Zimbabwe is currently amending its Securities and Exchange Commission (SECZ) laws so they are aligned with best practices.

This drive is included within efforts to attract additional investment into Zimbabwe's capital markets, said a senior government official

Professor Mthuli Ncube, the country's Minister of Finance, Economic Development, and Investment Promotion, anticipates that the update will enhance investor confidence and counteract the negative effects of foreign capital flight from the country's capital markets.

"In order to align with international best practices, enhance investor protection, promote market integrity, and build investor confidence through ensuring fair, efficient, and transparent markets, the Securities and Exchange Commission legislation is being revisited," Professor Ncube told delegates at the Zimbabwe Capital Market Conference in Shanghai last week.

Ncube went on to add that the legislative revision aims to accomplish several objectives, including aligning with the evolving landscape of technology, facilitating the development of new financial products, and ensuring compliance with international and regional standards, such as those established by the International Organisation of Securities Commissions (IOSCO), The Zimbabwe Mail reports.

The efforts to attract investment into the country's capital market are driven by the significant role that capital markets play in facilitating economic growth within the nation.

"The government recognises the role of capital markets towards achieving the national Vision 2030 and the NDS1 national priority areas," Professor Ncube added. "Capital markets facilitate long-term capital raising for the productive sectors of the economy, improve financial inclusion, mobilise resources for infrastructure development, and inflation hedging, among others."

Moreover, during the conference, Ncube stressed the government's efforts to raise awareness and international re-engagement, developing investor-centric products and services, and fostering an enabling operating environment. These endeavours are anticipated to enhance investor confidence and contribute to an increase in foreign direct investment (FDI). 

"Ladies and gentlemen, Zimbabwe is open for business, and so is the capital market. The market welcomes all investors, issuers, and market intermediaries, foreign and domestic, including Zimbabweans in the Diaspora," Ncube said.