‘Midlands becoming choice investment destination’

Midlands Correspondent
MIDLANDS Minister of State Jason Machaya says his province has become an attractive investment destination as evidenced by renewed interest in setting up economic projects there.

He noted that big companies in the province such as Bata Shoe Company, Sino Zimbabwe Cement Company, Midlands Metals, Dendairy and Steelmakers, have ramped up capacity utilisation to an average of 75 percent.

However, capacity utilisation in the entire industry in the province and the country at large generally remains low averaging 30 percent.

Machaya told Business Chronicle the province has witnessed a number of new investors in the past year such as Advance Africa, which is setting up a plastic bottle manufacturing plant in Kwekwe and Life Touch, which is setting up a cement manufacturing plant in Redcliff.

“We’ve noted a number of new investment projects in the province, which include Lesaffre Group, which took over Anchor Yeast, Africa Chrome Fields that has invested in ferrochrome production, Portnex International, which is leasing three furnaces from Zimasco, Advance Africa that is setting up a plastic bottle manufacturing plant in Kwekwe and an industrial park as well as Life Touch, which wants to venture into cement manufacturing,” said Machaya.

He, however, lamented inherent constraints that he said were hampering the ease of doing business in the economy.

The minister cited high power tariffs, liquidity challenges and the uncertainty in the local business environment as some of the factors impeding the growth of the local economy.

Meanwhile, the Confederation of Zimbabwe Industries (CZI) Midlands chamber president, Mathias Ruziwa said the industrial lobby group will submit a report on the state of industry in Midlands with recommendations to the office of Vice President Emmerson Mnangagwa.

The report is expected to be submitted at the end of this month.