State Media|The Zimbabwe Investment and Development Agency (ZIDA) is expected to lead the country’s economic revival and initiatives aimed at achieving the target of becoming a middle income economy by 2030, President Mnangagwa told the new board yesterday.

The board of the new agency, which combines in a single body a number of agencies set up over the years, with a new focus, met the President at State House.

The newly-appointed board is chaired by Bulawayo-based industrialist Mr Busisa Moyo, who is the chief executive for United Refineries Limited, a large company that makes cooking oil, soap and other products.

President Mnangagwa said Zimbabwe’s drive for economic development would continue after the Covid-19 pandemic, despite the temporary negative impact of the pandemic on global economies.

“In that respect, Government views the ZIDA board as the pillar that will anchor economic revival and raise the country’s global business competitiveness,” he said.

“The board, with the support of the chief executive officer (Mr Douglas Munatsi) and his staff will be at the forefront of programmes aimed at ensuring that the nation attains the objectives of Vision 2030 to create a prosperous, upper middle income and knowledge and technology-driven economy.

“Transformation of that magnitude can only come through hard work and the adoption of international best practice.”

President Mnangagwa said Zimbabwe must be innovative to attract the much-needed foreign direct investment, given the immense competition from other countries on the continent. But he was quick to point out that FDI alone cannot support Zimbabwe’s desired transformation.

Local private sector investment was equally important, and links with private sector partners should drive economic development, employment creation and the enhancement of productivity.

Government is committed to the concept of a one-stop-investment services centre, and ZIDA would be accorded independence in its operations.

“The Second Republic will accord ZIDA unfettered authority and responsibility to oversee the development of the requisite harmonised regulatory framework that will allow innovation and business engineering to thrive in this country,” said President Mnangagwa.

“Without doubt, it is important to learn from experiences that have enabled some countries in Africa and the far afield to soar to greater heights. Through vibrant public-private partnerships, success is there for all to see in the accomplishments of the Rwanda Development Board, the Mauritius Development Board, the Botswana Investment and Trade Centre, and the Zambia Development Agency.”

From far afield, cases in point include the Malaysia Investment Agency, the Singapore Investment Centre, and the South Korea Trade and Investment Agency, hence the drive to unfetter ZIDA.

President Mnangagwa said economic sectors, including agriculture, mining, industry and tourism, needed to adapt to new technologies, re-tool and modernise with focus on value addition and beneficiation.

The President said the Transitional Stabilisation Programme launched in October 2018 was winding down, and Cabinet last week considered a concept note for the National Development Strategy from 2021 to 2025.

ZIDA will participate in adding value in the development of the plan, especially in areas relating to Special Economic Zones, value addition and value chains in all sections of the economy.

The National Development Strategy will focus on inclusive growth and development.

President Mnangagwa said the emergence of Special Economic Zones in the provinces should provide an avenue for accelerating national development using FDI.

“China has successfully implemented a Special Economic Zones model from which we hope ZIDA will draw lessons,” he said. “The Chinese have, in fact, agreed to work with us to set up a model for Special Economic Zones here in Harare as part of knowledge and skills transfer.”

In his remarks, Mr Moyo said the board had the requisite experience to bring new ideas.

“Your Excellency, you have appointed a board of distinguished, experienced and internationally networked members of an advisory board to bring transformation in the form of ideas and strategies that will propel our country forward through ZIDA,” he said.

“As an advisory board, our work is cut out for us as we seek to bring cohesion, focus, efficiency to the necessary cause of attracting foreign and local direct investment, the promotion of structured trade of various sectors of our economy in both private and public sectors.”

Other members of the board are Dr Tobias Takavarasha, Mr Kenneth Richard Rupert Schofield, Dr Sylvia Janet Utete-Masango, Mrs Sithandile Ngwenya, Mrs Tariro Ndebele, Engineer Michael James Tumbare, Mrs Nancy Samuriwo and Mr Moosa Hanif Allana.