ZIMBABWE Investment and Development Agency (Zida), enthused by the high uptake of its double online matchmaking mining and tourism initiatives that seek to link mining and tourism players with potential local and foreign investors plans to aggressively upscale the initiatives and partner with line ministries and agencies to facilitate a comprehensive promotion of the platforms with the ultimate goal of attracting both domestic and international investors.
The initiatives are proving fertile conduits for attracting both local and foreign investment, Zida said.
Zida is the Government’s investment promotion agency, responsible for promoting and facilitating domestic and foreign investment in the country.
In the last quarter of 2023, the investment agency launched the two platforms to boost investments.
Under the tourism match-making platform, the idea is to link tourism investors as part of measures to boost investment in the sector whose target is a US$5 billion industry by 2025.
Investment opportunities in the sector include among others, the construction of convention and exhibition centres, hotels, lodges and other such facilities to grow the industry.
In 2020 President Mnangagwa launched the National Tourism Recovery and Growth Strategy to re-start the sector whose contribution to the national economy was heavily crippled by the Covid-19 pandemic.
Under the National Tourism Recovery and Growth Strategy, the Government expects to increase tourism earnings to US$5 billion by 2025.
On mining, Zida said it seeks to link mining claim holders and potential local and foreign investors to establish possible partnerships that could narrow funding gaps.
Mining is a strategically important sector to the Zimbabwean economy, accounting for over three quarters of export receipts and 16 percent of gross domestic product.
Government has set a new US$40 billion by 2030 target for the mining sector as the industry recorded US$20,5 billion in exports over the past five years.
However, limited capital for long term capital projects particularly for artisanal minerals remain a significant stumbling block to initiatives aimed at sustainably growing the sector.
In written responses to Business Chronicle, the investment agency said while local investors are currently leading the charge, the platforms are steadily attracting interest from foreign players.
For instance, it said 18 projects already registered on the Tourism Investment Matchmaking platform, including one from an individual operator, six from company promoters, and eleven from municipal authorities, the diverse range of opportunities is drawing international attention.
“Our matchmaking platforms are proving fertile conduits for attracting both local and foreign investment. While both the Mining Claims Matchmaking Platform and the Tourism Investment Matchmaking Platform launched last year, they are on a trajectory to realise their full potential as evidenced by the “remarkable uptake”, by enthusiastic local Zimbabweans with an appetite for growth,” Zida said.
“As the mining sector continues to dominate the investment landscape, there is also a lot more interest in the mining matchmaking platform that has seen over 30 shovel-ready claims registered awaiting uptake by potential investors. Claim holders from Manicaland Province have emerged as champions of the platform, actively seeking, and forming partnerships.
“This localised enthusiasm is a testament to the portal’s success in connecting local players with valuable investment opportunities from the comfort of their homes. Zida’s ambitions extend beyond regional borders.”
Zida has maintained that the mining claims matchmaking platform is a valuable resource for mining claim holders who are looking for assistance in developing and or expanding their claim operations.
The platform provides a convenient way to connect potential investors with claim holders.
Added to that, mining claim holders are expected to have increased access to potential investors from all over the world,it also profiles the mining claims making them more attractive to investors and provides a transparent and secure way for claim holders to connect with potential investors.
The agency said it is actively working to expand the platform’s reach across Zimbabwe and beyond, with an aim to attract more foreign investors.
“To further accelerate this momentum, Zida is actively spreading the word beyond Zimbabwe’s borders. This year, we will leverage more on local, regional and global iconic events like PDAC, Mining Indaba amongst others to raise awareness of our match making platforms, connecting with potential investors and highlighting the wealth of opportunities available in Zimbabwe.
“Our collaborative endeavour with ZTA (Zimbabwe Tourism Authority) and the Ministry of Tourism and Hospitality aims to also facilitate a comprehensive promotion of our platform with the ultimate goal of attracting both domestic and international investors who are keen to capitalise on Zimbabwe’s tourism potential.
Zida offers incentives to investors and undertakes all that makes Zimbabwe a safe investment destination.
It co-ordinates investment projects by taking advantage of existing national synergies.
The agency provides a one-stop shop investment centre that facilitates, licences and operationalises investments.
The establishment of Zida is one of the success stories of the New Dispensation’s economic reforms aimed at rejuvenating the productive sector and creating more jobs.
The grand plan is to realise an upper middle-income economy by 2030.
Chronicle
