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Tinashe Makichi Business Reporter
Zimbabwe Investment Authority has primed its land earmarked for construction of an industrial park situated 5 kilometres from the border of Zimbabwe and South African in Beitbridge as a special economic zone. ZIA chief executive Richard Mbaiwa yesterday said they are awaiting finalisation of the SEZ draft for them to start inviting investors for the project which has been put on hold due to funding constraints.
The Beitbridge Industrial Park project was started in 1998 by the then EPZ Authority, which later merged with Zimbabwe Investment Authority to form ZIA.
“The development of the park was part of a broader exports development strategy borne out of the need to spearhead value added exports and creation of employment.
“With the coming of the special economic zones programmes we decided to label the place as a prime place for such programmes. After the framework has been put in place we then want to invite investors one for the development of the park because currently it is not fully developed,” said Mr Mbaiwa.
He said there are investors who have expressed interest in the project but ZIA thought it best to regard it as a special economic zone that will offer incentives for the developer and the people who will also be coming to set up projects at the site.
The SEZ initiative is part of the Agenda for Sustainable Socio-Economic Transformation blue print introduced by Government to revive the economy.
The development of the park is to be done in four phases covering a total of 42 hectares.
The first phase covering 10 hectares has been partly developed and some of the structures are being leased out to tenants.
ZIA wishes to resuscitate development of the remainder of the project.
Mr Mbaiwa said due to financial constraints, they envisage that when the SEZ implementation reaches conclusion, the winning bidder will provide a funding solution that will enable the project to move forward as a joint venture based on public private partnership basis.
Mr Mbaiwa sometime this year told The Herald Business that the bidder will mobilise funding to execute the project and procure the necessary tenancy to get the facility running.
He said ZIA will however maintain ownership and earn some income from the project.
“Plans have been developed and approved for current structures. The Zimbabwe Investment Authority is however willing to consider an alternative usage of the property,” Mr Mbaiwa said.
The Zimbabwe Investment Authority (ZIA) is a statutory body mandated to promote and facilitate both foreign direct and domestic investment.
It was established by the ZIA Act Chapter 14:30 of 2006 pursuant to its objectives of promoting and facilitating investment, the Authority developed an industrial Park in Beitbridge in 1998.
The development of the industrial park was part of a broader exports development strategy borne out of the need to spearhead exports mainly from the manufacturing sector, under the exports processing zones.
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