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BULAWAYO’s vast investment opportunities are under the spotlight at the ongoing 26th Arab-African Investment and International Cooperation Conference, where the Minister of Provincial Affairs and Devolution, Judith Ncube, is leading the local business delegation that is representing the city and the country.
The transformation of Bulawayo’s economy is critical in the broader development of Zimbabwe as espoused under the National Development Strategy 1 (2021-2025), which builds momentum towards realising an upper middle-income economy vision by 2030.
The Bulawayo Metropolitan Provincial Economic Development Plan (PEDP) is, thus, derived from the national development blue-print, and seeks to capitalise on major comparative advantages, which position the city for prime investment opportunities, especially in the manufacturing-related spheres.
Once a thriving industrial hub of Zimbabwe with extensive infrastructure in industries such as textile, leather, meat processing plants, pharmaceuticals, allied products as well as cement products, among others, Bulawayo is focused on reclaiming its past glory.
Working closely with the Government under the Second Republic, the city is harnessing every opportunity to position itself as the leading investment and industrial centre with a focus on expanding production, widening job opportunities, and growing export earnings.
In her address to delegates on Tuesday, Minister Ncube said Bulawayo offers various high-end investment opportunities in sectors such as energy, health, transport, housing, tourism, and Information Communication Technology (ICT) that potential investors from Egypt and across the globe can explore.
“Esteemed guests, the province presents unique investment opportunities under the Special Economic Zones (SEZ) programme. The investors can venture into the development of an Industrial Park and Inland Port, and construction of supporting infrastructure such as power lines, roads, railway tracks, and broad-band infrastructure, within the SEZ,” she said.
“In an endeavour to attain a Smart City Status by 2025, the province needs investment in the construction of solar power stations and solar farms, which will provide cheaper power in the long run for old and new industries.”
In a bid to entice local and international investors into the city and across the country, Minister Ncube said President Mnangagwa’s Government provides several incentives to investors under the SEZs model, which investors should capitalise on.
She went on to highlight numerous opportunities in the tourism sector saying potential investors can leverage on the rich and diverse mix of culture, history, and heritage that is found in the province.
“Investors can, thus, develop heritage centres or cultural villages that will celebrate and preserve the history, culture, and heritage of Bulawayo,” said Minister Ncube.
“Furthermore, the development of five-star hotels, conference facilities, and restaurants are also some of the investment opportunities that could be exploited by investors.”
Bulawayo is also home to a thriving micro, small, and medium enterprise (MSME) sector within the central business district and beyond, which presents more opportunities for investment partnerships and supply of critical raw materials, including exporting, she said.
Given the growing need for modern and efficient transport, Minister Ncube said the city was ripe for investment in new bus services, that is, a new fleet of buses, and bus termini in keeping with global standards and sustainable environmental consciousness.
These are new investment opportunities, including opportunities in the ICTs sector, which has grown exponentially the world over in the past 40 years.
“There is scope for investment in local assembly of various ICT access devices, handsets, tablets, notebooks, dongles, and so on,” said Minister Ncube.
On mining, she said Bulawayo’s hinterlands were enriched with vast natural resources, which include gold, lithium, natural gas deposits, and forestry among others, which makes the city a prime destination for setting up new mineral value addition, exploration, consultancy services, and commercial mineral processing businesses.
This applies to agro-processing investment opportunities, as the city already has established players involved in processing that need to scale up investments and partner with strategic players in the region, especially given the African Continental Free Trade Area.
There is a high scope for new investments in nurseries that supply seedlings and seeds for the farming community and individuals, agro-tillage tools, fertilizers, pesticides, and irrigation equipment, and agro-processing businesses such as drying, canning, and packaging facilities, said Minister Ncube.
In line with President Mnangagwa’s mantra “Zimbabwe is open for business”, Minister Ncube informed potential investors of the enhanced ease of doing business under the Zimbabwe Investment and Development Agency Act, which was put in place in 2020.
It provides for the promotion, protection, and facilitation of investment and provides for the One Stop Investment Services Centre.
“Esteemed Guests, we want to attract investments and transform Bulawayo’s private sector-led economy.
“I wish to invite all of you to come and invest in the beautiful province of Bulawayo,” she said.
The 26th Arab-African Investment and International Cooperation Conference and Exhibition is organized by the Arab Women Investors Union on October 30- November 3 in Sharm El-Sheikh, under the theme “Youth: Core of Sustainable Development — Challenges and Opportunities.”
Online Reporter