Zimbabwe secured $1.2 billion in investments during the third quarter of this year, with 168 new licences granted to investors by the Zimbabwe Investment and Development Agency (ZIDA), according to a recent report.
The mining sector continues to dominate in attracting foreign capital, receiving 74 of these licences with an estimated investment value of $579.90 million.
This progress highlights the effectiveness of the Second Republic's investor-friendly policies, which have created a business environment that promotes growth. Throughout the year, Zimbabwe has witnessed a consistent flow of multi-billion-dollar investments, reflecting confidence in the country's economic reforms.
Within his third-quarter report, ZIDA CEO Tafadzwa Chinamo noted a 9% rise in the number of investment licences issued compared to the previous quarter. The mining sector leads the way, consistently drawing the highest level of investor interest throughout all three quarters.
“In total, 168 new licences were issued in the just-ended quarter, with a projected investment value of $1.171 billion. It's encouraging to see that investors have fully embraced the online DIY Licencing Portal,” said Chinamo.
In addition to mining, the energy sector has garnered considerable interest, with both sectors playing key roles in Zimbabwe's ongoing industrial and economic growth, Bulawayo 24 reports.
Furthermore, provinces across Zimbabwe, now aligning investment targets with the government's devolution agenda, have been crucial in attracting capital.
Among the top-performing regions, Mashonaland West Province led with 14 licences valued at $393.18 million, followed by Masvingo with three licences worth $146.71 million, and Midlands with 24 licences valued at $139.07 million.
Other noteworthy regions include Bulawayo, which attracted seven new licences valued at $134.27 million, and Manicaland, securing four licences worth $121.07 million. Harare led in the number of licences issued, with 83 new approvals totalling $104.78 million.
“The Agency acknowledges the critical role provinces play in attracting investments, and we have seen marked improvements in the quality of project proposals submitted by local authorities,” Chinamo added.
The ZIDA CEO went on to say that the 7th SADC Industrialisation Week, held ahead of the SADC Heads of State summit in August, served as a significant catalyst for the surge in investment inflows. The event included the Inaugural SADC Investment Forum, where global experts discussed regional industrial development and the promotion of regional value chains in critical sectors.
“The discussions at the forum laid a strong foundation for future collaboration and investments that will undoubtedly drive our economies forward,” said Chinamo.