According to figures from the Zimbabwe Investment Authority, the projects, whose total investment value was US$113, 118 million, are jointly owned by both local and foreign companies. Under Zimbabwean law, foreign companies are expected to comply with the indigenisation laws which stipulate that 51% of any company should be held by the country’s indigenous people.
Construction accounted for US$86,6 million of the total amount invested in the first quarter, and this was for a single project. Of that amount, foreign partners contributed US$6,6 million plus equipment worth US$6,5 million which was brought from abroad.
The authority approved 15 mining projects worth US$32,99m. Foreigners contributed US$20.26 million and brought in equipment valued at $10.41 million. Manufacturing foreign partners brought in US$7,077 million from total investments of US$9,094 million. ZIA approved 14 projects in the sector. Manufacturing is expected to grow by 6% this year. Capacity utilisation is expected to improve with the launch of the twin industrial policies.
Only two projects worth US$750 000 were approved in the tourism sector. More than half (US$390 000) came from foreigners. Tourism is expected to grow 13.7% after the waiver of duty on the importation of safari vehicles and equipment.
The Zimbabwe Tourism Authority this week said it was negotiating a US$30 million facility to retool the sector.
A US$10 million project was approved for agriculture, which relates to the Ariston/Afrifresh tie-up.
In March alone, 13 projects worth US$28, 62 million were approved. Foreign partners contributed the bulk of this amount at US$25, 11 million. Export earnings amounted to US$46, 24 million. The bulk of the projects were in manufacturing, where five projects were approved.
— Staff Writer.