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Esinathy Sibanda, Chronicle Reporter
MEGA investment projects approved by Government this week are a vote of confidence by investors in the country’s economy and its political leadership, economists have said.

Cabinet approved for immediate implementation 11 investment projects worth $5,3 billion cutting across various economic sectors that were processed by the One-Stop Investment Service Centre.

The approval of the deals is in line with the “Zimbabwe is open for Business” mantra.

Economists said these are the fruits of the Government’s ongoing re-engagement efforts that started last year after the ushering in of the new dispensation.

They said the investments will facilitate technological transfer, introduction of new products into the market, infrastructure development and job creation among other benefits.

Economist, Dr Gift Mugano, said Government has done a good job because it has changed the trajectory of the country.

“Africa gets about 3 percent of world’s total investments. The continent receives about $53 billion per year and to say the Zimbabwe has approved $5,3 billion worth investments means the country has taken more than 10 percent of the Africa’s annual investments. This total tells you the magnitude of this project. This means the new dispensation is working harder to restore sanity in our economy,” he said.

“When we get investments we smile because every country grows at the backdrop of investments. If you look at the Asian titans, it was at the back of massive investments going into those countries that their economies boomed. To be quite specific, China, is the second biggest economy in the world and has foreign currency reserves of over $4 trillion because investors built massive capacity in that economic powerhouse.”

The approved projects include the joint venture partnership between Verify Engineering Private Limited and Magcor Consortium Group of Companies on coal to fertiliser manufacturing valued at $750 million, the joint venture partnership between Verify Engineering Private Limited and Magcor Consortium Group of Companies on the manufacturing of medical and industrial gases valued at $5,3 million.

Also approved is the joint partnership between Mindlink Holdings and Government of Zimbabwe on establishment of a Bullion Bank valued at $2 billion and the joint venture between Hondius Capital Management, an asset management firm and the Infrastructure Development Bank of Zimbabwe on infrastructure development through establishing the Zimbabwe Infrastructure, Housing and Development Bank valued at $800 million.

Other approved projects include the Iron and Steel Company of Zimbabwe (Pvt) Ltd project for manufacturing of iron and steel in a Special Economic Zone valued at $1,1 billion, the Zimbabwe FINCOMECO on the establishment of a Warehouse Receipt System and Agriculture Commodity Exchange in Zimbabwe ($81,365 million) and a joint venture partnership between the Cold Storage Company (CSC) and Boustead Beef (Pvt) Ltd on the livestock joint farming concession ($130 million).

Afrochine (Pvt) Ltd, a Chinese company on ferrochrome will be mining and smelting in a Special Economic Zone in a project worth $200 million while Nkonyeni Agriculture will set up warehouses, an inland trading port and agro-processing plant in a Special Economic Zone at a cost of $200 million.

Another Chinese firm, Suwerin (Pvt) Ltd will mine and process granite in a Special Economic Zone in a project worth $20 million while Berhad Development Corporation (Pvt) will run a diamond processing, diamond training school and diamond exchange trading Special Economic Zone valued at $53 million.

Mr Denford Mutashu, a prominent retailer said Government is walking its talk. He said the investments put the country in good stead to achieve its goal for an upper middle-income status by 2030.

Mr Mutashu said with the latest developments, the country is on the road to also achieving its targets outlined in the Transitional Stabilisation Programme, the country’s new economic blue print. He said the deals build confidence in the economy which is poised for growth.

“Having such mega investments for us is a vote of confidence in the economy and the country’s political leadership. Having a government which prioritises economic development is what is needed by Zimbabwe right now and thankfully, President Mnangagwa is materialising the vision he had since last year,” said Mr Mutashu.

“Vision 2030 will be achievable through coordinated annual economic growth targets averaging 8 percent. This will be anchored by unlocking potential in all strategic sectors like agriculture, mining, manufacturing and tourism through local and foreign direct investments.”

Another economist, Mr Luxon Zembe, said what is critical now is to fully execute the investments and see the economy begin to move in the right direction.

“This is amongst the few biggest investments the country has ever experienced, which is a sign of confidence in the economy and Government. We pray that everyone starts focusing on economic development not politics,” he said. — @esinathy_essira