Govt working on improving ease of doing business: Chinamasa

6
1354

The government will tighten laws to ensure that Zimbabwe is an investment destination of choice, Finance minister Patrick Chinamasa has said.

BY VENERANDA LANGA

In his 2017 National Budget statement, Chinamasa mentioned six laws that would improve the business environment, including the Movable Property Security Interest Bill, Companies Amendment Bill, Insolvency Bill, Judicial Laws (Ease of Settling Commercial and Other Disputes) Amendment Bill, Deeds Amendment Bill and Procurement Bill.

This follows very poor ease of doing business rankings, where Zimbabwe, this year, was placed 161 out of 189 countries.

The indicators are used to analyse economic outcomes and to identify the reforms needed for a country to attract investors, such as the regulatory environment and policies.

“Government has since undertaken an extensive review of the bottlenecks and challenges that have stalled progress in the advancement of ZimAsset objectives to generate both domestic and foreign direct investment into the economy,” Chinamasa said.

“This review has informed a raft of policy, institutional, legal and regulatory reforms that are expected to significantly improve the business environment, considerably enhance access to finance for small to medium enterprises (SMEs) and entrepreneurs, and contribute to making Zimbabwe an investment destination of choice.”

Chinamasa said the Movable Property Security Interest Bill was meant to create a collateral registry, thereby permitting SMEs to use movable assets as collateral.

He said the Companies Amendment Bill would modernise the legal regime and enhance processes for business entry, business administration and protection of minority investors.

To ensure expeditious resolution of commercial disputes, Chinamasa said the government would introduce the Judicial Laws (Ease of Settling Commercial and Other Disputes) Amendment Bill.

“A Deeds Amendment Bill will allow for electronic management of the Deeds Registry, and the government will make available the resources that will ensure effective implementation of the laws and the development of the institutions required to ensure consistent improvement of Zimbabwe’s business environment,” he said.

Chinamasa said in 2017, the government would overhaul the business registration process in order to offer entrepreneurs prompt formal business entry and introduce financial sector infrastructure to permit the use of movable assets as collateral.

6 COMMENTS

  1. I don’t understand the confusion, these people don’t need all these laws, infact this minister should consider scrapping the laws that hinder us to do business. Don’t be surprised to be number last on the list next survey as a result of laws designed to swindle money from a honest investor in favour of a so called minority, what’s this minority?

  2. If one visits the register of companies’ offices Nelson Mandela Ave, Hre, one is greeted by police details on every floor. This attempt to reduce corruption seems to be failing as the officers seem determined to frustrate the system so as to board the gravy train, an officer, processing a subsimmision will return it if there is a query on the first line instead of going through the whole submission and then return it for corrections. This way they frustrate the promoters of new companies until they give in to bribing. No submission will go through until something has exchanged hands.

  3. Just remove the indigenization act that compels 51% and 49% muone zvinoitika if you only deal with the above there is nothing that will change. we will go down further.

  4. Govt, in their attempt to improve ease of doing busiess has actually made it even more diffucult. This shows how clueless they are. They just heap more and more legislation on the sorry economy with no consideartion for its effect on the investor. why regulate more instead of liberalise?

  5. we are Zimbabwen’s blacks or whites or Indians or Chinese or multiracial please let us stop fighting let’s respect each other we are all people from God let us love one another O Jesus help our Nation people we are all brothers let all our people work together to build our home country Zimbabwe o Jesus forgive us all! Amen

Comments are closed.