Chinese investors flock to Zim
THE Zimbabwe Investment and Development Agency (Zida) has issued 932 licences to various investors across the globe since its inception in 2020, with the majority of them coming from China, NewsDay Business can report.
Chinese investors have expressed keen interest in Zimbabwe’s mining and manufacturing sectors.
“The agency has issued a total of 932 new licences since its inception in 2020 and 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,” Zida said in its third quarter report.
“Since April 2023, the agency has been operating an online system in processing licence applications and handling investment enquiries. This has contributed to an increase in the number of licensed investors … where more projects were licensed in 2023 compared to 2022 on a quarterly basis and year to date.”
The organisation said the surge in investor confidence was 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.
During the third quarter of this year, Zida issued 180 new licences to various investors across the globe. These are expected to invest US$3,4 billion. Year-to-date, Zida has issued 469 licences with a combined projected value of US$5,24 billion.
During the third quarter, 82% of projected investment value for all new licence approvals was issued in the energy sector, with a projected value of US$2,8 billion. It was followed by the mining sector with 86 new licences valued at US$411,97 million being issued.
The report further notes that the largest investment was by New Eagle Industrial Park which intends to invest US$2,3 billion towards the development of an energy industrial park in Mapinga.
This was followed by Simone (Pvt) Ltd with US$496,8 million towards the development and operation of 500 megawatts solar plants in Mazowe, Manhize and Mutoko.
“All duly licensed investors enjoy unfettered access to Zida’s full range of services from establishment to aftercare. Licensed investors are also expected to implement their projects as licensed and follow-ups are done to ensure compliance as licensed through monitoring and evaluation of the projects by the agency,” Zida said.
The agency also approved an application for the establishment of a power and metallurgical special economic zone in Mtetengwe communal lands, Beitbridge, on a piece of land measuring 5 163 hectares by Xinatai Resources.
“There are two applications namely Goromonzi Industrial Company Pvt Ltd and Green Fuel (Pvt) Ltd which secured approval for designation in Q2 (second quarter) and Q1 (first quarter) respectively, are currently awaiting formal designation.
“The two applications are under consideration pending submission of complete information for consideration by the agency. The pending applications seek to establish SEZs anchored on citrus production and steel manufacturing respectively,” the agency added.-newsday
