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Nigel Chanakira

Nqobile Tshili, Chronicle Correspondent
ZIMBABWE Investment Authority (ZIA) chairman Nigel Chanakira says there’s no need for the government to set up a board to oversee the implementation of the Special Economic Zones as doing so will further strain the public wage bill.

Addressing delegates to the International Business Conference at the ongoing Zimbabwe                                                International Trade Fair in Bulawayo yesterday, Chanakira said instead of employing Special Economic Zone board members, the government can take advantage of the role being played ZIA as it is capacitated to do so.

His comments came in the wake of a recent proposal by the Finance and Economic Development Ministry to set up a board to manage affairs related to the rollout of this crucial framework.

The Special Economic Zones Bill was gazetted at the end of last year and has gone through first and second readings in Parliament.

The Parliamentary Portfolio Committee on Finance and Economic Development is finalising consultations with different interested parties to get input ahead of finalisation of the legislation.

“Should we be creating more parastatals? Should we be creating another board for the special economic zones? I say no. That’s a division within ZIA,” said Chanakira.

“We can run and handle that. We’re only handling 3,2 billion dollars worth of investment. We’re handling 900 applications only and why should we create another statutory board when we’re not actually paying people on time? I don’t think we can afford.”

Special Economic Zones (SEZs) are an important pillar of Zimbabwe’s development strategy as enunciated in the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset).

Chanakira also said the country should be more innovative if it wishes to attract investors.

The Special Economic Zones Bill seeks to enhance ease of doing business in the country and attract investment to specified sectors under the framework.

The Bill will provide for general fiscal and non-fiscal incentives to licensed investors operating in an SEZ to be prescribed in accordance with Clause 58.

It will also make provision for the minister, after consultation with the authority, to make regulations under the Act which include matters relating to the fees payable for any application for a licence or permit or other service provided by the Authority, or charges levied by the unit.