THE Zimbabwe Investment and Development Agency (ZIDA) recorded a significant increase in new investment licences issued in 2024, after approvals reached a record 709, a 15 percent rise year-on-year.
This surge has been interpreted as a positive indicator of renewed investor confidence in the country.
However, a paradoxical element within the agency’s 2024 annual report reveals a 10 percent decline in the projected investment value, which fell to US$8,63 billion.
This disparity underscores the persistent influence of global economic headwinds impacting the full realisation of investment potential.
The Government, under President Mnangagwa, has streamlined investment processes through ZIDA to promote foreign and domestic investment by creating a more investor-friendly environment.
This involved consolidating previously fragmented investment-related entities and agencies, implementing a One Stop Investment Services Centre (OSISC) to simplify procedures, and enacting the ZIDA Act to provide a clear legal framework.
President Mnangagwa has championed the “Zimbabwe is Open for Business” mantra to encourage new investment and drive accelerated growth in line with Zimbabwe’s Vision 2030 targets of transforming the country into an upper-middle-income economy.
ZIDA chairman, Mr Busisa Moyo, commended institutional reforms undertaken by the agency, particularly highlighting the dramatic reduction in licence processing times.
He noted that the average processing period, which stood at 30 days in 2020, had been slashed to an impressive five days by December 2024.
Mr Moyo attributed this efficiency gain to comprehensive digitisation efforts, including the successful launch of the Do-It-Yourself Licensing Portal.
“This five-year milestone reflects ZIDA’s commitment to its mandate,” he stated, adding that it was “a testament to the daily dedication of Management and Staff.”
Furthermore, Mr Moyo emphasised the progress made on the Single Window for Investor Entry, a digital platform developed in collaboration with UNCTAD (United Nations Conference for Trade and Development), designed to streamline regulatory processes for investors.
ZIDA chief executive officer Mr Tafadzwa Chinamo drew attention to the resilience observed across several key sectors. Mining, he confirmed, maintained its dominant position, closely followed by the manufacturing and services sectors.
ZIDA chief executive officer Mr Tafadzwa Chinamo
Notably, the construction sector experienced a significant 52 percent surge, a development Mr Chinamo indicated was in direct alignment with Zimbabwe’s national infrastructure development objectives.
Source: Thezimbabwemail
