Zimbabwe’s investment agency will next year review its investment data collection systems amid concern in some sectors that the statistics lacked credibility.
Zimbabwe Investment Authority head of operations Sichoni Takoleza said the organisation has partnered with the central bank and the country’s statistical agency to compile more credible investment figures. This comes at a time when some investors are bypassing ZIA in registering new business ventures.
Central bank figures show the country registered a meagre $67 million in foreign direct investment in the first half of 2014, down from $165 million over the same period last year.
“Zimbabwe Investment Authority, Reserve Bank of Zimbabwe, Zimbabwe National Statistical Agency and the Ministry of Finance and Economic Development are co-operating on collecting data on Foreign Direct Investment and the activities of Transnational Corporations in Harare,” Takoleza said.
“A decision was made to enter an MOU among these institutions which will be officially launched and to also kick start the actual inaugural survey. The first survey has now been agreed to cover the calendar year 2014 or up to some cut off point. Results should therefore be out in the first quarter of 2015.”
The aim of this exercise, Takoleza said is to compile credible investment statistics based on actual implementation of projects. This, he said will enable more accurate reporting on direct investment, private capital flows and the activities of transnational corporations.
“A technical working group has been formed for this purpose, and the main data collection instrument developed. Software has been procured and installed at RBZ to be used for the exercise. Training will be conducted in December by Macro-Economic and Financial Management Institute (MEFMI) who have conducted similar exercises in other countries in the region,” he said.
He said the country requires a raft of reforms which include clarity on the indigenisation policy and finalising regulations for public private partnerships (PPPS) to unlock FDI.
“There is need to work on the following critical areas in order to make Zimbabwe more attractive to investors; that is improving the Doing Business environment, ..coordinating investment promotion efforts as there is some fragmentation at the moment and multiple entry points for investors depending on sector of interests,” said Takoleza.- The Source