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Michael Tome Herald Reporter
The Zimbabwe Special Economic Zones Authority (ZIMSEZA) has to date approved $22 million worth of investment from three firms following a comprehensive assessment of their investment licenses.
The three companies will be domiciled in the Belmont, Kelvin and Donnington areas of Bulawayo, which was declared a special economic zone in August last year.
Bulawayo is historically one of the main industrial hubs of the country.
The three companies are Chingases (Pvt) Ltd, which is into gas production for domestic, industrial and medical use; Coliman (Pvt) Ltd and Shepco BMA Fasteners, which will set up earthmoving equipment manufacturing factory and production of bolt, nuts, nails mining roof support systems respectively.
Chingases (Pvt) Ltd will inject $5 million, Coliman (Pvt) Ltd $15 million while Shepco BMA Fasteners will invest $2 million with a projected target of $10,5 million revenue per annum.
In a statement released on Tuesday ZIMSEZA chief executive Edwin Kondo, said the investments are focused on value addition and growing import substitution drive.
“The projects will contribute greatly towards introduction of new technologies, skills, value addition, import substitution and creation of direct and indirect jobs in the main projects and downstream. Combined together the projects will generate import substitution revenue amounting to $10 million annually,” said Mr Kondo.
Special Economic Zones are areas in which business and trade laws are different from the rest of the country and are aimed at increasing trade, higher investment, job creation as well as effective administration. The Government is confident that the special economic zone model is a vital cog in attaining an upper middle class economy as it seeks to propel economic activity in the country anchored mostly on resource beneficiation. “Through the sound vision of President Mnangagwa the authority is confident that the Special Economic Zone model will help expedite the achievement of the vision to be an upper middle class economy by 2030,” he said.
ZIMSEZA is also finalising the development of a viable concept masterplan for the development of the earmarked Sunway City Special Economic Zone.
To date the authority has declared four special economic zones in Mutare, Bulawayo, Beitbridge and Victoria Falls and the implementation plans for the operationalisation of these zones are now at an advanced stage with a concept masterplan having been developed for the Victoria Falls and Beitbridge Special Economic Zones.
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