Cifoz lauds conducive investment climate

THE Construction Industry Federation of Zimbabwe (Cifoz) has said the formation of joint ventures in the sector is a swift and cheap route to development noting that the evolution of Public Private Partnerships in the construction sector and its adaptation is impeccable.

The organisation described the investment route as being “straightforward” and with the aid of a competent legal representative, the processes are even smoother and faster.”

To that end, the country is experiencing a major construction drive that is now evident in the housing boom in residential and non-residential infrastructure.

The Government has been the biggest player driving the boom in construction through its massive public infrastructure projects being implemented countrywide, complemented by several private sector players and individual construction projects, which has driven business activity across the industry and its value chains.

The Government is investing heavily in the construction of highways, dams, irrigation facilities, schools, colleges, clinics and hospitals.
In its quarterly update for the period ending December 31, 2023, Cifoz noted that, driven by the urgent need to encourage investment, the Government has enacted certain laws that govern investors and investments.

It has also signed several international treaties that ensure and guarantee protection to investors and their investments.
Cifoz said, “Foreign investors now enjoy freedom to invest in any and all sectors of the economy in the same form and conditions applicable to Zimbabwean investors.

“The investment route in Zimbabwe is straightforward and with the aid of a competent legal representative, the processes are even smoother and faster.”

The organisation added that Zimbabwe is open for investment and efforts are being made to align all the laws and processes to ease doing of business in the country.

“The Government of Zimbabwe is encouraging local companies to enter into joint ventures with foreign companies because the formation of joint ventures is a swift and cheap route to development.

“The evolution of Public Private Partnerships in the construction sector and its adaptation is impeccable. Partnerships between international firms and local firms as noted by the relationship formed between the Infrastructure and Development Bank of Zimbabwe (I&DBZ) and Wah Kong Enterprises Limited (WKEL).

“The two have signed a Memorandum of Understanding which will enable the Chinese firm to partner with I&DBZ in the implementation of accommodation projects that will benefit university students and staff.”

The bank has been visible in implementing various projects in the region.

For instance, last year, the I&DBZ reached practical completion of the Bulawayo Student Accommodation Complex (BSAC) which will house more than 1 000 tertiary institution students in Bulawayo.

The multi-purpose three-block flats complex dubbed “Bulawayo Students City” has 516 rooms, 264 for males and 252 for females with a capacity to accommodate 1 032 students.

The project is expected to alleviate the accommodation shortage for tertiary institution students in Bulawayo and students are expected to move in before the end of the year.

The facility is self-contained and has fast food outlets, shops, salons and sporting facilities.

It is also working on a similar project, the Lupane Students Accommodation Complex (Lusac) which has a funding requirement estimated at US$19,8 million.-chronicle