THE Zimbabwe Investment Development Agency (Zida) outperformed itself as it secured nearly US$10 billion in projected investment last year.
Zida is the country’s investment promotion agency responsible for promoting and facilitating domestic and foreign investment in the country.
In its 2023 annual report made available recently, the agency said it had issued 615 new licences with projected investment value of US$9.669 billion and renewed 415 licences worth a projected US$1.2 billion.
The highest number of new licences were issued in mining with 277 and manufacturing had 138 while the energy sector recorded the highest projected investment at US$3.5 billion. At 369, China had the highest number of investors followed by India with 56 while local investors came to 34; South Africa had 18 investors and the United Kingdom 15.
The investors from China brought in US$3.929 billion worth of investments, South Africa, US$1.721billion, local investors contributed US$393.10 million, India US$52.28 million and the United Kingdom, US$26.74 million.
With these figures, Zida said it surpassed its goal of attracting Foreign Direct Investment of US$1.5 billion by nearly 650 percent in 2023.
The agency chief executive, Tafadzwa Chinhamo, attributed Zida’s success to innovation, diligence, teamwork and government support with the improved facilitation of investor services through the agency’s One Stop Investment Service Centre and streamline of its operational processes being the toast.
“Key to the success of facilitation was and remains the agency’s due diligence process, that assists in thorough investigation and assessment of investors’ backgrounds and conduct before allowing them to make an investment in the country,” Chinhamo said.
There was also continued improvement on the ease of doing business for investors through the introduction of the agency’s customer relationship management system which improved licensing turn-around time at Zida from 21 to seven days.
The adoption of digital processes and development of e-applications resulted in improved services delivery and agency visibility. “We witnessed strong organisational performance with recordbreaking achievements in the facilitation, advocacy, promotional, developmental and operational support aspects of the agency. This success underscores the importance of dedication and innovation in a constantly changing environment,” said Chinhamo.
“The agency’s achievements for 2023 would not have been possible without the dedication and hard work of the talented team, advisory board, the Office of the President and Cabinet, stakeholders and partners within and outside government.”
His sentiments were echoed by Zida chairperson Busisa Moyo who said the agency’s achievements were through the collective effort and unwavering support from the government.
“We acknowledge that economic recovery is intricately linked to private sector development, mainly through infrastructure rehabilitation, industrial retooling, and creating a more conducive business environment,” said Moyo. – New Ziana