News / National
Mining is Zimbabwe's major economic driver
02 Sep 2012 at 03:54hrs | Views
The Zimbabwe Investment Authority (ZIA) says it has approved 101 investment projects worth $343 million during the first eight months of the year slower than last year, same period which approved projects worth $1.6 billion.
Of the approved projects this year, the mining sector accounted for 40 projects worth $189 million.
ZIA Public Relations Executive, Nixon Kanyemba said mining has become the major economic driver adding that the manufacturing sector is beginning to attract interest from investors with 33 projects valued at $27 million having been approved.
"Mining remains the major sector which is attracting investment though other sectors such as manufacturing have slowed down compared to last year," he said.
The implementation of some of the projects has been questioned as most of the approved projects are failing to take off.
Mr Kanyemba said it takes long for the projects to be implemented since there is need for extensive consultations among stakeholders.
He said: "Implementation of the projects has remained a challenge though I can confirm that some of the projects approved in previous years are at different stages of implementation. We give investors a period of two years after approval to ensure that they have mobilise resources."
Government transformed ZIA into a one-stop shop investment centre to reduce the period of investment transactions to 5 days from the previous 6 months as well as ensuring that all investment approvals are done under one roof.
Of the approved projects this year, the mining sector accounted for 40 projects worth $189 million.
ZIA Public Relations Executive, Nixon Kanyemba said mining has become the major economic driver adding that the manufacturing sector is beginning to attract interest from investors with 33 projects valued at $27 million having been approved.
"Mining remains the major sector which is attracting investment though other sectors such as manufacturing have slowed down compared to last year," he said.
Mr Kanyemba said it takes long for the projects to be implemented since there is need for extensive consultations among stakeholders.
He said: "Implementation of the projects has remained a challenge though I can confirm that some of the projects approved in previous years are at different stages of implementation. We give investors a period of two years after approval to ensure that they have mobilise resources."
Government transformed ZIA into a one-stop shop investment centre to reduce the period of investment transactions to 5 days from the previous 6 months as well as ensuring that all investment approvals are done under one roof.
Source - Zbc
