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Friday, July 12, 2024

FDI flows up by 49 per cent       

Story by Stanley James, Business Editor

THE national drive to ensure a favourable business climate is on course, with a United Nations Conference on Trade and Development (UNCTAD) Report indicating Foreign Direct Investments ( FDIs) flows increased by 49 per cent last year.   

The recently released UNCTAD Report for the period ending the 31st of December 2023 indicates that Zimbabwe recorded Foreign Direct Investments worth over US$550 million.

The trend reflects Zimbabwe’s strength in restoring investor confidence in the Southern Africa region.   
Commenting on the latest developments, Zimbabwe Investment and Development Agency (ZIDA) Chief Executive Officer, Mr Tafadzwa Chinamo revealed the country is focusing on attracting FDIs worth at least US$1 billion.  
“Despite coming from a low baseline there is that aspect of increased investor interest from the external investors, as devoured by the UNCTAD data so basically this is the right step for the nation,” he said.            

The macroeconomic stability agenda is also expected to further improve external investment flows.  

He added, “The key target is on harnessing resources to all the capacities taking into account the vast resources within the country it means there is that aspect or opportunity for the country to even register growth in the future otherwise so far so good for the investment climate.”   
Major sources of FDI inflows to Zimbabwe include mining, energy, agriculture, finance and banking, construction, retail and wholesale, among others.

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