Online Reporter
Following a wide range of economic reforms that the Government is implementing, the country is attracting billions worth of investment yearly.
The Zimbabwe Investment and Development Agency (Zida) recorded a 178,6 percent increase in projected investment value last year, reaching $11,15 billion, almost thrice as much as the $3,4bn that the country attracted in 2024.
Yesterday, we cited Zida’s latest quarterly report, which indicates that it approved 162 investment proposals worth about $1,4 billion.
It said energy and infrastructure dominated investment proposals, with renewable energy recording eight leads and infrastructure following with seven.
Agriculture and information and communication technology each accounted for six proposals, manufacturing for three and tourism for one.
It is indeed clear that the economy is on its way up, judging by multiple metrics including mining, agriculture and manufacturing output, currency, inflation and power supply stability, infrastructure development, export performance and so on.
This all-round growth indicates that the country is attracting, retaining and growing investment. Apart from indicating that the economy is attracting, retaining and expanding investment, the growth itself attracts investment as well.
Since the beginning of last year, the Government has been improving the ease of doing business by reviewing, reducing and scrapping dozens of fees and requirements across the economy.
In February this year, authorities went a step further by banning the exportation of unprocessed minerals.
We expect the impact of these reforms to start showing from this year into the future.
The dollar value of the investment proposals that the economy attracted in the first three months of this year is encouraging. We are optimistic that inquiries and proposals will pick up in subsequent quarters to exceed the $11,15 billion that was recorded last year.
We agree with economic commentator Ms Wendy Mpofu, who told us that the country’s “growth story will depend on how many of these pledged investments are converted into real projects on the ground, not just paper commitments.”
We expect the billions pledged over the just-ended quarter and others before it to translate into brick and mortar on the ground, jobs, taxes, sales, exports, improved capacity utilisation and so on.
Zida must keep its shoulder to the wheel, always going out there to attract investment, following up on all proposals and keeping itself and the nation updated on the proposals that move from paper to the ground.
Yes, Zida has a statutory obligation to attract and document investment, but every Zimbabwean entity and citizen has an intrinsic responsibility to project their country as worthy of investment and market it wherever they are.
After attracting the investment, it must be everyone’s responsibility again to ensure that we not just retain but also grow that investment for greater socioeconomic progress.
