Southern Zimbabwe Attracts Over US$1 Billion in Investments
The southern region of Zimbabwe is celebrating a remarkable achievement in attracting investments, with an impressive US$1,186 billion recorded through the One-Stop-Investment Services Centre at the Zimbabwe Investment and Development Agency (ZIDA).
Finance, Economic Development, and Investment Promotion Minister, Professor Mthuli Ncube, made this announcement during the commissioning of the ZIDA southern regional office, a move designed to enhance the ease of doing business by increasing the visibility and accessibility of the agency to both domestic and foreign businesses.
The newly established ZIDA southern regional office is expected to play a pivotal role in attracting and supporting investment into the Bulawayo Metropolitan Province, Matabeleland North and South Province, Masvingo, and the Midlands Province.
It will continue to provide a one-stop-shop for investors, offering a range of services, including business registration, licensing, and investment advice.
Minister Ncube expressed his satisfaction with the significant investments that have poured into the Southern region, totaling US$1,186 billion.
Mining and energy projects have taken the lead in terms of the number of licensed projects. Notably, the region is now home to one of the continent’s largest iron and steel plants, driven by the Dinson Iron and Steel Company, with an investment of US$750 million in the development of this plant.
Additionally, the same investor, Dinson Colliery, invested nearly US$75 million in its Hwange coking coal plant. The region also boasts the Gwanda Lithium project, estimated at a value of US$30 million.
According to Professor Ncube, these investments are a testament to the confidence investors have in the National Development Strategy 1 (NDS1) and its ambition for the nation’s economic progress.
Over the last four years, the government has undertaken several reforms and initiatives to promote and facilitate investment, particularly in this region.
Minister Ncube highlighted improvements made to ensure the region’s accessibility and visibility, including the refurbishment and upgrade of the Beitbridge Border post.
Furthermore, the establishment of the Victoria Falls Stock Exchange has significantly increased the ability of investors and local businesses to raise capital in hard currency using various securities, such as debt, equity, and Real Estate Investment Trusts (REITs). These developments have positioned the locations as flagship gateways for the country.
The Second Republic has ushered in new opportunities, with the re-engagement and engagement strategy yielding positive results, attracting new investors from both domestic and foreign markets, eager to invest in various economic sectors.
The southern region of Zimbabwe offers a wealth of business prospects in industries like manufacturing, agriculture, tourism, and mining.
In her welcoming remarks, Bulawayo Minister of State for Provincial Affairs and Devolution, Judith Ncube, expressed confidence that the ZIDA southern region office will continue to play a pivotal role in attracting investments and creating job opportunities in Bulawayo.
She urged potential investors to visit the ZIDA southern region office to explore the investment opportunities in the city and the province.
The establishment of the ZIDA southern region office sends a clear signal to potential investors that Bulawayo is open for business, with the aim of ensuring sustainable and equitable development of the economy and creating a better future for all Zimbabweans.
For media inquiries, please contact the Ministry of Finance, Economic Development and Investment Promotion or the Zimbabwe Investment and Development Agency (ZIDA).
This story has been adopted from The Herald-Zimbabwe.
