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Saturday, May 25, 2024

ZIDA surpasses set 2023 targets

Story by Josephine Mugiyo, Diplomatic Correspondent

THE country is attracting massive foreign direct investment, with the Zimbabwe Investment and Development Agency (ZIDA) having surpassed its 2023 target of US$4 billion.

Zimbabwe’s economic growth is pinned on a few facets, which include attracting foreign direct investment.

The setting up of government arms like ZIDA has ensured clarity in terms of tracking the investments in the country.

ZIDA Chief Executive Officer Mr Tafadzwa Chinamo is a satisfied man after they surpassed their 2023 target.

“If you look around there are companies, we grew up knowing and never knew they were South African or American companies. The aim is to ensure that companies keep re-investing in the country. We call that re-investment when they continue to stay. For 2023, we were looking at attracting 4 billion dollars. We reached it in August by the time we reach the year it should be over 8 billion,” he said.

The mining and manufacturing sectors have recorded the highest figures, with minerals being the major drawcard for investors.

“Zimbabwe is endowed with natural resources we speak about several minerals that would be exploitable. Mining for a country like Zimbabwe is a natural draw card. The geology of Zimbabwe is known, and mining would dominate. Big mines are being commissioned, China leads in mining in terms of investment,” he reiterated.

Mr Chinamo also revealed that in 2023 the government investment arm focused on restructuring to improve efficiency.

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