News / National
Bulawayo sees surge in building investments
28 Aug 2024 at 15:28hrs | Views
Bulawayo, once Zimbabwe's industrial hub, is experiencing a significant re-industrialisation drive, with increasing investor interest and the launch of multi-million dollar projects aimed at restoring its economic prominence.
The city, known for its textile, steel, and food processing industries, had suffered a decline over the past two decades due to economic challenges and lack of investment. However, since 2017, the government has prioritized re-industrialisation, with Bulawayo playing a leading role in this revival.
A key initiative in this effort is the establishment of the Bulawayo Industrial Development Zone, designed to attract foreign investment and support the growth of local industries.
The Bulawayo City Council is also actively involved, spearheading 16 major capital projects across sectors like transport, education, industry, and commerce.
The city's revitalisation is further evidenced by a rise in building activities, with 328 plans processed in June 2024, 230 of which were approved, reflecting a 32.95 percent increase in approvals compared to May.
This investment surge is revitalizing the local economy, creating jobs, and enhancing infrastructure.
The June council report highlighted that among the approved plans, three were for industrial stands valued at US$219,000, and 20 were for commercial projects valued at US$1.9 million.
The city also conducted over 1,620 inspections, focusing on dilapidated buildings and advertising signs, raising significant revenue and ensuring compliance.
In addition to infrastructure development, the re-industrialisation drive includes the establishment of incubation hubs and innovation centers in partnership with the private sector.
These hubs support start-ups and entrepreneurs, particularly in technology, engineering, and manufacturing, further bolstering Bulawayo's economic resurgence.
The city, known for its textile, steel, and food processing industries, had suffered a decline over the past two decades due to economic challenges and lack of investment. However, since 2017, the government has prioritized re-industrialisation, with Bulawayo playing a leading role in this revival.
A key initiative in this effort is the establishment of the Bulawayo Industrial Development Zone, designed to attract foreign investment and support the growth of local industries.
The Bulawayo City Council is also actively involved, spearheading 16 major capital projects across sectors like transport, education, industry, and commerce.
The city's revitalisation is further evidenced by a rise in building activities, with 328 plans processed in June 2024, 230 of which were approved, reflecting a 32.95 percent increase in approvals compared to May.
This investment surge is revitalizing the local economy, creating jobs, and enhancing infrastructure.
The June council report highlighted that among the approved plans, three were for industrial stands valued at US$219,000, and 20 were for commercial projects valued at US$1.9 million.
The city also conducted over 1,620 inspections, focusing on dilapidated buildings and advertising signs, raising significant revenue and ensuring compliance.
In addition to infrastructure development, the re-industrialisation drive includes the establishment of incubation hubs and innovation centers in partnership with the private sector.
These hubs support start-ups and entrepreneurs, particularly in technology, engineering, and manufacturing, further bolstering Bulawayo's economic resurgence.
Source - The Sunday News
