The Zimbabwe Investment Authority (ZIA) has approved 75 investment projects valued at over US$900 million from January to May this year compared to 72 investment projects valued at US$104 million at the same period last year reflecting an 88,5%Â increase.
The increase in approved investment projects this year compared to last year has been attributed to the setting up of the One Stop Shop Investment Centre which became operational early this year.
In an interview in the capital, ZIA Chief Executive Officer, Mr. Richard Mubaiwa said the increase in approved projects indicates the improved investor confidence and consistency in policy formulation.
â€œZimbabwe Investment Authority has approved 75 investment projects between January and May worth US$906 million compared to last yearâ€™s 72 projects worth US$104 million. There is a great increase in terms of which is attributed to the macro-economic environment as well as investor confidence,â€ said Mr. Mubaiwa.
Figures from the ZIA show that investment inflow increased in the month of May which demonstrates the countryâ€™s investment climate.
The agricultural sector recorded two projects worth US$444 million, with the manufacturing sector recording 34 projects worth US$104 million.
Mining came third with 20 projects worth US$239 million, while services had 18 projects worth US4108 million.
The 75 investment projects will create employment for 5 246 people generating US$438 million compared to last yearâ€™s US$35 million.
26 investment projects are foreign owned with 49 projects being joint ventures.