Fungi Kwaramba in Victoria Falls
Ongoing infrastructural development projects as well as continued investment in various sectors of the economy are clear signs that the Second Republic is now an investment destination of choice, President Mnangagwa has said.
As the country registers tremendous growth across critical economic sectors, with the economy set to grow by more than seven percent this year, the Second Republic will continue putting in place measures to improve the country’s ease of doing business, the President added.
He said this yesterday after touring and launching three multi-million dollar tourism facilities in Victoria Falls, namely Zambezi Boutique Lodge, Nkosi Guest Lodge and the exquisite Palm River Lodge, which was built at a cost of US$24 million, under a partnership involving local investors, Old Mutual and the Public Service Commission.
“Just last week, I was here to officially open the Victoria Falls Stock Exchange and celebrate the listing of Caledonia Mining Corporation Plc onto the Victoria Falls Stock Exchange official list.
“The concurrent completion of these three new tourism facilities is the first of its kind for this resort city. The entry of these tourist accommodation facilities is a welcome development which is set to increase the competitiveness of the tourism sector as well as the range of tourism products offered in Zimbabwe.
“Today’s event, read together with the launch of the Victoria Falls Stock Exchange, is a clear testimony that the Second Republic has ushered in a new era of unprecedented economic growth and that Zimbabwe is indeed a safe investment destination,” he said.
Zimbabwe is on a journey to become an upper middle income economy by 2030 and the tourism industry is expected to become a US$5 billion economy by 2025.
“I am pleased that players in the tourism sector continue to demonstrate unwavering confidence in the future of our country by initiating and successfully completing new investment projects,” he said.
With investments continuing even when the sector was limping owing to the devastating effects of Covid-19 and curbs on travel, the President said current growth in the sector would be supported by central Government.
“Zimbabwe remains open for business and my administration welcomes more investors in this and other sectors of the economy.
“The Second Republic is on course with regards to improving the ease and cost of doing business. We are determined to ensure that our country is an investment destination where capital feels safe. Clean and reliable supplies of enablers such as water and power are critical elements to a vibrant tourism sector.
“My Government is therefore supporting the use of clean renewable energy sources through various fiscal support measures such as the exemption from duty of solar energy-related equipment, among others.
“I therefore commend the Nkosi Guest Lodge investors for adopting renewable energy as their main source of power. Going forward, I encourage more investors in this beautiful resort city to adopt renewable energy and turn Victoria Falls into a leading Green Tourism destination,” he said.
The President said to develop strategies that attracted investors, local authorities needed to create lasting synergies with the Zimbabwe Investment Authority and other Government departments.
“I would like to encourage greater collaboration between all local authorities and the Zimbabwe Investment Development Authority among other Government stakeholders in developing robust strategies that will further attract investment and also in fulfilment of devolved development that leaves no one behind.”
Turning to the Covid-19 pandemic, the President, who was accompanied by Environment, Climate, Tourism and Hospitality Industry Minister Mangaliso Ndlovu and Local Government and Public Works Minister July Moyo, said there was need for the world to unite in fighting Covid-19 as opposed to knee-jerk responses that were adopted by some countries in the wake of the outbreak of the Omicron variant in Southern Africa.