Beitbridge engages ZIDA to enhance investment drive

Beitbridge Municipality is seeking support from the Zimbabwe Investment Development Authority (ZIDA) to create a special purpose vehicle to promote investment in the border town.

Town Clerk, Mr Loud Ramakgapola said plans were underway to roll out major projects to transform the town’s economic growth under the Special Economic Zones model.

So far, he said they had one investor interested in the pharmaceutical sector while others were still making inquiries.
The town has investment opportunities in infrastructure development, beef and related products, manufacturing, livestock production, retail, warehousing, packaging, accommodation, transport, and logistics among others.

“We are still engaging with investors but the movement is slow and our intention is to engage with ZIDA to get the ball rolling,” said Mr Ramakgapola.

“You will note that there has been a bit of some quietness and we haven’t met with ZIDA since its formation. So, we need to meet and get things moving.

“The other issues that have slowed progress is the feasibility study, which is outstanding and the special purpose vehicle between us and them (ZIDA), which should be finalised.”

The Municipality has since availed 248 hectares of land to house SEZ projects, which include heavy and light industries.
In addition, the local authority recently resolved to among other things expeditiously process business proposals from investors to reduce the red tape that frustrates economic growth.

Mr Ramakgapola said they were looking forward to having a lot of companies setting shop in the town upon completion of all the necessary processes relating to operationalising the SEZ facility.

The council has been engaging corporates and other business entities who were allocated prime land in the Central Business District (CBD) and were yet to start developing them.

At least 40 beneficiaries have been holding on to the business stands for between five and 10 years in the CBD area.
The town was gazetted as a Special Economic Zone by Government in 2019 and is being primed to become an investment destination of choice in the country and Sadc region. — The Chronicle