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New investment law takes effect
The Herald (Zimbabwe)
January 01, 2007

http://www1.herald.co.zw/inside.aspx?sectid=13341&cat=1&livedate=1/1/2007

THE Zimbabwe Investment Authority Act is now in operation after President Mugabe fixed January 1, 2007 as the date on which the law comes into force.

This was contained in a notice published in last Friday's Extraordinary Government Gazette.

The Zimbabwe Investment Authority Act provides for the establishment of a one-stop investment shop responsible for implementing promotion of decentralisation of investment activities and supervising the implementation of approved projects among other issues.

The Act also provides for an 11-member board appointed by the Minister of Industry and International Trade in consultation with the President.

An investment committee would also be set up with responsibility for making recommendations to the board for approval or rejection of application for investment licences.

Under the Act, the board would be required to submit reports to the minister on its operations and other issues as the minister may require.

The minister would be mandated with publishing guidelines for investment, which shall mention general incentives that may be applicable to licensed investors, whether foreign or local.

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