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Lovemore Chikova Development Dialogue

Victoria Falls is famous for being the largest waterfall in the world, with a combined width of 1 708 metres and a height of 108 metres, which has resulted in the world’s largest sheet of falling water.

This has been the main attraction for tourists, as it produces a magnificent view to the extent that David Livingstone ended up describing it as “. . . scenes so lovely must have been gazed upon by angels in their flight”.

There are also other equally important activities that can pre-occupy a tourist in Victoria Falls, including game viewing, crocodile encounters at the crocodile farm, fishing on the Zambezi River, guided horse riding, casinos, spas and massage and boat cruise.

Now, the New Dispensation under President Mnangagwa has set out to ensure that apart from tourists, Victoria Falls leverages on its popularity to become the gateway for capital.

Victoria Falls will soon be known not only as a tourist resort, but also as a business magnate, following various strategies to transform the area.

Apart from attracting tourists, plans have been put in place to ensure Victoria Falls also attracts investors, indicating a new approach to development, which is expected to uplift the country.

Victoria Falls Stock Exchange

The Victoria Falls Stock Exchange is operated by the Zimbabwe Stock Exchange Limited, and is ready for take-off after the Exchange Control (Special Provisions for Securities Listed on Victoria Falls Stock Exchange) Regulations were published under Statutory Instrument 196 of 2020 recently.

What differentiates this stock exchange is that securities listed on it will be traded solely in US dollars or any other convertible currency.

The importance of denominating the stock exchange in US dollars is that it allays fears of investments being eroded.

This means the Victoria Falls Stock Exchange will be able to attract investors from different parts of the world, who will be able raise capital from the bourse for investing in other projects.

Apart from foreign investors, local investors with free funds, as defined in Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) Regulations, 2019, published in Statutory Instrument 212 of 2019, will be able to invest on the stock exchange.

Resident Zimbabwean companies listed on the Zimbabwe Stock Exchange will be permitted to list up to 20 percent of their capital on the Victoria Falls Stock Exchange.

Non-resident and non-Zimbabwe Stock Exchange listed entities will be permitted to list 100 percent of their capital on the new stock exchange.

The Victoria Falls Foreign Exchange is a game-changer that will turn the resort town into an offshore financial centre, which has lucrative returns for both local and foreign investors.

The net effect is that it will enable the country to have a huge inflow of the much-needed foreign currency, which has been in short supply for a number of years.

The foreign investment will result in the funding of projects in sectors such as agriculture, tourism and mining, leading to the resuscitation of the economy.

Mosi-oa-Tunya

Development Company

To spearhead development in Victoria Falls, the Government has set up Mosi-oa-Tunya Development Company as a special purpose vehicle, especially for tourism infrastructure development.

The National Tourism Recovery and Growth Strategy (2020-025), launched recently by President Mnangagwa, indicates that the company is housed under the Ministry of Environment, Climate, Tourism and Hospitality Industry.

It is a public investment vehicle for the Government in the development of tourism and other business in Victoria Falls.

The company will spearhead tourism infrastructure development in Masuwe Estate in Victoria Falls, in partnership with relevant Government ministries and agencies and private sector partnership.

Its work will result in the modernisation of Victoria Falls to ensure business and tourism complement each other for the modernisation of the tourism resort.Through this company, investors, especially those in the tourism sector, will be attracted to set base in the greater Victoria Falls area.

Special Economic Zone

The designation of a swathe of land around Victoria Falls, stretching up to Binga, as a special economic zone will provide the impetus for investment and further development of the area.

Already, Cabinet has approved the Conceptual Development Framework for the Victoria Falls-Binga Special Economic Zone and the related nodes.

The following nodes, most of them being tourist resorts, were identified within the Special Economic Zone namely: Victoria Falls Municipality Area; Jafuta (Masuwe) Stateland; Batoka Town; Mlibizi Resort; Binga Centre; Sijarira Resort; Binga hinterland; Gwayi-Shangani Dam Resort; Hwange Town; and the Hwange Aerodrome Centre.

Investors will have a wide choice for investing in the special economic zone, relating to natural environment, ecotourism, mining and irrigation.

It is expected that the special economic zone will host integrated resorts, research, innovation and educational parks, medical and recreational parks, power generation and aquaculture.

The newly-established Zimbabwe Investment and Development Agency will play a key role in the attraction of investors to the special economic zone.

This is because the agency is mandated to oversee all special economic zones in the country following the repealing of the Special Economic Zones Act by the new entity.

Other projects envisaged include development of three beaches in Binga, with the longest being seven kilometres, a world class golf course, recreational theme parks, upmarket houses, state-of-the-art civic centres and redevelopment of the residential area in Victoria Falls.

A new airport will be built in Binga, while Hwange town will be expanded.

The special economic zone will be complimented by the is easy access to major markets from Victoria Falls by road, rail and air.

Tourism integrated park

Mosi-Oa-Tunya Development Company is mandated to establish an integrated park in Masuwe Estate, which is set to change the way of doing business in Victoria Falls.

The park will result in the development of infrastructure, including hotels, shopping malls, a medical facility, a convention centre and an upmarket golf course.

Casinos, a theme park, presidential villas, town houses, offices and banking halls will also be part of the business integrated park.

Integrated business parks are a modern part of development, as they encompass a one-stop-shop for businesses because they are carefully planned to cater for the necessary needs.

It is expected that the integrated business park will include access roads, parking facilities and landscaped gardens. New hotels will expand Victoria Falls’ room capacity, which stands at 1 781.

Victoria Falls International Airport

The recent expansion of the Victoria Falls International Airport by China Jiangsu International Economic and Technical Cooperation Group Ltd (CJI) has been credited for increased tourist arrivals.

The expansion improved the equipment and facilities, as well as the capability of safeguarding civil aviation security, with a number of airlines now flying directly to the resort town.

Wide body airplanes such as Boeing 747 and 767 and Airbus 340 and 380 can now take off or land on the newly-built airfield runway.

National Tourism Recovery

and Growth Plan

All these efforts are part of the National Tourism Recovery and Growth Strategy launched by President Mnangagwa in Victoria Falls recently.

The strategy recognises that the tourism and hospitality industry is one of the key foreign currency earners in the country and employs thousands of people along the value chain.

It seeks to provide increased funding to affected tourism businesses, including small to medium players within the tourism value chain through a Tourism Revolving Fund.

The strategy puts tourism as one of the important sectors in attaining Vision 2030 of achieving an upper middle income status, alongside agriculture, mining and manufacturing.

Through implementation of new strategies, the country will be able to boast of a US$5 billion tourism economy by year 2025.

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