Despite efforts to promote Zimbabwe as an attractive investment destination, the Zimbabwe Investment and Development Agency (ZIDA) reported a decrease in new investment applications in the first quarter (Q) of 2024.
ZIDA Chief Executive Officer (CEO) Tafadzwa Chinamo said the decrease is partly due to the fall of mining investment.
“New licences issued for projects valued at US$622 million, down from US$760 million in Q1 2023. The drop is partly due to a slowdown in new mining projects,” Chinamo said.
The mining sector, traditionally a major draw for investors in Zimbabwe, accounted for only 18% of the projected investment value in Q1 2024, down from a dominant position in previous quarters.
“The services sector had the highest projected investment value, making up 25%. Construction was 2nd with 23%, and mining third at 18%.” Chinamo added.
While the number of new licenses issued was highest in manufacturing (41), the total value of those projects was only US$41 million, suggesting a trend towards smaller-scale operations.
China remained the dominant source of investment by value, accounting for a significant 77% of all approved licences in Q1 2024.
“We are conducting research for new source markets that have the potential to drive the desired investments into Zimbabwe,” said Chinamo, highlighting ZIDA’s efforts to diversify the investor base.
Looking ahead, ZIDA expressed optimism about its ability to attract US$15 billion in investment projects by the end of 2024. The agency is focusing on resource beneficiation, manufacturing, and technology transfer to achieve this ambitious goal.
ZIDA also highlighted its commitment to improving the investment climate in Zimbabwe through digital transformation initiatives.
The launch of a Do-It-Yourself Licensing Portal and the revamp of the agency’s website are aimed at increasing transparency and accessibility for investors.
“Our desire is to have all applications processed on the platform by the end of Q2 2024,” Chinamo said.
Chased away Starlink
Patmos Patmos don’t spread wrong information
Hayiya Masuku iripi manje
Eish!!, please don’t keep on mentioning US$15 billion it take us back makare
15 billion tobva tafunga imwe yakanyangarika .mainvestor anotiza instability kungofuma kwadove nezig mmm
Change those vampire policies
Put your house in order toomuch unnecessary regulations and charging exobitant licence and permits fees.
Tht 15Billion went missing in 2013
Decreasing makes sense. No environment of investment. As long with ZiG tone again ZIDA is sizeable to nothing but risk
Zim is not iinvestor friendly , you have proved yourselves to be thug friendly
Investors are not idiots. They possess common sense and that is all
Bad politics
Bad governance
Illegitimate government
Violence murder manipulation of the people and law.
Corruption.
Rigged elections.
I am surprised who is still investing they must be rebels organized criminals from other countries they loot
Say another figure.if u say 15 billion u are opening our healed wounds
Stock market lost 98% of its value 2 weeks ago. Not surprising