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Zimbabwe Investment and Development Agency Act, No. 10 of 2019

Country/Territory
Zimbabwe
Document type
Legislation
Date
2020
Source
FAO, FAOLEX
Long title
AN ACT to provide for the promotion, entry, protection and facilitation of investment; to provide for the establishment of the Zimbabwe Investment and Development Agency; to provide for the One Stop Investment Services Centre; to repeal the Zimbabwe Investment Authority Act [Chapter 14:30], the Special Economic Zones Act [Chapter 14:34] and the Joint Ventures Act [Chapter 22:22]; and to provide for matters incidental to or connected to the foregoing
Subject
Agricultural & rural development, General
Keyword
Framework law Agricultural development Business/industry/corporations Capacity building Fiscal and market measures Governance Subsidy/incentive Institution Public participation
Geographical area
Africa, Eastern Africa, Landlocked Developing Nations
Abstract

This Act establishes the Zimbabwe Investment and Development Agency as a legal person. The Agency is charged with promoting, planning and implementing investment promotion strategies for the purpose of encouraging investment by domestic and foreign investors; promoting the decentralization of investment activities; implementing and coordinating investment programmes and investment promotion related activities; facilitating entry and implementing investment projects; assisting investors in all appropriate investment-related support that may be required, among others. There is also established a One Stop Investment Services Centre, which is a single desk that represents multiple desks including the general investment division of the Agency, a unit in the Agency responsible for public private partnerships, the Immigration Department, the Zimbabwe Revenue Authority, the Environmental Management Agency, the Reserve Bank of Zimbabwe, the Office for the Registration of Companies and Other Business Entities, the Zimbabwe Energy Regulatory Authority, among others. The Act provides for an Advisory Board to, among other functions, investigate and make recommendations on matters affecting investment facilitation, development, promotion and protection, and giving appropriate advice on the formulation and implementation of strategies for the facilitation, development, promotion and protection of investments. The Act also provides for the composition of the Advisory Board. The Act gives freedom to foreign investors to invest in the country. It also specifies that there shall be no discrimination between domestic and foreign investors to the extent that the Agency accords foreign investors and investments favourable treatment in the same way that it accords domestic investors and investments in like circumstances. The Act provides a guarantee against expropriation or nationalization of investments, except in situations where the expropriation or nationalization is to serve a public purpose and subject to the payment of adequate compensation. The Act provides for investors to obtain investment licences; it also provides for a register of licences to be kept, the renewal of licences, etc.

Full text
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