ZIDA secures close to US$10 billion investment in 2023
The Zimbabwe Investment Development Agency (ZIDA) secured nearly US$10 billion in projected investment value last year to surpass its target of attracting projected Foreign Direct Investment (FDI) of US$1.5 billion by close to 650 percent.
In its 2023 annual report made available recently, ZIDA said it had issued 615 new licences with projected investment value of US$9.669 billion and renewed 415 licences worth a projected US$1.2 billion.
The highest number of new licences were issued in mining with 277, and manufacturing with 138, while the energy sector recorded the highest projected investment value at US$3 524.69 billion.
At 369, China had the highest number of investors followed by India with 56 while local investors came to 34, South Africa had 18 investors and the United Kingdom 15.
The investors from China brought in US$3 929.67 billion worth of investments, South Africa US$1 721.51 billion, local investors contributed 393.10 million, India US$52.28 million and the United Kingdom US$26.74 million.
ZIDA chief executive officer Tafadzwa Chinhamo attributed the achievement to innovation, diligence, teamwork and government support with the improved facilitation of investor services through the One Stop Investment Service Centre (OSISC) and streamlining of its operational processes being the toast.
“Key to the success of facilitation was and remains the agency’s due diligence process, which assists in thorough investigation and assessment of investors’ backgrounds and conduct, before allowing them to make an investment in the country,” Chinhamo said.
There was also continued improvement in the ease of doing business for investors through the introduction of the agency’s customer relationship management (CRM) system, which improved licensing turn-around time at ZIDA from twenty one to seven days.
The adoption of digital processes and the development of e-applications resulted in improved service delivery and agency visibility.
“We witnessed strong organizational performance with record-breaking achievements in the facilitation, advocacy, promotional, developmental and operational support aspects of the agency. This success underscores the importance of dedication and innovation in a constantly changing environment,” said Chinhamo.
“The agency’s achievements for 2023 would not have been possible without the dedication and hard work of the talented team, advisory board, the Office of the President and Cabinet (OPC), stakeholders and partners within and outside government.”
ZIDA chairperson, Busisa Moyo echoed the same sentiments, saying the achievements were through the collective effort and unwavering support from the government.
“We acknowledge that economic recovery is intricately linked to private sector development, mainly through infrastructure rehabilitation, industrial retooling, and creating a more conducive business environment,” he said. – New Ziana
