Story by Stanley James, Business Editor
ZIMBABWE attracted investments worth over US$1 billion during the third quarter of the year with mining being the most popular sector.
The latest figures come at a time when the Second Republic’s business-friendly policies are inspiring confidence.
Canadian and French investors who were in Zimbabwe last week expressed interest in setting up projects in key economic sectors.
In its third-quarter report released this Monday, the Zimbabwe Investment and Development Agency (ZIDA) noted that the mining sector dominated the value of investments, followed by energy, manufacturing and construction.
Mashonaland West had the highest number of investment licences for the period under review with Harare dominating the projected investment value at over US$100 million.
“We are pleased to report that the quarter recorded a nine percent increase in the number of licences issued compared to the previous quarter, in total 168 licences were issued in the just-ended quarter with a projected investment value of US$1,171 billion.
“In the third quarter, mining remains the most popular sector of interest, accounting for 18 percent of total investment enquiries.
“This suggests a continued strong interest in the mining industry, agriculture and manufacturing also remain significant sectors each accounting for eight percent of investment enquiries.
“Other sectors such as construction, education, energy, financial ICT, health, tourism, real estate, services and transport have received a relatively low number of enquiries,” ZIDA Chief Executive Officer, Mr Tafadzwa Chinamo said.
As a result, Zimbabwe continues to experience an increase in overall investment enquiries, which is aided by vast opportunities.
“The Agency has made notable progress in positioning Zimbabwe as a prime destination for Foreign Direct Investment (FDI) as highlighted in the UNCTAD World Investment Report 2024.
“The report emphasised the country’s increasing appeal, partly due to the agency’s efforts in streamlining investment processes and promoting sectors such as mining, infrastructure development, agri-business and renewable energy, this recognition aligns with the agency’s strategic goals of establishing Zimbabwe as a key regional investment hub,” Mr Chinamo said.
The report also revealed increased investor interest in the uptake of Special Economic Zones as well as Public Private Partnerships.
