By ETimes
HARARE – Zimbabwe licensed a total of 143 new investments worth US$622.18 million in the first quarter of 2024, but the figure represents an 18.22% decline from US$760.87 million reported in the same period last year, latest report shows.
In its quarter-one report, the Zimbabwe Investment and Development Agency (ZIDA) stated that out of the projected investment value of US$622.18 million, US$115.39 million was the actual investment value.
The number of licenses renewed stood at 53.
Accordingly, the services sector had the highest projected investment value of US$155.78 million, while the manufacturing sector registered the highest number of licenses issued at 41.
“We were also encouraged by the spread of sectors investors showed interest in. The quarter was notable in that the services sector had the highest projected investment value accounting for 25% of all investments,” reads the report.
“At 23%, the construction sector was second with the mining sector third at 18%. Investors from China accounted for 77%, by value, of all investment licenses approved during the quarter.”
China emerged as the top source of new investment in Zimbabwe during the first quarter of 2024, with a total value of $286.16 million.
ZIDA’s goal for 2024 is to develop a US$15 billion project pipeline through resource beneficiation, manufacturing, and technology transfer.