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Wallace Ruzvidzo, Herald Reporter

Zimbabwe attracted investments worth US$1,8 billion during the second quarter of the year, with US$745 million in manufacturing, US$282,7 million in mining and 154 licences issued to investors.

This comes as the Second Republic’s policies continue to inspire confidence in local and international investors.

While the manufacturing sector had the highest projected investment value, the mining sector had the largest number of licensed projects. In the last few years, Zimbabwe witnessed unprecedented growth in its manufacturing and mining sectors owing to policy interventions by President Mnangagwa and his Government.

In his report for the second quarter, Zimbabwe Investment and Development Agency (ZIDA) chief executive officer, Mr Tafadzwa Chinamo, said the latest figures were evidence that the country continued to grow its footprint as an investment destination of repute.

“The second quarter was marked by significant milestones and strategic advancements. As the global economic landscape continues to evolve, ZIDA remains steadfast in its mission to facilitate, attract, protect and establish investments, and drive sustainable development across Zimbabwe.

“The performance of investments licensed in this quarter, as well as the introduction of new investment opportunities, reflects our work to driving economic growth and fostering a conducive environment for both domestic and foreign investments,” he said.

The second quarter of the year, said Mr Chinamo, saw substantial advancements in public-private partnerships (PPPs), themselves drivers of Zimbabwe’s economic development.

He said the Cabinet-approved policy framework on PPPs would play a crucial role in guiding the private sector. “We believe PPPs are a key driver for economic growth and development, and this framework will provide a clear road map for implementing these projects effectively, in accordance with the applicable procedures as set out in our laws.

“Notably, feasibility studies for significant infrastructure projects such as the Thuli-Moswa Dam and the Harare-Nyamapanda Road have been approved, with a combined estimated project cost of over US$1 billion,” he said.

Mashonaland West had the highest projected investment value of US$728,6 million, with Midlands coming in at second with US$598,6 million. Matabeleland South had US$212,8 million, Mashonaland East US$147,7 million, Matabeleland North US$13,7 million, Harare Metropolitan US$69,5 million, Mashonaland Central US$14,5 million, Masvingo Province US$13,5 million, Manicaland US$9,4 million and Bulawayo Metropolitan US$0,95 million.

Mr Chinamo said there was an 8 percent growth in the number of licenses issued in the second quarter compared to the first quarter, “…as investors have embraced the use of the online do-it-yourself licensing portal. A decline in timely licence renewals was noted in the same period,” he said. So far 29 percent of the projects licensed in 2022 were operational while noting that more could be done to ensure increased performance.

“This performance leaves much to be desired and with effect from 1 July 2024, the recently developed monitoring and evaluation framework through our customer relationship management system shall be in use to close this gap and ascertain that the turnaround time falls into a more desirable range as per international best practices,” said Mr Chinamo.

ZIDA was also rolling out an assortment of measures to simplify investment processes and provide a structured approach to addressing investor concerns.

“Our legislative and regulatory advancements, including the introduction of the ZIDA investor grievance response mechanism and the development of an investor handbook, are pivotal in enhancing the investment climate.

“The previous quarter saw an enhancement in a number of capacity building for the gems alongside other ministries, departments and agencies on enhancement of PPP structuring and management, and investment promotion training for the 10 provinces’ executives.

“During the quarter, the agency with the assistance of the International Finance Corporation rolled out the investment sentiment analysis, a research to identify key factors that shape investor sentiment positively or negatively, in a bid to guide the agency’s strategy on ease of doing business, attracting new investors and retention of existing investors,” he said.

ZIDA, Mr Chinamo said, remained committed to delivering impactful investments and advancing Zimbabwe’s position as a dynamic hub for investment and growth in the region.