Zim records increase in foreign direct investment

0
1699

ZIMBABWE’S foreign direct investment (FDI) significantly increased from $400 million in 2013 to $545 million last year, but still fell far behind most regional countries, latest statistics from the United Nations Conference on Trade and Development (UNCTAD) show.

BY TARISAI MANDIZHA

Speaking at the official launch of the World Investment Report 2015, Zimbabwe Investment Authority (ZIA) chief executive officer Richard Mbaiwa said the significant improvement in
FDI was mainly due to investments in the mining, infrastructure and service sectors.

“In 2014, Zimbabwe recorded $545 million in FDI from $400 million in 2013. There has been a significant improvement in FDI inflow into Zimbabwe despite that the region has remained flat at $54 billion,” Mbaiwa said.

He said South Africa has recorded FDI inflows of $5,7 billion, Mozambique $4,9 billion, Zambia $2,4 billion, Malawi $130 million and Swaziland $13 million.

Ministry of Economic Planning and Investment Promotion secretary Desire Sibanda said over the past six months, the country received close to 30 delegations scouting for investments.

“There has been an improvement in investments particularly in mining, agriculture, roads, air and water, among many others,” Sibanda said.

“Right now, Air Zimbabwe is now flying to Lusaka, Zambia. Our ministry has been hosting various delegations scouting for investment and we can see an improvement in the investments and also in the investments to come.”

United Nations Development Programme economic adviser Udo Etukudo said investment was a critical factor for growth and development, including human development.

Economic Planning and Investment Promotion minister Simon Khaya Moyo said government was working on a cocktail of measures to address the currently challenges facing the country, among them the establishment of special economic zones, doing business reform, joint ventures and one-stop-shop centres.