35% jump on investors: ZIDA

Oscar J Jeke

Zim Now Reporter

The Zimbabwe Investment and Development Agency has confirmed a 35% growth in investor interest in 2023 compared to the previous year. This recovery has resulted in 615 new investors during the same period.

However, stakeholders have urged the agency to improve its application and registration services to accommodate the diverse needs of investors.

These developments were discussed at ZIDA’s Annual Stakeholders’ Strategy Input in Harare on Tuesday.

Deputy Chief Secretary in the Office of the President, William Manungo revealed that the total number of new investors represents a 130% increase, with the second quarter alone registering an 8% growth in the issuance of licenses.

Mining and manufacturing sectors lead in investment, with China as a key partner. In infrastructure development, Zimbabwe secured over US$1 billion in investment for two major projects: the Harare-Nyamapanda highway and the Thule-Moses Dam, both under the Public-Private Partnership framework.

“We witnessed a strong recovery in investor interest in Zimbabwe in 2023, with businesses from 46 countries entering the market to invest. China remains a key partner, particularly in the mining sector, followed by investments in manufacturing,” said Manungo.

However, various stakeholders expressed concerns over bureaucracy within government agencies and ministries, which hinders the efficient issuance of licenses. They urged ZIDA to streamline service procedures and assist investors with necessary documents during the post-registration and licensing phases.

Both foreign and local investor representatives called for ZIDA to become a one-stop shop for all necessary procedures to prevent investors from having to navigate multiple ministries and agencies. They also stressed the need for ZIDA to treat all investors equally, regardless of the size or timing of their investments, and to provide post-registration support.

Media professionals and intellectuals echoed these sentiments, suggesting that ZIDA engage with a broader spectrum of media, including digital platforms, to enhance its reach and effectiveness.