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ZIDA Optimistic Of Growth Despite The Country’s Political-Economic Situation

By Shingirai Vambe

Harare- The Zimbabwe Investment Development Agency (ZIDA) is targeting US$3 billion worth of investment this year by increasing the flow of investment and addressing rising challenges affecting business environment and investment the country.

ZIDA Chief Executive Officer, Tafadzwa Chinhamo told Journalists in Harare that his organization was targeting US$3 billion in 2023 of actual recorded investments and US$4 billion of committed investments in Zimbabwe.

ZIDA Legal Officer, Silibaziso Chizwina said as per their mandate, they have come up with value of investment needed for the country to become an upper middle income economy by 2030.

She said there was need for investment towards 12,000km of road and rail infrastructure in Zimbabwe, US$ 3Billion on health and again US$3 billion to tourism.

Chinhamo said they have had provincial engagements looking on devolution strategy which has worked to ZIDA’s advantage as it has made it easy to reach a wider audience of implementing agencies and authorities through the Provincial engagement forums.

“This initiative continued in 2023, focusing on a more structured approach of ensuring that the provinces work towards promoting ‘real’ project with an emphasis on a value chain development as per the national strategy,” added Chinhamo.

Zimbabwe is endowed with a lot of resources that have attracted international investment, Journalists highlighted on the current political and economic environment that is not enabling because of the high inflation and exchange rates in a multi-currency regime.

The issue of incentives was topical during the meeting and ZIDA’s soft sport for foreign investors against local ones. Zimbabweans across claim majority of opportunities rising in the country are only benefiting foreign investors.

ZIDA Chief Legal Officer, Theresa Muchinguri, said there is a new policy on incentives in the mining sector, where investors are no longer getting incentives compared to other sectors of the economy.

Muchinguri highlighted on the need to continually engage with the media and shed more light on special economic zones (SEZ) regulations, progress and potential investments happening in the country.

Chinhamo urged media to positively focus on these investments opportunities in light with progress made in the African Continental Free Trade Area (AFCFTA) negotiations for protocol on investment and the Ministerial Regulations on SEZ.