Zimbabwe is working on a new investment law to open up the economy to foreign investors, President Emmerson Mnangagwa said on Wednesday.

Mnangagwa acknowledged the country had made mistakes and missed on investment opportunities in the recent past.

He said the government was preparing a new bill that would simplify investing procedures, cut bureaucracy and create a "one-stop shop” for investor registration requirements. Currently, investors take up to 90 days to set up a business while dealing with several government departments.

The southern African nation, which adopted the U.S. dollar in 2009 after its currency was wrecked by hyperinflation, is gripped by shortages of cash, unemployment of more than 80 percent and crumbling public infrastructure like roads and rail.