ZIMBABWE is targeting to be in the top 100 of the Ease of Doing Business global rankings apart from an increased number of foreign and local investors.
The country has not fared any better in the global rankings particularly the United Nations Ease of Doing Business rankings.
Under the UN, economies are ranked on their ease of doing business from 1-189. A high ease of doing business ranking means that the regulatory environment is more conducive to the starting and operation of a local firm.
The UN looks at such areas as Ease of Doing Business, Starting a Business, Protecting Minority Investors, Dealing with Construction Permits and Registering Property, Enforcing Contracts and Resolving Insolvency, Getting Credit and Paying Taxes and Trading Across Borders.
Vice President Emmerson Mnangagwa last Thursday said Government is targeting moving up the rankings together with an upsurge in investment.
“Whereas our target is to get to a respectful top 100, the goal should not just be to chase rankings, but to achieve a correlation between Ease of Doing Business and increased number of foreign and local investors and those in the Diaspora,” VP Mnangagwa said.
“As Government, therefore, we will continue to assess our business operations in order to identify those areas that need urgent surgical therapy to improve our investment climate, empower our local entrepreneurs, attract Zimbabweans in the Diaspora and foreign investors to bring capital and technology to Zimbabwe.
“What is needed is to increase the momentum of the reforms to ensure that all the bottlenecks are removed, at the end of the day, we should always remember that ‘capital goes where the environment is favourable’, so we need to do everything in our means to be a destination of first choice for capital,” said VP Mnangagwa.
He was speaking at a workshop on the Second 100-Day Rapid Results Initiative on Ease of Doing Business jointly organised for the Office of the President and Cabinet and The Herald Business.
VP Mnangagwa said Zimbabwe possesses great opportunities and immense possibilities given its numerous comparative advantages in the form of skills, natural resources, humble and cultured people as well as good weather and climate which if fully exploited, can definitely make the country a business-hub for the region.
Team leaders for the various clusters which include the Starting a Business and Protecting Minority Investors, Construction Permits and Property Registration, Enforcing Contracts and Resolving Insolvency, Getting Credit and Paying Taxes and Trading Across Borders presented on the milestones achieved in the second 100-Day Rapid Results Initiative in terms of reforms.
The Ease of Doing Business reforms are aimed at restoring confidence among foreign investors and in industry and commerce and other stakeholders in the recovery of the economy. herald