Mining Accounts for 18% Projected Investment Value in Q1 2024
The mining sector accounted for 18% of the projected investment value based on the number of licenses issued, as stated by Zimbabwe Investment Development Agency (ZIDA) CEO Tafadzwa Chinamo.
By Rudairo Mapuranga
Chinamo noted that the services sector had the highest projected investment, accounting for 25%, while the construction industry followed at 23%, with mining ranking third at 18%.
A total of 143 licenses were issued during the quarter, with a total projected investment value of US$622.18 million.
The services sector had the highest projected investment value at US$155.78 million, while manufacturing had the highest number of licenses issued but with a projected investment of US$47.41 million.
“We were also encouraged by the spread of sectors investors showed interest in. The quarter was notable in that the services sector had the highest projected investment value, accounting for 25% of all investments. At 23%, the construction sector was second, with the mining sector third at 18%. Investors from China accounted for 77% of all investment licenses approved during the quarter,” said Chinamo.
“Our work in the coming quarters will be guided by our 2024 Strategic Plan which, among other targets, emphasizes value addition, streamlining, and automating investor-related processes and investor compliance laws and regulations,” Chinamo emphasized.
Investors of Chinese origin numbered 92, with a projected investment of US$286.16 million, while Switzerland had 1 investor licensed with a projected investment value of US$130 million. Four investors from Zimbabwe were licensed with a projected investment of US$74.96 million, while three investors originally from the USA were licensed with a projected investment of US$34.34 million. Five investors from South Africa were licensed with a projected investment of US$22.71 million, while 2 investors from Mauritius were licensed with a projected investment of US$14.75 million. Two investors of Russian origin were licensed with a projected investment of US$12.80 million.