Daily Newsletter

ZIDA investment licences jump 19 percent

Business Reporter

THE Zimbabwe Investment and Development Agency (ZIDA) issued 200 new investment licences during the fourth quarter of 2024, reflecting a 19,04 percent increase compared to the previous quarter.

The growth has been attributed to an improvement in the licencing process, particularly the successful implementation of the online DIY (Do it Yourself) licencing portal, ZIDA said in its 2024 quarterly report.

The DIY portal streamlines the process of applying for investment licences, reducing paperwork and bureaucratic delays.

Investors can conveniently submit applications online, eliminating the need for physical visits to ZIDA offices, thereby increasing efficiency and saving time for both investors and ZIDA staff.

Since its launch in February last year, the portal has facilitated 98,1 percent of all applications, demonstrating strong investor adoption of the efficient and streamlined method of submission.

โ€œI am . . . pleased to report that our vision to fully digitalise our operations was realised in the fourth quarter,โ€ ZIDA chief executive Mr Tafadzwa Chinamo said in an executive summary of the report.

โ€œDuring the quarter, 98,1 percent of licence applications were initiated and processed on our โ€œDo It Yourselfโ€ Licencing Portal reducing the average processing time to less than five days on average.

Despite the significant increase in the number of licences issued, proposed investment values decreased by 60,12 percent compared to the same period in 2023 and by 34,22 percent compared to the same period in 2022.

The decline is largely due to the inclusion of several high-value outlier projects in 2023, which skewed the overall proposed investment value for that year.

Harare Province remained the leading recipient of investment licences, driven by its well-developed ecosystem in sectors like manufacturing, construction, real estate and services.

In terms of investment value, Mashonaland Central Province attracted the highest proposed investment, constituting 46,41 percent of the total.

Mashonaland West followed with 12,91 percent of projected investments.

For the period, the real estate sector dominated with a proposed investment value of US$2 billion, accounting for 43,6 percent of the total. The energy sector followed closely, attracting US$1,043 billion in projected investments, representing 22,76 percent of the overall projection.

A significant achievement in the fourth quarter was the finalisation of the Public-Private Partnership (PPP) guidelines and their subsequent approval by the PPP Committee, said Mr Chinamo.

ZIDA plans to present these guidelines to Cabinet for approval in the first quarter of 2025, aiming to establish them as the governing framework for all PPPs in Zimbabwe.

โ€œPPPs play a vital role in developing our nationโ€™s infrastructure, and we believe the guidelines will provide clarity to both contracting authorities and their counterparties in the consummation of impactful projects,โ€ said Mr Chinamo.

He said the Government was committed to enhancing the investment climate and streamlining the business environment.

To achieve this, Cabinet mandated the Office of the President and Cabinet (OPC) to spearhead a project aimed at improving the Ease of Doing Business, employing a Whole of Government approach.

In turn, the OPC tasked the Zimbabwe Investment and Development Agency (ZIDA) with leading the development of a Single Window for Investor Entry and Establishment (SWIEE).

The innovative platform will provide online access to all Government services required by investors, both domestic and foreign.

The establishment of the SWIEE directly addresses a key concern raised by investors in the Investor Sentiment Analysis Survey conducted jointly by ZIDA and the International Finance Corporation (IFC).

While the survey revealed a generally positive outlook on Zimbabweโ€™s investment prospects, it also highlighted the need for improved access to Government services as a crucial factor in attracting and facilitating investment.

โ€œAs we plan for 2025 and beyond, our attention will be on all sectors, provinces and stakeholders in line with the Governmentโ€™s aspirations to becoming an upper middle-income economy by 2030,โ€ said Mr Chinamo.

โ€œEmphasis will be placed on attracting investment in innovation, technology, and manufacturing.

โ€œOur investment attraction efforts will incorporate sound Environmental, Social and Governance (ESG) principles, and we will implement measures to ensure all investments are sustainable and all investors are socially responsible.โ€

Investment-related enquiries have remained consistently high throughout the year, said ZIDA, indicating sustained interest from potential investors.

ZIDA is a State agency responsible for promoting and facilitating both local and foreign investment in Zimbabwe.

It was established to streamline investment procedures and create a more conducive environment for businesses to operate. It offers a range of services to investors, including investment analysis, company registration, tax registration and clearance, licencing and connecting to necessary utilities.

Related Posts

Womenโ€™s high-performance programme for Byo

Brandon Moyo Zimpapers Sports Hub A ZIMBABWE Cricket womenโ€™s high-performance programme camp is set to get up and running at Queens Sports Club in Bulawayo starting tomorrow morning. The programme,…

Man in court for mob justice murder

Yeukai Karengezeka Court Correspondent A MAN from Budiriro, Harare, Admire Ngoshi (38) appeared before magistrate Mr Isheunesu Matova yesterday facing murder charges related to a mob justice incident that resulted…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

Masvingo gets the kiss of life…Value addition, beneficiation cited

Masvingo gets the kiss of life…Value addition, beneficiation cited

Zanu PF, CCC to share ZiG170 million

Zanu PF, CCC to share ZiG170 million

Triple national heroesโ€™ burial today

Triple national heroesโ€™ burial today

Farmers urged to diversify crops

Farmers urged to diversify crops

Govt commits to timely disbursement of devolution funds

Old rockers never die

Translate ยป