Former Securities and Exchange Commission of Zimbabwe chief executive Tafadzwa Chinamo has been appointed the new Zimbabwe Investment and Development Agency (ZIDA) boss by President Emmerson Mnangagwa, replacing Douglas Munatsi who died in a horrific mysterious fire last year.
ZIDA is an investment agency responsible for promoting and facilitation of both local and foreign investment in the country.
It came up as an integration of three investment authorities, which were previously housed in different Government Ministries and Departments.
The promulgation of the ZIDA Act, which repealed the Zimbabwe Investment Authority, the Zimbabwe Special Economic Zones Authority and the Joint Ventures Act, provides a clear, comprehensive and binding legal and regulatory framework for conducting investment activities, by both domestic and foreign investors in the country.
ZIDA operates a One Stop Investment Services Centre (OSISC), which provides investment services ranging from investment analysis, company registration, tax registration and clearance, licencing, connecting to all necessary utilities, investment promotions, public relations and aftercare services.
These services were previously provided by different entities scattered all over the place.
Furthermore, the Joint Ventures Unity and PPPs previously operating in the Ministry of Finance and Economic Development will now be under the dispensation of ZIDA.
The entities had diverse administrative systems and procedures. ZIDA has thus significantly integrated and abridged the procedures thereby reducing the turnaround time for investing in the country.
In order to expedite approval decisions from the cabinet, ZIDA is headed by Chief Executive Officer, who reports directly to the President of Zimbabwe.
The Agency will also be supported by the necessary corporate governance structures.