Tourism attracts US$363 million investment

ZIMBABWE’S tourism sector attracted investments exceeding US$363 million between 2023 and 2024, underlining growing investor confidence and the industry’s continued recovery and expansion.

The investment inflows, which increased by 11 percent in 2024 alone, reflect rising interest in Zimbabwe’s tourism market, particularly in Victoria Falls and Hwange, as investors respond to supportive Government policies, infrastructure development and expanding tourism opportunities.

Zimbabwe Tourism Authority (ZTA) chief executive officer Dr George Manyaya revealed the figures during the organisation’s recent annual report presentation, saying the sector continues to benefit from targeted interventions and an improving investment environment.

Among the key drivers of growth, Dr Manyaya highlighted the establishment of the Victoria Falls Stock Exchange (VFEX), which has created a stable foreign currency trading platform that is attracting both domestic and international investors.

“The Victoria Falls economy has shown stability to any international investors. It’s a soft calling destination that is actually attracting the appetite of all internationals to come through here and development is actually heading this direction,” he said.

Dr Manyaya said Victoria Falls’ strategic geographical position continues to enhance its attractiveness as an investment destination. Located near the borders of Zambia, Botswana and Namibia, the resort city provides convenient access to regional markets and international tourists.

He also cited Government policies that permit foreign currency trading, significant investments in airport infrastructure and improved airline connectivity as important factors driving investment growth in the sector.

“The destination is not dependent on any other city or town in the country. We expect that the trajectory of development will actually even go beyond the initial five billion that had been set,” he said.

Tourism executive Dr Clement Mukwasi of Victoria Falls echoed the positive outlook, saying the resort city is experiencing substantial investment in both accommodation facilities and tourism-related activities.

“Victoria Falls has seen a surge in investments both in accommodation and in activities. What we are seeing is that there are quite a lot of factors that are driving investment both in Victoria Falls and in Hwange,” he said.

Dr Mukwasi said Government interventions, including the establishment of the VFEX, had contributed to a stable economic environment, while the growing global emphasis on sustainable development and eco-tourism had further strengthened investor interest in the destination.

“The world is looking at sustainable development, green tourism and all kinds of sustainability, and Victoria Falls and Hwange are actually giving those,” he said.

He added that interest in the tourism sector is no longer confined to traditional tourism investors, with participants from industries such as mining and agriculture increasingly identifying Victoria Falls and Hwange as attractive locations for investment and leisure-related developments.

ZTA chairman Mr Farai Chimba said the sector’s performance demonstrates resilience and sustained demand, as evidenced by continued growth in both tourist arrivals and tourism revenues.

“Tourist arrivals increased from approximately 1,6 million in 2023 to 1,61 million in 2024, while tourism receipts grew from US$1,16 billion to US$1,18 billion over the same period. These achievements reflect sustained confidence in Destination Zimbabwe and underscore the sector’s significant contribution to economic growth, employment creation, foreign currency generation and community development.”

Mr Chimba also highlighted the growing contribution of domestic tourism to the sector’s expansion. He said initiatives such as the First Lady’s Gastronomy Cook-out Competitions had helped stimulate local travel, while the hosting of the UNWTO Regional Forum on Gastronomy Tourism in Victoria Falls enhanced Zimbabwe’s profile on the global tourism stage.

With investment inflows continuing to rise and visitor numbers maintaining steady growth, stakeholders remain optimistic that the tourism sector will play an even greater role in driving economic development, creating employment opportunities and generating foreign currency earnings in the years ahead.