Staff Reporter
The Zimbabwe Investment Development Agency (ZIDA) has announced notable progress in investment facilitation and infrastructure development for the second quarter of 2024.
In his press statement,ZIDA’s Chief Executive Officer, Tafadzwa Chinamo, outlined the agency's accomplishments, emphasizing ZIDA's dedication to create a favourable environment for both domestic and foreign investments.
“As the global economic landscape continues to evolve, ZIDA remains steadfast in its mission to facilitate, attract, protect, and establish investments, driving sustainable developments across Zimbabwe. The performance of investments licensed this quarter, alongside new investment opportunities and policies, reflects our efforts to boost economic growth and foster a conducive environment for investment,” Chinamo stated.
According to Chinamo, the cornerstone of this quarter's achievements was the advancement of Public-Private Partnerships (PPPs), driven by the Cabinet's approval of a policy framework to guide private sector participation in infrastructure projects.
“The past quarter has seen substantial advancements in PPPs. The Cabinet's approval of the policy framework will play a crucial role in guiding private sector participation in infrastructure development. PPPs are a key driver for economic growth and development, and this framework will provide a clear roadmap for implementing these projects effectively, in accordance with our laws,” added Chinamo.
Among the significant projects, feasibility studies for the Thuli-Moswa Dam and the Harare-Nyamapanda Road were approved, with a combined estimated cost exceeding US$1 billion.
The second quarter also recorded an eight percent increase in the issuance of licenses compared to the first quarter, a positive outcome attributed to the use of ZIDA’s online DIY Licensing Portal.
However, the agency noted a decline in timely license renewals, with only 29 percent of the projects licensed in 2022 currently operational.
In response to this challenge, ZIDA will implement a new Monitoring and Evaluation (M&E) framework through its Customer Relationship Management (CRM) system starting July 1, 2024.
ZIDA also reported significant legislative and regulatory advancements, including the introduction of the ZIDA Investor Grievance Response Mechanism and the development of an Investor Handbook.
These initiatives aim to streamline the investment process and provide a structured approach to addressing investor concerns, further enhancing the investment climate.
“Our legislative and regulatory advancements, such as the ZIDA Investor Grievance Response Mechanism and the development of an Investor Handbook, are pivotal in enhancing the investment climate. These initiatives aim to simplify the investment process and provide a structured approach to addressing investor concerns,” Chinamo noted.
In terms of capacity building, the agency made progress in training and development, enhancing PPP structuring and management, and investment promotion training for executives in the ten provinces.
Additionally, with assistance from the International Finance Corporation, ZIDA rolled out the Investment Sentiment Analysis (ISA) to identify key factors shaping investor sentiment, guiding the agency’s strategy on improving the Ease of Doing Business, attracting new investors, and retaining existing ones.
Meanwhile, these developments reflect ZIDA's strategic efforts to enhance Zimbabwe's investment landscape, fostering sustainable economic growth and development.
