The Zimbabwe Investment and Development Agency (ZIDA) has recently launched an advanced licensing software. Remarkably, this has slashed the licensing duration from 21 days to a mere seven. Consequently, the number of licenses issued in the first eight months of 2023 skyrocketed by almost 34%, totaling 753.
For years, businesses and investors have expressed frustration over Zimbabwe’s red tape. This new system effectively addresses their grievances, showcasing Zida’s dedication to promoting a business-friendly environment, as reported by NewsDay Zimbabwe.
At a Zida stakeholder meeting in Harare, Deputy Chief Secretary Willard Manungo expressed his enthusiasm. He stated, “With the introduction of the Customer Relationship Management (CRM) software, we’ve significantly boosted our efficiency.”
By the end of August 2023, ZIDA had renewed 309 investment licenses. Additionally, they granted 426 new ones. This surge marks a 37.8% growth rate, bringing the total count of licensed investors to 753. Impressively, the value of licenses in the first half of 2023 reached US$1.07 billion, indicating a boost of US$760.87 million since the end of March.
Historically speaking, from 2020 to August 8, Zida approved over 700 investment licenses, accumulating an estimated US$5.65 billion in value. Furthermore, Manungo shared, “Zida accredited 562 investors in 2022, a considerable jump from 228 in 2021. Of these, 267 were new licenses, while 315 were renewals.” Mining emerged as a favorite, securing 130 licenses, followed closely by services with 49.
Additionally, these newly minted licenses forecast a potential creation of over 9,900 jobs. Even more promising, renewals from previous years have reportedly paved the way for over 22,000 job roles.
In his closing remarks, Manungo urged enterprises to foster a closer relationship with Zida. He envisions a seamless journey for businesses, from conception to approval. To this end, Zida has actively partnered with essential regulatory bodies and ministries. Together, their unified goal is to craft a cohesive digital approach, aiming to minimize manual processing across different entities.
