncube) also reported that the extensive consultations with various stakeholders including the private sector and Government had been undertaken under the Ease of Doing Business reform agenda,” read the minutes.
“The specific objectives of the policy include among other things, to provide for the implementation of the city’s investment development plan through the harmonisation of the city’s activities and programmes, to direct or encourage investor activities to the key economic enabling sectors consistent with the development plan of the city.”
The policy is expected to be in sync with the National Investment Policy.
Mrs Ncube told councillors that the key areas of attracting investment were, advanced value addition to agricultural and mining outputs, hi-tech manufacturing of Information Communication Technology gadget components or projects advancing the digital economy as well as projects which resolve infrastructure deficit, particularly innovative road networks and public housing solutions.
The committee was further informed that the city would encourage investors to participate in joint ventures as described in the Joint Ventures Act.
“She further advised that an investment desk will be set up in the town clerk’s office where the incumbent would be responsible for spearheading the investment initiatives.
“Investment incentives would be awarded by the office within the parameters approved by council,” read the minutes.
During the discussion, the committee appreciated the formulation of the policy whose attributes were in sync with the city’s vision for Harare to achieve a World Class status by the year 2025 and underscored the need for effective implementation of the same.
Council approved the investment policy but referred the matter relating to the setting up of an investment desk to the Human Resources and General Purposes Committee.