ZIA approves $900m worth of projects

The Zimbabwe Investment Authority (ZIA) approved 75 projects in the first five months of this year indicating a marginal increase from the 72 projects approved at the same time last year.

The approved projects have a projected value of $906 million, way ahead of those approved last year that had a projected value of $104 million.

ZIA public relations manager, Nixon Kanyemba, said: “The country’s investment environment continues to show some positive growth as demonstrated by the figures, which is a clear demonstration that Zimbabwe is ready for investment.”

The approvals have a potential of creating 5 246 jobs.

Kanyemba said the manufacturing sector was the leader with 33 projects approved, while the services sector had 16 projects and mining had 15 projects.

There were two and four projects approved for the tourism and transport sectors respectively while agriculture and construction both had one project approved.

In a bid to boost the investment climate and spur economic growth, Cabinet last month approved the five-year Medium-Term Plan (MTP) aimed at promoting economic growth and sustainable development.

Economic Planning and Investment Promotion minister Tapiwa Mashakada said the plan requires $9 billion to meet its objectives of achieving an average growth rate of 7,1% and achieving single-digit annual inflation of between 4-6%.

He said MTP would be endorsed by ICT development and knowledge-based economy and it will transform the economy from primary products to products beneficiation and value addition.

The government will officially launch the MTP this month.

Mashakada said if the government was to achieve its MTP goals it should address basic infrastructure requirements that include high education and training, financial sophistication, technological readiness and science and technology.

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