Deputy Minister of Economic Planning and Investment Promotion Sam Undenge outlined to Parliament this week the successes of the investment shop set up by the three principals in the GNU last December at the Investment Centre in Harare with the aim of ensuring that investment is easily facilitated. At the launch, President Mugabe said the One Stop Shop was going to comprise of all agencies and ministries concerned with investment promotion.
"My question to the Minister is that the Government came up with a policy where it established a one stop shop. What has been the fruit of that policy?" asked Kambuzuma MP Willas Madzimure during Parliament's question and answer session.
Undenge said there had been a lot of progress in terms of investment promotion.
"We have put in place the mechanisms which will facilitate investment attraction into Zimbabwe," Undenge said. "The one stop shop is intended to cut short the period for approval of investment applications and the investment projects. In the
past, it used to take an average of 45 days, with some projects, they would go even up to 90 days and our objective is to make sure that the period is reduced preferably to five days."
Undenge said the shop had also helped bag the Ziscsteel deal. "ZISCO has been revamped. This is a result of our investment promotion efforts and of course we intend to make sure that more big investments come into Zimbabwe," Undenge said.
Ziscosteel has reopened under a new name, New Zimbabwe Steel, after Indian conglomerate, Essar Africa Holdings bought control of the company from the government earlier this year in a deal worth US$750 million. However, work at the Ziscosteel plant has not started due to protracted negotiations between Government and Essar over power, water and tax concessions.Post published in: News