UK, Czech Republic investors in Bulawayo

Investors from the Czech Republic and the United Kingdom (UK) visited Bulawayo on Monday to explore opportunities in various sectors as the city grapples with the challenges of de-industrialisation.

The delegation, led by former world tennis star Radek Stepanek and engineer Andrew Graham, is assessing potential projects in the city, focusing on sustainable development, energy solutions, and healthcare. Their visit is seen as part of broader efforts to rejuvenate Bulawayo's economy and foster international partnerships.

"We are eager to partner Bulawayo and Zimbabwe as a whole in going green," said Graham. "We have a fuel additive technology that is compatible with blended fuels, offering a solution to mitigate environmental challenges while also creating job opportunities locally."

The technology aims to contribute to sustainable energy practices and has the potential to position Zimbabwe as a regional leader in green energy. Graham also expressed a desire to establish collaborations with local universities and innovation hubs to facilitate knowledge transfer and promote technological advancement in Zimbabwe.

"We want to create a platform for local businesses and entrepreneurs to benefit from this technology, helping stimulate economic growth and position the country as a hub for sustainable development in Southern Africa," he added.

In addition to their focus on energy solutions, the delegation is also interested in making significant investments in Zimbabwe's healthcare sector, particularly in the private healthcare industry. Their plans could offer a much-needed boost to the country's healthcare infrastructure and create new opportunities for local businesses.

Economist Calvin Chitsunge highlighted that the growing interest from foreign investors is a sign of Zimbabwe's improving business environment. He attributed the surge in foreign direct investment (FDI) to the government's ongoing efforts to create a conducive climate for business through economic reforms and policies aimed at attracting capital.

"Economic reforms, combined with a focus on facilitating foreign investment, are key to attracting the capital and expertise needed to drive industrialisation and growth in Zimbabwe," said Chitsunge. "This vision aims to create a prosperous, empowered, and highly industrialised nation, with an emphasis on sustainable and inclusive economic growth."

Bulawayo, once Zimbabwe's industrial hub, has faced significant economic decline in recent years. The city's former industrial areas, like Belmont, have seen businesses close or relocate, leaving behind empty factories and replaced by churches, particularly Pentecostal groups. The government has struggled to revive key industries, including the once-dominant Cold Storage Commission, which was a major employer and meat processor in the region.

Efforts to address the de-industrialisation of Bulawayo have included various funding initiatives, such as the Distressed Industries and Marginalised Areas Fund, launched during the government of national unity between 2009 and 2013. The fund, with a US$40 million seed investment, aimed to revitalize industries but fell short due to inadequate funding. Another initiative, the $70 million Zimbabwe Economic and Trade Revival Facility, has also had limited success in addressing the city's industrial decline.

The current interest from foreign investors in Bulawayo is seen as a potential turning point for the city's economic recovery. The projects being explored by the Czech and UK delegation could play a pivotal role in addressing both environmental challenges and the city's urgent need for job creation and industrial growth.