Chronicle Editor
Judith Phiri, Business Reporter
THE Bulawayo Metropolitan Province managed to attract projected investments worth about US$77,28 million in 2023, with 27 licences issued by the Zimbabwe Investment and Development Agency (Zida).
According to the Zida 2023 annual report, Harare Province continues to dominate in attracting investors — coming up with the highest number of 312 for the 12-month period — which was 51 percent of all the new licences issued in 2023.
The total projected investment value in the country for 2023 was pegged at US$9,66 billion.
Mashonaland West Province had the highest value of projected investment at US$2,383 billion in the country.
“The highest number of investors were arising from People’s Republic of China, South Africa, Zimbabwe, India and the United Kingdom. The agency surpassed its goal of attracting a projected FDI value of US$1,5 billion by almost 650 percent.”
Zida said it also generated provincial-specific data that allowed stakeholders to view the levels and areas of interest of investors in each province, in a bid to buttress the central role of provinces in driving the development agenda.
“The data highlighted the continued attraction and dominance of Harare Province with a total number of 312 investors, while Mashonaland West Province had the highest value of projected investment at US$2,383 billion,” reads part of the report.
The investment agency said Masvingo had a projected investment value of US$1,8 billion, Manicaland (US$1,5 billion), Matabeleland North (US$701,6 million), Mashonaland East US$515 million), Midlands (US$402 million), Mashonaland Central (US$230 million) and Matabeleland South US$15,51 million.
In terms of new licences issued, Zida said improved facilitation of investor services through the agency’s One Stop Investment Service Centre (OSISC), mapping and streamlining of its operational processes, resulted in a total of 615 new licences issued, a visible +130 percent increase from 2022.
“The sector with the highest number of licences was mining which had a final tally of 277 licences followed by the manufacturing sector with 138 licences. Key to the success of facilitation was and remains the agency’s due diligence process, that assists in thorough investigation and assessment of investors backgrounds and conduct before allowing them to make an investment in the country,” added the investment agency.
Zida chairman Mr Busisa Moyo said in 2023 they played a pivotal role in mobilising foreign direct investment (FDI) and facilitating large-scale projects for the nation’s economic advancement.
“Our achievements in 2023 were made possible through collective effort and unwavering support from the Government. Innovation, diligence, and teamwork were the cornerstones of our success.
“We acknowledge that economic recovery is intricately linked to private sector development, mainly through infrastructure rehabilitation, industrial retooling, and creating a more conducive business environment,” said Mr Moyo.
Zida chief executive officer (CEO) Mr Tafadzwa Chinamo said they witnessed strong organisational performance with record-breaking achievements in the facilitation, advocacy, promotional, developmental and operational support aspects of the agency.
“This success underscores the importance of dedication and innovation in a constantly changing environment. The agency’s achievements for 2023 would not have been possible without the dedication and hard work of our talented team, advisory board, the Office of the President and Cabinet as well as the support of our stakeholders and partners within and outside Government,” he said.
“This collective effort made it possible for us to complete our digital transformation journey with the launch of our Enterprise Resource Planning (ERP) system which went live on 1 April 2023. This new platform streamlines investor interaction with the agency by eliminating manual, paper-based processes.”
In 2023, Zida renewed 415 licences, the actual investment value for renewals was US$1,2 billion, while the highest projected investment value was in energy for US$3,524.69 billion.
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