News / Regional
$13,4m projects for Victoria Falls
04 Oct 2013 at 04:13hrs | Views
TOURISM players in the resort town of Victoria Falls have submitted proposals for projects worth $13,4 million to the Zimbabwe Investment Authority (ZIA) and are seeking joint partnerships in the implementation of the ventures.
According to statistics from ZIA, Victoria Falls is seeking joint partnerships in seven projects including the construction of lodges and a hunting safari at a cost of $7,8 million.
Paradise Safari Lodge, located in Victoria Falls, is looking for a joint partnership on a project worth $2,21 million to increase its capacity and building of offices, shops, catering facility and a conference centre expected to cost $869 000.
Another operator at Zambezi Valley is looking for a joint partnership on a project worth $1,19 million to construct lodges.
A tour operator - the Southern Africa Towing and Car Hire Services (Pvt) Ltd - based at the resort town is also scouting for a partner on a $1 million project to increase its access to the Sadc and European Union markets.
The company is seeking to expand its operations to offer a more complete product with modernised equipment.
The tourism industry, despite being one of the fastest growing sectors of the economy in Zimbabwe, continues to struggle to attract investment largely due to policy misalignment.
The country's indigenisation law, which forces foreign-owned companies to cede 51% of their shareholding to locals, has largely been blamed for scaring investors away.
According to the Zimbabwe Tourism Authority (ZTA), the country's tourism sector will require over $1 billion to fully recapitalise in the long term.
ZTA recently submitted to the government a proposal requesting $200 million to finance revamping of operations in the sector and revival of the tourism revolving fund.
The fund is expected to finance operations of players in the tourism sector in Bulawayo, Harare, Victoria Falls and other towns hamstrung by capital constraints to expand.
The successful hosting of the United Nations World Tourism Organisation general assembly which saw over 3 000 foreign delegates convening in Victoria Falls, is expected to improve the country's tourism image and attract investment.
According to statistics from ZIA, Victoria Falls is seeking joint partnerships in seven projects including the construction of lodges and a hunting safari at a cost of $7,8 million.
Paradise Safari Lodge, located in Victoria Falls, is looking for a joint partnership on a project worth $2,21 million to increase its capacity and building of offices, shops, catering facility and a conference centre expected to cost $869 000.
Another operator at Zambezi Valley is looking for a joint partnership on a project worth $1,19 million to construct lodges.
A tour operator - the Southern Africa Towing and Car Hire Services (Pvt) Ltd - based at the resort town is also scouting for a partner on a $1 million project to increase its access to the Sadc and European Union markets.
The company is seeking to expand its operations to offer a more complete product with modernised equipment.
The country's indigenisation law, which forces foreign-owned companies to cede 51% of their shareholding to locals, has largely been blamed for scaring investors away.
According to the Zimbabwe Tourism Authority (ZTA), the country's tourism sector will require over $1 billion to fully recapitalise in the long term.
ZTA recently submitted to the government a proposal requesting $200 million to finance revamping of operations in the sector and revival of the tourism revolving fund.
The fund is expected to finance operations of players in the tourism sector in Bulawayo, Harare, Victoria Falls and other towns hamstrung by capital constraints to expand.
The successful hosting of the United Nations World Tourism Organisation general assembly which saw over 3 000 foreign delegates convening in Victoria Falls, is expected to improve the country's tourism image and attract investment.
Source - southerneye
