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Tuesday, June 18, 2024

Zim ranked among top 10 countries for future investments in Sub-Saharan Africa

Story by Stanley James, Business Editor

MULTINATIONAL accounting firm, KPMG has noted the country’s economic potential after its findings confirmed Zimbabwe as one of the top ten Sub-Saharan African nations to watch for future investments.

According to the latest report from KPMG titled: “Doing Deals in Sub-Saharan Africa,” six percent of the respondents within the survey are upbeat over Zimbabwe’s investment prospects with the economy being ranked 10th in a region with over 40 economies.

The survey results show that South Africa is the top-ranked nation regarding future project transactions.

Oil and gas sector units have been revealed as the biggest attraction for investors, with such a trend being realised in Zimbabwe where an Australian Stock Exchange-listed firm, Invictus Energy is exploring the non-renewable resources in the Muzarabani area.

The consumer goods sector is ranked second in attracting investors within the region, a factor bearing fruit in the country with the commissioning of retail and wholesale outlets, including shopping malls. 

Respondents in the survey cited vast untapped resources in the Sub-Saharan Africa region as increasing mining projects.

Zimbabwe is also realising the benefits of mining project expansion and new projects in the Platinum Group Metals, Gold, Chrome, and Lithium, among others.

Other sectors cited by the global accounting firm as driving local and external investor interest are mobile money services, industry and chemicals, technology, insurance, agriculture, infrastructure, asset management, and real estate, among others.

With over 43 percent of the respondents citing e-commerce as the future potential of investments, Zimbabwean authorities are also being allowed to attract more business activities.

The KPMG findings note that Zimbabwe among other regional economies stands to benefit from increased renewable energy projects as investors line up projects worth over five billion United States dollars by 2050.
Market watchers say the Doing Business in Sub-Saharan Africa region survey results indicate a commitment by the government to reposition Zimbabwe as a haven for global capital flows.

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