Southern region attracts over US$1bn investments

Source: The Herald – Breaking news.

 

Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube

Sikhulekelani Moyo-Bulawayo Bureau

THE southern region of Zimbabwe has made significant strides in attracting investments, with US$1,186 billion recorded through the One-Stop-Investment Services Centre at the Zimbabwe Investment and Development Agency (ZIDA), Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, said yesterday.

He was speaking during the commissioning of the ZIDA southern regional office, which is expected to improve the ease of doing business by making the agency more visible and accessible to both foreign and domestic businesses.

The new office is also expected to play a vital role in attracting and supporting investment into the Bulawayo Metropolitan Province, Matabeleland North and South Province, Masvingo, and the Midlands Province. It will continue to provide a one-stop-shop for investors, offering a range of services such as business registration, licensing, and investment advice.

“I am reliably informed and particularly pleased to note that the Southern region has attracted significant investment worth US$1,186 billion, an amount captured and recorded through the One-Stop-Investment Services Centre at ZIDA, with mining and energy projects taking the lead in terms of number of projects licensed. This is visible, as one of the continent’s largest iron and steel plants, located in Manhize in the Midlands province and driven by the Dinson Iron and Steel Company, has invested US $750 million in the development of this plant.

“Additionally, the same investor, Dinson Colliery invested close to US$75 million in its Hwange coking coal plant. The region is also home to the Gwanda Lithium project and has an estimated investment value of US$30 million,” said Prof Ncube.

According to him, these investments show that investors have faith in the National Development Strategy 1 (NDS1)’s ambition for the nation’s economic progress.

Prof Ncube said over the last four years, the Government has undertaken several reforms and initiatives to promote and facilitate investment, especially through this region.

“This is seen in improvements made to ensure accessibility and visibility of the region and the country. This was demonstrated by the refurbishment and upgrade of the Beitbridge Border post in Beitbridge.

“The establishment of the Victoria Falls Stock Exchange in the tourist city has increased investors’ and local businesses’ ability to raise capital in hard currency using different securities such as debt, equity and the recently regularised Real Estate Investment Trusts (REITs). Both of the locations serve as a physical gateway into the country and are already recognized as flagship developments for the country,” he said.

The Second Republic has provided new opportunities for the country, which has seen the re-engagement and engagement strategy pay off with new investors from both domestic and foreign markets expressing a strong desire to invest in various economic sectors.

Prof Ncube added that the area is home to a number of business prospects in industries like manufacturing, agriculture, tourism, and mining.

“Of note is the fact that it hosts and holds the largest area of officially designated public sector Special Economic Zones (SEZ). There is the Masuwe Special Economic Zone in Matabeleland North, which is expected to drive tourism developments and several health and medical tourism facilities.

“The Bulawayo Metropolitan area holds the Umvumila Special Economic Zone and the brownfield industrial areas in Belmont, Westondale, Kelvin West and Donnington area. In addition, there is the Beitbridge SEZ located in the Beitbridge Town and extended to cover the new Border post.”

Prof Ncube said there has been a noticeable increase in the quality of submissions they are getting and presenting to Cabinet as the ministry in charge of implementing ZIDA’s recommendations on public private partnership (PPP) applications and procedures.

“The ministry expects that this will continue as ZIDA has also recently streamlined the PPP process maps and made it easier for the private parties involved to understand the Government’s expectations and their obligations under these contracts,” he said.

In her welcoming remarks, Bulawayo Minister of State for Provincial Affairs and Devolution, Judith Ncube, said she is confident that the ZIDA southern region office will continue to play a key role in attracting investment and creating jobs in Bulawayo.

“I urge all potential investors to visit the ZIDA southern region office and learn more about the investment opportunities that exist in the city and the province.

“I would like to add that the ZIDA southern region office is a testament to the Government of Zimbabwe’s commitment to attracting investment and creating jobs in Bulawayo Province. The establishment of this office is a clear signal to potential investors that Bulawayo is open for business. This will ensure sustainable and equitable development of the economy and create a better future for all Zimbabweans,” she said.