Zimbabwe records US$3.4bln in projected third quarter investment

Zimbabwe records US$3.4bln in projected third quarter investment

By Agencies

HARARE: Zimbabwe licensed a total of 180 new investments worth 3.4 billion U.S. dollars in the third quarter, the Zimbabwe Investment and Development Agency (ZIDA) said Tuesday.

He said out of the projected investment value of 3.4 billion dollars, 207.5 million was the actual investment value, ZIDA chief executive Tafadzwa Chinamo said during a press conference.

Chinamo said 82 percent of the projected investment value for all new license approvals in the third quarter were issued in the energy sector, with the largest projected investment made for the development of an energy industrial park in Mapinga located in Mashonaland West Province.

This was followed by Sunone (Pvt) Limited receiving 496.8 million dollars for the development and operation of 500-megawatt solar power plants in Mazowe, Manhize and Mutoko, Chinamo said.

“You will see that the interest from foreigners to invest in Zimbabwe is still quite strong, they do demonstrate that in the third quarter,” said Chinhamo.

Investor confidence

“The were worries obviously that with the elections there might be a slowdown in investments but as you see from the numbers of the quarter and August we didn’t see much of a slowdown.

“Mining for us has been the key sector were investors have gone into.”

Chinamo said investor confidence has continued to increase, crediting ZIDA’s efforts  in promoting Zimbabwe as a safe investment destination.

“This surge in investor confidence is testament to the robustness of the country’s investment ecosystem and the efforts we have channelled towards informing the world of the bountiful investment opportunities and collective Government thrust to continually improve and simplify the business environment,” he said.

“It is also good to see that our own investors here in Zimbabwe have heeded the call to invest and they are identifying opportunities.”


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