Masvingo the premier investiment destination: ZIDA

Audrey Galawu

Masvingo topped the foreign projected investment for the last quarter of 2023, according to the Zimbabwe Investment and Development Agency.

Masvingo led the board with US$1.735 million worth of Projected Investment Value and 8 new licenses issued, followed by Manicaland with US$1,440 million and three new licences, Harare has US$1 054 million of projected investment value and 79 new licenses, Bulawayo with US$53 million PIV and six new licences issued and the Midlands closing the top five with a PIV of US$49 and 19 new licences issued.

“Predominantly, the investment landscape in this province is characterised by a focus on the manufacturing and services sectors, indicating a deliberate effort to capitalise on the economic potential and business opportunities inherent in these industries.

“This targeted deployment of investments aligns with a nuanced understanding of the economic landscape, where Harare Province emerges as a pivotal center for fostering growth and development,” ZIDA said in a recently released report.

South Africa topped foreign projected investment value worth at US$1.712 billion, followed by Botswana with US$1.411 billion, United Arab Emirates with US$703 million, Netherlands with US$234 million and China with US$165 million.

In Q4, 2023, ZIDA recorded US$4,4 billion in total projected Investment Value Licensed and US$151 million for Actual Investment Value for renewals.

In the period in question, the construction industry was leading in Projected Investment Value with US$1.724 million an increase from US$51 million in the third quarter.

Mining had the second highest PIV of US$1.646, followed by US$1.646 compared to US$412 projected in the previous quarter.

The Service sector PIV increased to US$986 million from US$61 million which the Agency indicates as a recognition of the evolving dynamics of the contemporary economy, where service-oriented industries play a crucial role in driving innovation, enhancing efficiency, and meeting the diverse needs of a burgeoning consumer base.

The agency which has issued 1083 since its inception in 2020 has been operating an online system for processing licence applications and handling investment inquiries since April 2023 and says this has contributed to an increase in the number of licensed investors as more projects were licensed in 2023 compared to 2022 every quarter and year to date.

The Agency has issued a total of 1 083 new licences since its inception in 2020.continues to put in place measures to improve investment attraction and facilitation in the form of investment promotion programmes and improving its processes and procedures.