THE Zimbabwe Investment and Development Agency (Zida) issued a total of 154 licences during the second quarter of 2024, owing to the increased usage of its online DIY Licensing Portal.
The portal allows investors to apply for investment licences effortlessly through a user-friendly interface, allowing the applicant to manage their investments from anywhere, at any time.
The value of the new licences issued was US$1,8 billion.
During the first quarter, the new licences issued was 143, which had a value of US$622,18 million.
In its new second quarter investment report, Zida chief executive officer Tafadzwa Chinamo noted that the mining sector had the highest number of licences with 65 licenses with a total investment value of US$282,74 million.
Renewed licences for the period under review were 138 with a total investment value of US$450,53 million.
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Comparatively, in the first quarter, the number of renewed licences were 53 with a total investment value of US$115,39 million.
“The performance of investments licenced in this quarter, as well as the introduction of new investment opportunities, policies reflect our work to drive economic growth and foster a conducive environment for both domestic and foreign investments,” Chinamo said.
“An increase of 8% growth of licences issued in the second quarter was noted in comparison to the first quarter, as investors have embraced the use of the online DIY Licensing Portal. A decline in timely licence renewals was noted in the same period.”
While the mining sector had the highest number of licences, its manufacturing counterpart had the highest projected investment value of US$745,08 million.
Chinamo said 29% of the projects licensed in 2022 were now operational, as of June.
“This performance leaves much to be desired and with effect from July 1, 2024, the recently developed M&E [Monitoring and Evaluation] Framework through our CRM [Customer Relationship Management] system shall be used to close this gap and ascertain that the turnaround time falls into a more desirable range per international best practices,” he said.
Zida announced that feasibility studies for significant infrastructure projects such as the Thuli-Moswa Dam and the Harare-Nyamapanda Road have been approved, which have an combined estimated project cost of over US$1 billion.
Chinamo added that the agency was optimistic about improved economic growth in the future after the cabinet approved a policy framework for public-private partnership (PPPs).
“The past quarter, public-private partnerships have seen substantial advancements. The Cabinet approved the policy framework that will play a crucial role in guiding private sector participation in infrastructure development,” Chinamo said.
“We believe PPPs are a key driver for economic growth and development, and this framework will provide a clear road map for implementing these projects effectively, under the applicable procedures as set out in our laws.”
He noted that the previous quarter saw an enhancement in many capacities building for the Gems alongside other ministries, departments and agencies on the enhancement of PPP structuring and management, and investment promotion training for the 10 provinces’ executives.
The agency’s goal for 2024 is to develop a US$15 billion project pipeline through resource beneficiation, manufacturing and technology transfer.