News / Local
Chinese investors flock to Zimbabwe
02 Nov 2023 at 01:51hrs | Views
Since its establishment in 2020, the Zimbabwe Investment and Development Agency (Zida) has issued 932 licenses to investors worldwide, with a significant portion coming from China, particularly in the mining and manufacturing sectors, according to NewsDay Business.
In its third-quarter report, Zida highlighted its efforts to enhance investment attraction and facilitation, including the implementation of online processing for license applications and investment inquiries since April 2023. This online system contributed to an increase in licensed investors, with more projects approved in 2023 compared to 2022 on both a quarterly and year-to-date basis. This growing investor confidence reflects the robustness of Zimbabwe's investment ecosystem and the collective government commitment to improving the business environment.
During the third quarter of the year, Zida issued 180 new licenses to investors from around the world, with a combined projected value of US$3.4 billion. Year-to-date, the agency issued 469 licenses with a total projected value of US$5.24 billion.
The energy sector accounted for 82% of the total projected investment value for new license approvals in the third quarter, with a projected value of US$2.8 billion. The mining sector followed closely, with 86 new licenses valued at US$411.97 million.
The most significant investment was made by New Eagle Industrial Park, with plans to invest US$2.3 billion in an energy industrial park in Mapinga. Simone (Pvt) Ltd also committed to invest US$496.8 million in the development and operation of 500-megawatt solar plants in Mazowe, Manhize, and Mutoko.
Zida emphasized that all duly licensed investors have access to its full range of services, from establishment to aftercare. The agency monitors and evaluates projects to ensure compliance with the licensing conditions.
Zida also approved an application for the establishment of a power and metallurgical special economic zone in Mtetengwe communal lands, Beitbridge, covering an area of 5,163 hectares by Xinatai Resources. Two other applications for special economic zones related to citrus production and steel manufacturing are currently under consideration by the agency.
In its third-quarter report, Zida highlighted its efforts to enhance investment attraction and facilitation, including the implementation of online processing for license applications and investment inquiries since April 2023. This online system contributed to an increase in licensed investors, with more projects approved in 2023 compared to 2022 on both a quarterly and year-to-date basis. This growing investor confidence reflects the robustness of Zimbabwe's investment ecosystem and the collective government commitment to improving the business environment.
During the third quarter of the year, Zida issued 180 new licenses to investors from around the world, with a combined projected value of US$3.4 billion. Year-to-date, the agency issued 469 licenses with a total projected value of US$5.24 billion.
The energy sector accounted for 82% of the total projected investment value for new license approvals in the third quarter, with a projected value of US$2.8 billion. The mining sector followed closely, with 86 new licenses valued at US$411.97 million.
The most significant investment was made by New Eagle Industrial Park, with plans to invest US$2.3 billion in an energy industrial park in Mapinga. Simone (Pvt) Ltd also committed to invest US$496.8 million in the development and operation of 500-megawatt solar plants in Mazowe, Manhize, and Mutoko.
Zida emphasized that all duly licensed investors have access to its full range of services, from establishment to aftercare. The agency monitors and evaluates projects to ensure compliance with the licensing conditions.
Zida also approved an application for the establishment of a power and metallurgical special economic zone in Mtetengwe communal lands, Beitbridge, covering an area of 5,163 hectares by Xinatai Resources. Two other applications for special economic zones related to citrus production and steel manufacturing are currently under consideration by the agency.
Source - newsday
