Online Reporter
BULAWAYO Investment Indaba has started at a local hotel where industry experts gather to deliberate on different investment issues.
The two-day event will bring together key stakeholders, including representatives from the City of Bulawayo, the Ministry of Foreign Affairs and International Trade, the National University of Science and Technology, the Confederation of Zimbabwe Industries, and the Zimbabwe School of Mines, as well as other private sector players.
According to the official programme, Sakunda Holdings chief executive officer, Dr Kudakwashe Tagwirei who is being represented by the chief operating officer Mr Mberikwazvo Chitambo will be the guest of honour.
Other notable attendees include the Bulawayo Minister of State for Provincial Affairs and Devolution, Cde Judith Ncube, and JRG Contracting CEO, Mr James Ross Goddard.
The Zimbabwe International Trade Fair Company’s Chief Finance Officer, Mr Innocent Tshuma, is expected to present on key infrastructure projects, including the construction of a convention centre, a three-star hotel and high-end retail shops.
Mr Goddard will speak on the role of the private sector in devolution and local economic development.
Our Reporters Sikhulekelani Moyo and Nokuthaba Brita Ncube are attending the Indaba and will give us live updates.
Minister calls for revival of Bulawayo’s industry hub status
Minister of State for Provincial Affairs and Devolution in Bulawayo, has called for the urgent need to restore the city’s status as an industrial hub.
Delivering her opening remarks at the Bulawayo Investment Conference, Minister Ncube outlined the potential benefits of revitalising the region’s industrial sector.
The Minister’s call to action comes as Bulawayo seeks to attract both local and foreign investment to bolster its economic landscape.
She highlighted that the indaba serves as a platform to connect potential investors with opportunities that could lead to significant economic development in the region.
Investment opportunities abound in Bulawayo, says Sakunda Holdings COO
Sakunda Holdings chief operating officer, Mr Mberikwazvo Chitambo has said there are many investment opportunities in Bulawayo, including manufacturing, education, tourism, tertiary and agro-processing, among others.
He said the city was the industrial and engineering hub, and it deserves a chance to rise again.
“We need to continue the revitalisation and thrive. That can only be done by me and you,” he said.
“This forum allows engaging with partners to gain back the industrial hub status.”
He said there is a need for strategic partnerships for constructive engagements.
“The creation of a vital investment environment will encourage these strategic engagements,” said Mr Chitambo.
He said the government has committed to provide a conducive environment for both local and international investors.
BCC courts investors for key sectors
City of Bulawayo’s economic development manager, Mr Kholisani Moyo has revealed Bulawayo offers diverse opportunities for investors in sectors including energy, road infrastructure, water, and sewer management.
Under the health sector, Mr Moyo said the city wants to introduce health tourism.
He also spoke on the need to value-add minerals that are found in the region.
“We are happy that we have Zimbabwe School of Mines in the city and we can value-add lithium and other minerals, we have a special economic zone where we can put facilities for that,” he said.
“Agro-processing is one of the major sectors in the city, we have many companies already in the sector, but we still need more to value-add things like wheat into products like pasta, among other things.”
On tourism, Mr Moyo said the city wants to leverage cultural and heritage tourism as it is privileged to have a lot of history.
“Also, we want investors who will come and improve our tourism infrastructure like hotels and lodges.”
Other investment opportunities, as mentioned by Mr Moyo, include the rehabilitation of sporting facilities, the introduction of bucket seats to promote the sports economy.
On transport, Mr Moyo said, “We cannot address the economic issues without addressing the transport issue.”
“Bulawayo is a small economy, and those who produce in the city will have to move the goods to other markets across the country and in the region.”
He gave specific mention to the need to have proper rail transport to reduce road damage by huge trucks.
NUST unveils ambitious plans for solar farm and infrastructure development
THE National University of Science and Technology (NUST) has announced plans to construct a 5MW solar farm, a move aimed at boosting sustainable energy and infrastructure enhancement.
In a speech read on his behalf by Engineer Blessed Muketo, National University of Science and Technology (NUST) pro-vice chancellor, Professor William Goriwondo revealed the university plans to construct a 5MW solar farm.
He said according to the master plan, land has been demarcated, and the project presents revenue for investors.
“For us, we want uninterrupted power supply, and the investors will be collecting revenue,” he said
Eng Muketo also said the university still has more than 10 primary structures that need to be constructed according to their master plan, which investors can take as an opportunity.
He also called upon investors to invest in student residents saying that NUST currently has 12 000 students, and they can only accommodate about 1 150.
“There is still a lot of buildings to be done in terms of faculty, staff, and many other structures, hence the aggressive approach in calling for investors,” said Eng Muketo.
He said they want to optimise the use of the land and introduce blocks that accommodate 1 000 to 1500 per block.
Zimbabwe advances Diaspora Policy review to foster inclusivity and growth
THE Ministry of Foreign Affairs and International Trade is at an advanced stage of reviewing the Diaspora Policy as the government works on ensuring that no one and no place is left behind.
In his address at the Bulawayo Investment Indaba, a representative from the Ministry of Foreign Affairs and International Trade, Deputy Director in the Department of diaspora investment, Mr Edson Jr Sithole gave an update on the Diaspora Policy review process, stating that the Second Republic is motivated by the inclusivity of leaving no place and no one behind.
He said the Diaspora Policy review process aims to ensure that the diaspora is effectively engaged, enabled and empowered to participate in national building initiatives.
“The Ministry of Foreign Affairs and International Trade and the Diaspora in collaboration with the Office of the President and Cabinet initiated the review process to ensure that the Zimbabwe Diaspora Policy adequately addresses the of the Zimbabwean diaspora community”.
“The central aspect of the policy review process is inclusive stakeholder engagement, recognising that for the policy to be meaningful, it must be shaped by those it seeks to serve,” he said.
He noted that to enrich the Diaspora Policy review process, the ministry conducted benchmarking visits to Ghana, Nigeria, India, Ethiopia and Canada to assess the strategies that can be applied in Zimbabwe.
Last year, Zimbabwe witnessed a surge in Diaspora remittances, with inflows reaching a record US$2,2 billion, representing a 22 percent increase from the US$1,8 billion recorded in 2023.
Cannabis can transform Zimbabwe’s economy
Thathokuhle Farm managing director, Mr Mike Querl revealed that cannabis has the potential to change the economy of Zimbabwe.
Speaking at the Bulawayo Investment Indabe, Mr Querl said the country has land, and investors can take the opportunity to grow and value add the product.
Mr Querl said the product is environmentally friendly and also has high returns for investors.
“We need to value-add this, and Zimbabwe is the only place to do it,” said Mr Querl.
“This is a precious plant, and we need to invest in it.”
Bulawayo offers huge investment opportunities: JR Goddard
JRG managing director Mr James Ross Goddard said the private sector has a huge part to play in promoting economic growth.
Speaking at the Bulawayo Investment Indaba, Mr Goddard said investment opportunities are huge in Bulawayo, singling out agriculture, construction, manufacturing and mining.
He revealed that his company is employing more than 2000 people permanently, consuming about 30 000 to 40 000 liters of fuel per day in implementing their major projects.
He said his company is now focusing on three new projects, including the Glassblock dam, which will provide Bulawayo with sufficient water for 30 years.
Mr Goddard noted that the Dam project is waiting for Cabinet approval and is set to commence in the next six months, targeting to finish it by the end of next year.
He applauded Zimbabwe for its phenomenal and clever human capital.
“Possibilities in Zimbabwe are very huge. If I was younger, I was going to take many of them,” said Mr Goddard.
“There are opportunities here in Bulawayo, if you drive through the industrial area, you see opportunities there.”
He said, there are so many low-hanging fruits, especially in tourism and agriculture, with many people owning land that needs investors to utilise it.
Mutapa Investment Fund Key to Zimbabwe’s Economic Growth
THE Mutapa Investment Fund (MIF) is there to provide funding to develop the country’s economy.
This was revealed by MIF head of economic research, Dr Fox Kanongwere at the Bulawayo Investment Indaba while presenting on the role of Mutapa Investment Fund in Zimbabwe’s economy.
He said the fund is also meant to contribute to the country’s revenue with a vision to secure a successful future for Zimbabwe.
“These entities under the MIF portfolio used to contribute 40 percent to the Gross Domestic Product, but now they are contributing 20 percent, and we want to increase that to 30 percent by 2030,” said Dr Kanongwere.
He said companies like NRZ and ZESA being under the MIF portfolio are set to contribute to the growth in the national and provincial GDP.
“AFC and POSB are our portfolio financiers, they have good products and should contribute to the GDP of the city.”
He said the budgetary allocation, which used to be allocated to these portfolio companies, will be directed to other projects under NDS1 priorities.
Dr Kanongwere said portfolio companies should also start to contribute to export growth under different clusters created.
To address corporate governance, Dr Kanongwere said they have managed to appoint a board of directors on merit, and the performance is improving.
Zimbabwe government departments praised for swift response to investment inquiries
Diaspora community builder leader Mr Marshal Gore has said there has been some positive progress in terms of response from Government departments relating in dealing with investments into various sectors in the country.
He said the shift should therefore encourage more Diasporians to invest in the country.
Mr Gore was speaking at the Bulawayo Investment Indaba where he presented on Diaspora expectations and suggestions,
“We recently engaged the Mines Ministry in Marondera for our exploration license and I want to affirm that we applied within a week the license was out. I want to commend the Ministry of Mines and Mining Development and other Government departments for great efforts in making sure that things move swiftly,” he said.
He encouraged fellow diasporans to identify local partners to work with, which will make things easy for them.
Mr Gore also said there is a need for diaspora investment in humanitarian purposes.
“I would like to encourage diaspora organisations involved in philanthropic work to not lose hope as they have a part to play in building the country,” he said.
Mr Gore said Diasporans should engage with their embassies for information and work with various diaspora groups that are keen in supporting investment in the country.
He also called on policy makers to be vigilant.
Mr Gore said there are opportunities to digitalise which will in turn attract investment.
“This is the beginning of the progress in our country and together we can make it,” he said.
