Investment approvals at US$305,6 million in first half 2016
THE Zimbabwe Investment Authority (ZIA) says investment approvals in the first half of 2016 reached US$305 587 782.77 from 84 projects compared to 67 that were approved same period last year on the back of improved appetite for investment in Zimbabwe.
However, the 67 projects approved same period last year had a higher value of US$1 004 234 892 as compared to this year’s figure of US$305.59 million due to a single investment in the manufacturing sector that was approved at US$721 986 639.00.
Of the number of projects approved, 14 were foreign investments with a value of US$42,977 million while joint ventures at 70 were valued at US$262,61 million.
The country has been implementing a raft of measures aimed at improving the ease of doing business in order to boost foreign investment in the country and it seems the measures are bearing fruit. Investor confidence has been on the rise since last year as indicated by growing investor interest in the country’s manufacturing sector.
According to ZIA, total investment approvals in the manufacturing sector were down to US$49 208 million from 29 projects compared to US$721 million from 26 projects approved same period last year.
Investment in the mining sector increased with 25 projects valued at US$50,71 million approved in the first six months of 2016 as compared to 16 projects with a total value of US$155,89 million same period in 2015.
The tourism sector improved significantly with 4 projects valued at US$2,52 million being approved compared to 1 project approved same period in 2015 at the value of US$434 624.
The energy sector registered two projects at the value of US$107,9 million with no energy approval same period in 2015.
Construction attracted high value projects with 2 projects valued at US$19,05 million in the first six months of 2016 compared to two projects at US$7,4 million approved same period last year.
Investment in the transport sector improved to six projects at US$6,49 million compared to two projects at US$61,4 million that were approved same period last year
However, there was a significant drop in investment in the agricultural sector with one project at the value of US$250 000 being approved in the period under review compared to two projects at the value of US$3 million that were approved same period year.
The Services sector also registered a significant drop with 15 projects valued at US$69,46 million being approved in 2016 as compared to 18 projects at US$114 124 million same period last year. FinX
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