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Thursday, May 30, 2024

Zimbabwe’s investment inflows increase

Story by Owen Mandovha, Business Reporter

THE Zimbabwe Investment and Development Agency (ZIDA) has approved projects worth more than US$3 billion in the last three months as the country continues to receive massive local and foreign investment inflows.

ZIDA’s role as a conduit for investment promotion is bearing fruit with the 3rd quarter results announced by the agency’s chief executive officer, Mr Tafadzwa Chinamo showing that a record 180 projects valued at US$3,4 billion were issued with the energy sector accounting for the bulk of investment licences.

“A total number of 180 licenses were issued while 126 were renewed. Projects value issued were at US$3.4 billion dollars. The mining sector had the highest number of licenses issued at 86 valued at US$411 million. However, the energy sector had licenses issued valued at US$2,8 billion,” said Mr Chinamo.

Mr Chinamo said the agency is perfecting its licensing framework to improve the turnaround time of project approval.

“The agency acknowledges that there are delays that might be encountered at other government departments which need to issue permits which obviously form part of the project appraisal process. However the agency is trying to harmonise that process but if everything is in place here at ZIDA one can get a license within a week,” he added.

The third quarter results also show that most investment licenses approved were from China where a total number of 121 Chinese investors received licenses worth US$2,79 billion.

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