|ZIA approves US$3,1 bn projects in 2015|
|Wednesday, 06 January 2016 17:08|
Projects worth US$3,1 billion were approved by the Zimbabwe Investment Authority (ZIA) in 2015, up from the previous year’s level of US$1,1 billion.
2015 proved to be a better year on the investment side with a total of 170 projects valued at US$3,1 billion having been approved.
The bulk of the approved projects were in the manufacturing sector.
In 2014, total projects approved stood at 157 and were valued at US$1,1 billion.
The Permanent Secretary in the Ministry of Economic Planning and Investment Promotion, Dr Desire Sibanda said the rate of implementation of the approved projects remains low and government will in 2016 concentrate on improving the implementation rate.
"The increase in value of approved projects is encouraging, what is worrying though is the implementation rate. Going forward will be to concentrate on actualisation of the approved projects," said Dr Sibanda.
In terms of sectors breakdown, manufacturing was the major destination for capital with 63 projects approved worth US$1,9 billion followed by the services industry with 37 projects accepted valued at US$484 million.
Zimbabwe has set its sights on increasing the capital inflows.
A raft of measures is being pursued to further enhance the investment climate.