The Zimbabwe Investment and Development Agency (ZIDA) has successfully issued 932 licenses to a variety of global investors since its launch in 2020. NewsDay Business has learned that the largest interest has come from Chinese stakeholders, who are particularly focused on Zimbabwe’s burgeoning mining and manufacturing industries.
ZIDA has made strides in investment facilitation, launching an online system for processing license applications and handling investment queries in April 2023. This advancement has led to an uptick in the number of investors receiving licenses, with 2023 figures surpassing those of the previous year.
The agency heralds this increase as a clear indication of growing investor confidence and a testament to the robust nature of Zimbabwe’s investment environment. ZIDA’s efforts to promote the nation’s rich investment potential and the government’s drive to refine the business landscape continually bear fruit.
In the third quarter of this year, ZIDA awarded 180 new licenses to investors poised to inject US$3.4 billion into the economy. The year-to-date figures are impressive, with 469 licenses expected to funnel US$5.24 billion into various sectors.
According to a report by Newsday Zimbabwe, the energy sector claims the lion’s share of anticipated investments, commanding 82% of the total projected value of US$2.8 billion. The mining sector is also a major draw, with 86 licenses amounting to US$411.97 million.
Two substantial investments include the New Eagle Industrial Park’s US$2.3 billion energy industrial park in Mapinga and Simone Pvt Ltd’s US$496.8 million venture to develop solar power plants across multiple locations.
ZIDA emphasizes the importance of compliance, ensuring that licensed investors engage with the full spectrum of agency services, from establishment to follow-up support. It conducts regular monitoring and evaluations to verify that projects progress as agreed.
Further developments from ZIDA include the approval of a special economic zone for power and metallurgical operations by Xinatai Resources in Beitbridge, encompassing an area of 5,163 hectares.
Pending applications for special economic zones by Goromonzi Industrial Company Pvt Ltd and Green Fuel Pvt Ltd are under review. These projects, focused on citrus and steel production, await ZIDA’s formal designation once all necessary documentation is provided.
