Matabeleland North reaps investment conference spin-offs

MATABELELAND NORTH Provincial Affairs and Devolution Minister, Cde Richard Moyo, has implored local authorities in the province to embrace President Mnangagwa’s “Zimbabwe is open for business” mantra to lure more investors and consolidate the gains of the recent investment conference that was hosted in Lupane.

Minister Moyo said investors were flocking to the province showing interest to invest in different economic sectors.

He said others were seeking partnerships riding on the investors’ conference held last November.

The province hosted the first-ever Matabeleland North Investors’ Conference in Lupane where an appeal was made to Zimbabweans based in the diaspora to invest back home.

In an interview yesterday, Minister Moyo said the fruits of the investment conference were beginning to show.

He said what the province can reap depends largely on the response of local authorities to inquiries from investors.

Matabeleland North has Victoria Falls City, Hwange Local Board, Hwange Rural District Council, Lupane Local Board, Kusile Rural District Council, Binga Local Board, Binga Rural District Council, Tsholotsho Local Board, Tsholotsho Rural District Council, Nkayi Rural District Council, Bubi Rural District Council and Umguza Rural District Council.

Victoria Falls, which was conferred city status in 2019, is the only city in the province with Hwange the only other established urban local authority. Lupane, Binga and Tsholotsho local boards are fairly young and still growing.

“The investors’ conference helped in a very significant way and we are beginning to see its fruits now. Investors are showing interest and coming from all over wanting to invest or partner with our local authorities.

“I am, therefore, encouraging the local authorities to be open for business and not put unnecessary restrictions or bureaucracies that can drive investors away,” said Minister Moyo.

Matabeleland North is endowed with vast natural resources ranging from coal deposits in Hwange and Binga, gold in Bubi, wildlife in Hwange, Binga, Lupane, Tsholotsho and Bubi, timber in Lupane, rich soils in Umguza, Bubi and parts of Binga, methane gas, water and other resources.

It is home to the Mighty Zambezi and Victoria Falls and Zimbabwe’s tourism capital, Victoria Falls. Tourism is one of the country’s major foreign currency earners alongside mining, agriculture and manufacturing.

From the investors’ conference, the province made a commitment to strive to harness all resources and attract investors for the development and the upliftment of livelihoods.

Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube who attended the conference said Matabeleland North had the potential to drive the country’s economy if partnerships with investors were harnessed.

Minister Moyo said Matabeleland North needs more investors to drive the provincial economy. Opportunities in the province are spread across agriculture, mining, tourism and timber processing.

Tourism, mining and energy generation are the major economic activities in the province and there are coal mining and processing companies in Hwange as well as several gold mines in Bubi district while tourism is spread across the seven districts because of the presence of wildlife.

Despite the greater part of the province being in ecological regions 4 and 5, both crop and livestock farming are doing well in the province.

Minister Moyo challenged local authorities to invest in human capital development to familiarise themselves with the country’s investment laws.

Matabeleland North is one of the provinces that investors are interested in after attracting five new project licences with a projected investment value of US$51,56 million, according to the Zimbabwe Investment Development Agency 2023 Quarter Three report.

Minister Moyo said the Government was committed to seeing the province prosper and improve its gross domestic product.

“The coming of the Minister of Finance to our investors’ conference was a confidence booster both to the province and investors. He explained policies and opened up the province to the investors’ world which we should ride on,” said Minister Moyo.

Matabeleland North has a high number of people living and working outside the country.

President Mnangagwa has implored Zimbabweans living in the diaspora to invest back home and contribute to national development as the country works to achieve an upper-middle-income economy by 2030.

Matabeleland North’s population grew from 749 017 in 2012 to 827 645 in 2022 according to ZimStat.