The ManicaPost
Cletus Mushanawani
News Editor
MANICALAND’S relentless efforts to grow its provincial Gross Domestic Product (GDP) and economy received a timely boost as the province attracted investment worth US$41.81 million, mostly in the mining sector, during the third quarter of this year.
The province is blessed with a lot of minerals, among them diamonds, gold, lithium and phosphate and has continued leveraging on these and other natural endowments to grow its GDP.
In its third quarter report tabled recently, Zimbabwe Investment and Development Agency (ZIDA) revealed that the country secured investments worth US$3.4 billion during the period under review.
Of the US$3.4 billion, Foreign Direct Investments (FDIs) accounted for US$3.38 billion, while Domestic Direct Investments (DDIs) chipped in with US$27.9 million.
Of the 180 new licences issued during the third quarter, Harare had 99 worth US$657m, Midlands 17 worth US$36m, Mashonaland East 16 (US$246m), Mashonaland West 12 (US$2.3 billion), Manicaland 11 (US$41.81m), Mashonaland Central (seven,US$9.8m), Masvingo Province (five, US$38.8m), Matabeleland North (five, US$51.5m), Bulawayo (five, US$6.3m) and Matabeleland South (three, US$9.9m).
For Manicaland, the number of new investment licences issued jumped from three during the same period in 2022 to 11 during this third quarter.
The three investment licences issued in 2022 were valued at US$3.36m, while the 2023 investment licences were valued at US$41.81, thereby confirming that Manicaland is on the right track to claim its position as an investment destination of choice.
ZIDA chief investment promotion officer, Ms Silibaziso Chizwina said: “Manicaland Province attracted the most investment in the mining sector, with investments valued at around US$41.81m, with a small amount skewed towards the services sector. This indicates that investors are particularly interested in the potential for growth and development in the mining sector of Manicaland.
“There are nine investments which are mining based, with two which are services. The province has, thus, attracted mining investments.”
In its quest to attract more investors in the mining sector, the investment and development agency developed an online platform, the ZIDA Mining Claims Matchmaking Platform. To register on the platform, claim holders need to scan and upload their identification documents, claim registration certificate, valid inspection certificate, site map and a payment of US$500 per claim.
“The Mining Claims Matchmaking Portal is a platform that connects mining claim holders with potential investors. The platform allows mining claim holders to list their claims and provide comprehensive information about the size, location, mineral and service required from potential investors.
“ZIDA will market the claims to potential investors on the platform, which is open to all mining claim holders in Zimbabwe, be they individuals, companies or syndicates. The platform also provides a convenient way to connect with potential investors to secure the financing and expertise they need to bring the mining project to life.
“The ZIDA Mining Claims Matchmaking Portal is a relatively new platform, but we have recorded considerable appetite from claim holders, most of which are from Manicaland Province. Efforts are being made to ensure we drive the platform’s awareness more across the country and beyond,” said Ms Chizwina.
The continuous investments in Manicaland dovetails with Minister of State for Manicaland Provincial Affairs and Devolution, Advocate Misheck Mugadza’s vision of developing the provincial GDP and economy.
Speaking during the inaugural Manicaland Provincial Business Indaba which was hosted by The Manica Post last week on Friday, Minister Mugadza said: “As the people of Manicaland, I know that we can do better in our ways of approaching developmental issues and business operations. We need to get Zimbabwe moving as we cannot have any more drift and delay at this vital time.
“For too long, our economy has not grown as strongly as it should have done.It is wrong to invest only in places which are thriving, as economic models often have it.
“We need to fund development in the furthest areas of our province like Mahenye in Chipinge and Fombe in Nyanga. For too long, the political debate has been dominated by the argument about how we distribute a limited economic cake.
“Instead, we need to grow the cake so that everyone gets a bigger slice.That is why I am determined to take a new approach and ensure everyone benefits from the economic revival programmes.”
