New investments top US$146 million

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ZIMBABWE’S economy continues on a positive trend as marginal gains have been recorded in the investments made into the country so far this year. According to a report by the Zimbabwe Investment Authority (ZIA), for January to March this year, investments amounting to US$146 million were realised in the country, up from US$69 million last year. The services sector has contributed much to this year’s investment with US$106 million employing 921 people. The mining sector contributed about US$26 million, creating 779 jobs down from US$50 million. However, the corresponding period last year saw investment inflows of US$69 million with US$50 million, coming from the mining sector creating 526 jobs. Positive trends have been recorded in the mining sector which is projected to contribute about 44 percent of the country’s Gross Domestic Product (GDP) this year. The manufacturing industry has witnessed positive growth from US$9 million to US$13 million worth of investments with 601 jobs in the offering this year. The first quarter of last year saw export earnings amounting to US$8 million and this year, US$67 million has been realised. However, according to the report, local investors have marginally contributed to the total investments. In the period under review this year, locals contributed US$4 million out of a total of US$146 million while the difference came from foreigners. Last year, local investors contributed US$25 million of the US$69 million invested with foreigners contributing US$44 million. Meanwhile, no investments into agriculture, construction, tourism and transport sectors have been recorded. In the corresponding period last year, the sectors recorded US$2 million, US$1 million, US$500 000 and US$1,2 million respectively. Foreigners have, however, contributed significantly to the country’s investments in both periods under comparison. Joint investments have also been minimum in the same period. However, economic analysts project that the country’s economy will continue progressing tipping the mining sector too.

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