New investment projects implementation slow

New investment projects implementation slow
Published: 17 April 2014
The Zimbabwe Investment Authority says less than 50 percent of approved investment projects in the country are implemented as the FDI inflows remain suppressed.

In the past, several projects have been proposed in the country, but implementation of has proved one of the major problems.

Zimbabwe's foreign direct investment in-flows in 2012 reached $400 million after receiving proposals totalling $909 million. ZIA chief executive Richard Mbaiwa said projects, especially in mining, were taking long to be implemented.

"When investors apply for a license, we give them two years to implement the projects but we usually find that most of them come back for an extension. They say they need time to organise the funds and buy equipment so it takes longer for us to realise the value of that project," he said.

Mbaiwa said the country was still ranked very low in terms of FDI inflows compared to other countries in the region. He said while Zimbabwe received $400 million in 2012, Mozambique and Zambia each received $5 billion and Botswana got $300 million despite being a very small country.

"Our performance is still below the level we can achieve when we compare to other countries of the same geological background as us," he said.

He said the success of Special Economic Zones would enhance the levels of FDI inflows and boost export levels.
- BH24
Tags: ZIA,


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