Sunway City, a unit of the Industrial Development Corporation, has commissioned a South African firm to conduct a feasibility study on the viability of a plan to set up a technology hub.
Fungisai Mupazviriho, the general manager of Sunway City, whose industrial hub, Sunway City Industrial Park has been earmarked for a special economic zone (SEZ), said a number of international investors had shown interest in the area.
About 80 hectares of the park has been set aside for technology investors.
"The target is to bring high technology investors into Zimbabwe," Mupazviriho told The Financial Gazette on the sidelines of a Zimbabwe National Chamber of Commerce (ZNCC) forum on SEZs held in the capital last week.
"We have about 800 hectares remaining on our integrated industrial park which will be implemented in phases. Of this, 80 hectares will be targeted for high technology investors. We have engaged a South African company to do feasibility study," he said, declining to identify the firm "because of the confidentiality contract that we signed".
Sunway City is situated 11 kilometres east of Harare's central business district and is being developed into specialised industrial clusters, which include a high tech park, medical park, value addition and beneficiation cluster, light industry, office park and recreational park.
Zimbabwe has struggled to attract foreign direct investment due to an unfavourable regulatory environment and a high risk premium.
Consequently, Sunway City, which was established in 1996, has been finding it difficult to find strategic partners to complete the development of the integrated industrial park, which has been identified by government as one of the three pilot SEZs projects.
The other two are Bulawayo and the resort town of Victoria Falls.
SEZs are designated geographical regions which operate under specific economic regulations that are different from other areas in the same country.
They offer special conditions and incentives to promote international competitiveness. Usually the goal of a zone is to increase foreign direct investment (FDI) by foreign investosrs.
The Sunway City integrated park comprises residential stands, an industrial park and space for the establishment of a high technology park and specialist medical facilities.
The project is estimated to cost US$150 million. The envisaged technology park will act as a magnet for information technology and knowledge based industries.