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Oliver Kazunga, Acting Business Editor
THE Zimbabwe Special Economic Zones (Zimseza) has approved for Special Economic Zones status three companies in Bulawayo which will set up investments with a combined value of $22 million.

The investors are Coliman (Private) Limited which is set to inject $15 million in Foreign Direct Investment (FDI), Chingases (Pvt) Limited, which is set to invest $5 million and Shepco BMA Fasteners which will spend $2 million expanding its already existing business in the city.

In a statement, Zimseza said the approval of the above mentioned projects follows a number of applications for investment in the Belmont, Kelvin, and Donnington industrial sites, which has been declared a Special Economic Zone (SEZ) corridor. “After a thorough assessment and receiving the necessary approvals, the authority is pleased to advise that three investors have been approved for SEZ status and these are:

“Chingases (Pvt) Limited, a company that shall venture into the production of gas for domestic, industrial and medical use. The project will attract foreign direct investment to the tune of $5 million with estimated revenue of $2 million per annum through both local and export sales.

“Coliman (Pvt) Limited will invest an estimated $15 million in FDI through capital and working capital and will set up an earthmoving equipment manufacturing factory and will also invest in a cotton spinning factory to spin cotton for export.”

Zimseza said the project was expected to generate an estimated income amounting to $2 million per annum.

The authority said the Shepco BMA Fasteners’ existing project will see the $2 million capital being injected into the production and manufacturing of bolts, nuts, nails, and mining roof support systems as well as general machining and engineering.

“The project will generate an estimated $4 million per annum from its second year going forward.”

It is hoped that three above projects will also have a combined export and import substitution revenue amounting to an estimated $10 million annually.

Zimseza said it was still receiving more applications into this corridor and called upon all interested investors to invest in the factory shells and industries that are in the Belmont, Kelvin and Donnington SEZ corridor.

On the 1st of February, Zimseza also amended the Surewin SEZ through a declaration in the Government Gazette under a General Notice 104 of 2019.

The investment will introduce new technologies in granite mining and set up a manufacturing plant for granite cutting and polishing including production of tiles and related products.

“Through the vision of His Excellency the President of the Republic of Zimbabwe Cde ED Mnangagwa the authority is confident that the SEZ model will help expedite the achievement of the vision to be an upper middle class economy by 2030.”

To date, the authority has declared four SEZs in Mutare, Bulawayo, Beitbridge and Victoria Falls.

Implementation plans for the operationalisation of the aforesaid zones were at an advanced stage with a concept masterplan having been developed for the Victoria Falls and Beitbridge SEZs.

The authority is also finalising the development of the earmarked Sunway City SEZs. — @okazunga.