The country's southern region has attracted new investment projects valued at about US$936 million so far this year, confirming the transformative impact of the Second Republic's ease of doing business reforms, which continue to unlock new opportunities across various sectors in all provinces.
According to the Zimbabwe Investment and Development Agency (ZIDA), the southern region, which covers Bulawayo, Matabeleland North and South, Masvingo and the Midlands, has vast economic potential boasting lucrative opportunities encompassing energy, mining, and farming, tourism and manufacturing spheres.
Matabeleland region alone has secured high-impact investments under President Mnangagwa's administration such as the US$1,5 billion 600MW Hwange Unit 7 and 8 expansion project, which was commissioned last year, massive coal and coke projects in Hwange and Binga districts, tourism infrastructure upgrades in Victoria Falls, and lately the establishment of multi-million lithium mining and processing projects in Kamativi, Insiza District and in Gwanda, among others.
The growing investor interest in the region has a positive bearing on livelihoods through increased job opportunities, enhanced access to key services coupled with improved investments on downstream social service delivery elements.
These are at the heart of Government's inclusive development thrust as espoused in the National Development Strategy (NDS1), and the ultimate Vision 2030 targets.
Last year, ZIDA established an office in Bulawayo to devolve its operations, help attract and support wider investment into the city and its sister southern region peers -- Matabeleland North and South, Masvingo and the Midlands.
Speaking during a two-day capacity building workshop for the southern region, which began in Bulawayo on Monday, ZIDA chief business development officer, Mr Noel Mahombera, said the region has become a solid economic zone with higher potential to contribute more to the national GDP while ensuring sustainable and equitable development for the whole country.
He said there was higher expectation that discussions and insights shared during the workshop will contribute to transforming the southern region into a dynamic economic hub, attracting investments and fostering growth.
"By turning this region into a key economic zone, the aim is to significantly increase provincial GDP, ensuring sustainable and equitable development for our nation," said Mr Mahombera.
"In 2024, we have seen a number of notable investments that highlight progress. Some key projects include the establishment of a solar farm and a thermal power station in the Midlands province, chrome mining and smelting activities in Masvingo, lithium and graphite mining and processing in Matabeleland South, and the manufacturing of cement right here in Bulawayo.
"Together, these projects have a projected investment value of US$936 million, showcasing the economic potential and diverse opportunities within our provinces."
The projects have vast potential in creating employment opportunities, in the process uplifting the livelihoods of communities as the country is driving towards an upper middle economy by 2030, said the official.
The main objective of the workshop is to support the pivotal role of provinces in driving the national development agenda under the devolution framework.
"Public-private partnerships have become an increasingly popular mechanism for infrastructure and service delivery," said Mr Mahombera.
"This workshop will not only develop the tools and knowledge needed in project identification, development, financing, and the appraisal of Public-Private Partnerships (PPPs), but also assist navigation around the complexities of PPP projects and to ensure their successful execution as we contribute to the overall success of infrastructure development in our country," he added.
Mr Mahombera expressed confidence that the stakeholder engagement will serve as a catalyst for accelerating the implementation of investment opportunities in this region and beyond.
He noted that by leveraging the natural resources and unique strengths of the southern region, Zimbabwe can unlock its full economic potential.
Early this year, in its first quarter report, the investment agency outlined numerous multi-million-dollar infrastructural development projects in the Matabeleland region earmarked for this year spanning across transport, tourism, mining, and housing and are set to transform the regional landscape significantly.
Key projects include the rehabilitation and upgrade of a 750km road from Beitbridge through Bulawayo to Victoria Falls, estimated to cost US$1,2 billion.
Additionally, plans involve constructing a new bridge connecting Zambia and Zimbabwe over the Zambezi River, extending the Robert Gabriel Mugabe International Airport-Joshua Mqabuko Nkomo Road, modernising the Kazungula Border post, and rehabilitating the 70km Kazungula Road, were noted.
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The first quarter report shows that enhancing the investment environment will attract new business opportunities and aims to develop a US$15 billion pipeline of investments through resource beneficiation, manufacturing, and technology transfer investments this year.
"The agency's goal for 2024 is to develop a US$15 billion project pipeline through resource beneficiation, manufacturing, and technology transfer. In a bid to achieve that and attract the calibre of investors the country requires; the agency is conducting research for new source markets that have the potential to drive the desired investments into Zimbabwe," reads part of the report.
According to the investment authority's 2024 project brochure, the envisaged rehabilitation and upgrading of Beitbridge-Bulawayo-Victoria Falls pre-feasibility Studies and feasibility Studies and other studies are available.
The Beitbridge-Bulawayo-Victoria Falls route is pivotal due to its economic significance, linking local businesses with neighbouring countries such as Zambia, Democratic Republic of Congo (DRC), and South Africa.
It also serves as a gateway to tourist attractions such as Hwange National Park and the majestic Victoria Falls.
