¡¡HARARE, Sept. 26 (Xinhuanet) -- Two Zimbabwean government bodies governing investment zone and investment license are to merge nextmonth, creating a single investment authority to streamline the country's investment policies, the New Zimbabwe News Agency reported on Sunday.

    Industry and International Trade Minister Samuel Mumbengegwi was quoted as saying that the merger of Export Processing Zone of Zimbabwe (EPZ) and the Zimbabwe Investment Center (ZIC) would result in the creation of the Zimbabwe Investment Authority, and abill to pave way for this would be introduced in parliament next month.

    He said the government had decided to embark on this as the EPZon its own was no longer of much economic benefit to the country.

    "The merger will result in the formation of the Zimbabwe Investment Authority whose conditions of service will be flexible in line with the changing economic conditions," Mumbengegwi said.

    EPZ spokesman, Phinius Mushoriwa confirmed the merger plans, saying these were now at an advanced stage.

    "EPZ has about 300 approved companies and of theses 170 are fully operational creating employment for about 30,000 people," hesaid.

    The merger was first mooted years ago, and been boggled down inbureaucratic wrangling between the two sides.

    EPZ members have the advantages of duty free importation of capital equipment and machinery as well as of raw materials.

    Member companies are exempted from capital gains tax and withholding tax. They are also granted a corporate tax holiday of five years and a flat rate of 15% tax thereafter.

    On the other hand, ZIC only approves and licenses investment. Enditem