Home » General » EU URGES ZIMBABWE TO PRIORITISE REFORMS TO IMPROVE INVESTMENT CLIMATE

HARARE, The Zimbabwe government must continue prioritising reforms which will improve the country's image as a safe investment destination, says the ambassador of the European Union (EU) to Zimbabwe, Philippe van Damme.

Zimbabwe has over the years suffered a dearth of foreign direct investment (FDI) due to various reasons, chiefly portrayal of the country as an unsafe investment destination by hostile western media. Investors have also shunned Zimbabwe because of misconception over the country's indigenization and empowerment laws.

Van Damme said Friday that reforms were critical if Zimbabwe was to lure increased FDI inflows. "We strongly urge and recommend the Government maintain on the top of its agenda the reforms that create an environment conducive to investment and which may lead to poverty reduction," he said.

In 2015, Zimbabwe ranked 155 out of 189 countries on the World Bank's Ease of Doing Business report.

The government is currently working on several initiatives to improve the ease of doing business in the country, including a Rapid Results Action Plan, launched in September 2015, which has so far yielded various milestones, including reducing the number of days it takes to register a property from 36 days to 14 days and reducing time taken to pay taxes from 242 hours to 160 hours.

The Government has also targeted to achieve several key reforms that will improve the ease of doing business. Some of the reforms include amending the Companies Act, Shop Licensing Act and the Procurement Act while also aiming to reduce the period it takes to register a business from 30 days to between 10 and 15 days. The envisioned reforms are expected to improve Zimbabwe's ranking on the World Bank Ease of Doing Business Report.

Source: NAM NEWS NETWORK

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