AFRICAN Investment Leaders Forum and Awards (AILFA) says technology is one of the investment areas which will shine in Zimbabwe next year due to the growth of artificial intelligence (Al).
Over the past years Zimbabwe was identified as one of the countries with the lowest investments globally, due to a number of macroeconomic factors.
In an interview with businessdigest, AILFA chief executive officer Kudzai Mukuku said investment in technology could anchor transformation in the agriculture and mining sectors in 2024, the country's two top economic contributors.
“With the growth of AI, l think technology is going to boom in Africa and the rest of the world. I am sure we are going to have a good investment in agriculture. There are projections that agriculture is going to grow, mining and oil as well,” he said.
Speaking on the same issue, Mukuku however stated that investors would always seek for a better operating environment for them to be able to commit their funds into Africa.
“Investors want the most conducive environment to commit their funds into Africa. This is one of the key initiatives of holding the symposium next year. We are going to engage governments so that we help facilitate what the investors expect,” he added.
“We accelerate that voice into the governments so that they have the most suitable environment for them to commit their funds.”
Mukuku stated that the interest of investors in Africa had been growing over the past years and that they were expecting an increase in terms of investments.
- AILFA seeks collaborations ahead of investment forum
- African forum pushes for investments in tech
Keep Reading
He applauded the incentives and investment promotion policies which were put in place to attract foreign investors to the country by the Zimbabwe Investment and Development Agency (Zida).
Zida created two platforms to attract investors through match making which are the Zimbabwe Tourism Investment and Mining Matchmaking Platforms.
“Having Zida as one of the agencies that drive and create a platform for investors is one of the greatest privileges we have. I think they are doing really well in terms of opening up doors and making sure that investors are comfortable when they come here,” Mukuku said.
“When the investors come in here, they get all their questions answered, they have all the information that they need and the registration of their companies and policies as well. I think Zida is doing a great job and that establishment shows that Zimbabwe is ready for businesses.”
From the start of the year to the end of the third quarter, investments with a projected investment value of US$5,24 billion had been signed while the actual investment value was US$1,56 billion.
Mukuku stated that Zimbabwe has the best legal frameworks and employment policies that seek to make sure that all investors’ assets are protected. AILFA group board member Adam Smith urged African business leaders to collaborate and commit to investments in technology while driving economic development and create partnerships that drive economic development.
“Africa Investment Leaders Forum and its awards provide a platform for talk which does the job of changing the narrative, most projects fall short due to lack of commitment, money and technology,” Smith said.
“As leaders in African business development, it falls upon us to step forward and collaborate. I think that the process of identifying the needle in the haystack that best describes African investment opportunities is something that this forum should set as a high priority.”
AILFA will host its inaugural awards ceremony in June 2024, to bring together local, African, and global investors.
“Another key issue is to enable the continent to accelerate its development in a line that offers its people a clear future and something more than sitting on the dusty road,” Smith said.
“We need to discuss the issues that drive economic development and create partnerships that drive economic development, bringing into focus viable, valid and qualified business plans and creating the confidence for Africa-friendly to say yes.”
