ZIMBABWE Investment and Development Agency (Zida) chairman Busisa Moyo says the agency’s role is limited to licensing and monitoring investments, amid Chinese investors increasing their attacks on local workers.
Recently, the Centre for Natural Resources Governance (CNRG) called on the government to revisit how Chinese investors operate in the country owing to an increase in violent altercations between them and local workers.
This call was preceded by the CNRG last year petitioning Parliament to investigate Chinese labour practices in Zimbabwe, which is yet to be actioned.
Chinese investors hold billions of United States dollars worth of investments locally, especially in coal and lithium mining, where they are the most active.
When asked about the checks and balances provided for investors pouring money into the country, Moyo clarified that Zida’s role was limited to licensing and monitoring investments, while financial flows are regulated by institutions such as the Reserve Bank of Zimbabwe and the Zimbabwe Revenue Authority.
“Zida conducts monitoring and evaluation of investments. Where we identify issues, we flag them to the relevant authorities,” Moyo said.
“Our role is to ensure investments are properly structured, but we rely on regulatory bodies to enforce compliance.”
He emphasised that investment reviews were standard regulatory procedures and should not be interpreted as targeting any specific group of investors.
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“We insist that all investments are law-abiding with no exceptions,” Moyo said.
“Taxes must be paid on time and in full, and environmental regulations must be followed.
“Where exemptions exist, they are clearly defined in writing, in line with the Zida Act.”
Concerns over how investors operate largely stem from the mining sector, where Chinese investors are often accused of failing to comply with Zimbabwean laws around taxation, financial regulations, and environmental standards.
Reports indicate that some Chinese investors are under review for allegedly failing to bank their funds locally and violating financial regulations.
As previously reported, Chinese investors have a long history of abusing their workers, with the government often looking away over these indecencies as China remains Zimbabwe’s biggest foreign creditor.
“There is also need for a clear database of Chinese investments in Zimbabwe, giving their names, shareholders, and areas of operation,” CNRG executive director Farai Maguwu said in a recent statement.
“This information should be available online and be accessible with the click of a button. Government must also screen Chinese nationals intending to do business in Zimbabwe.
“There are several Chinese entities operating illegally in Zimbabwe. This information is also available in parliamentary reports and Hansard.
“There is no self-respecting country that allows foreign nationals to come in and operate without authorisation. There must be severe consequences for operating in Zimbabwe illegally.”
