Zim Investment Development Agency Reports Strong Growth in Third Quarter

By Elia Ntali

Zimbabwe’s economic prospects received a significant boost in the third quarter of 2023 as the Zimbabwe Investment Development Agency (ZIDA) successfully attracted and facilitated investments across various sectors.

Tafadzwa Chinamo, CEO of ZIDA, presented the agency’s third-quarter report recently, outlining the impressive progress made in boosting investor confidence and driving economic growth and development.

“The quarter was an exciting and fruitful period for ZIDA as we continued to attract and facilitate investments that drive economic growth and development. Regardless of the challenges faced, we registered encouraging investor interest across most sectors during the quarter,” said Chinamo.

One of the key achievements highlighted by Chinamo was the dedication of the ZIDA team in promoting Zimbabwe as an attractive investment destination.

“Our dedicated Gems outdid themselves as the team worked tirelessly to promote our country as a worthwhile investment destination, the result being a significant rise in inquiries, investor visits, and investment projects in the pipeline as well as licensed,” said Chinamo

“This surge in investor confidence is testament to the robustness of the country’s investment ecosystem and the efforts we have channelled towards informing the world of the bountiful investment opportunities and collective government thrust to continually improve and simplify the business environment,” he said

Chinamo pointed out that the energy sector led the way with a projected investment value of more than USD$200 million.

“At licensing, the energy sector registered the highest projected investment value at USD$2,800.58 million with 6 new licences being issued during the quarter. The Mining sector was second with a projected investment value of USD$411.97 million with 86 new licences issued. Overall, the 3rd Quarter recorded a 12.5 % increase over the 2nd Quarter in the number of investor licences issued by the Agency.

“One of our standout achievements during the quarter was the successful launch of the Mining Matchmaking Platform on 31 August 2023 which we developed in-house with all programming being done by our ICT team. It is the first of its kind and though currently limited to one sector, the aim is to roll out similar platforms across all sectors thus making it easier for project promoters to find investors for their projects from all over the world using internet connected devices.

“Specifically for mining, our goal is to turn as many of the more 50,000 mining claims held by Zimbabweans from all walks of life into viable mining operations. ZIDA continued to prioritise the promulgation of the Special Economic Zones (SEZ) Regulations and the General Investments (GI) Regulations, which will provide clarity on the Agency’s investment licensing process and fees it charges,” he said

ZIDA’s CEO also celebrated the successful launch of the Mining Matchmaking Platform in August 2023, developed in-house by the agency’s ICT team.

This innovative platform is the first of its kind, with plans to expand it to other sectors and aims to connect project promoters with potential investors from around the world, simplifying the investment process.

Chinamo stressed ZIDA’s commitment to converting the thousands of mining claims held by Zimbabweans into viable mining operations.

The agency, Chinamo said continued to prioritize the promulgation of the Special Economic Zones (SEZ) Regulations and the General Investments (GI) Regulations, which will enhance clarity in the investment licensing process and associated fees.

During the third quarter, three collaboration agreements were signed with CBZ, ZNCC, and RBZ and are expected to create an enabling environment for investment, streamline regulatory processes, and provide tailored support to investors.

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