Zimbabwe Investment Authority (ZIA) spokesperson Nixon Kanyemba said the number of potential foreign investors inquiring about business opportunities in Zimbabwe had gone up in the first five months of the year when compared to the same period last year.
But Kanyemba said investor interest in Zimbabwe was waning with a decrease in the number of the inquiries from foreigners since the government moved to implement the Indigenisation and Economic Empowerment Act that requires foreign firms to sell controlling stake to local blacks.
Kanyemba said the bulk of project proposals from foreign investors were submitted in early January before Indigenisation Minister Saviour Kasukuwere announced plans to compel foreign controlled companies to transfer majority stake to local blacks by March 2015.
He said: “According to official data on investment inflows between January and May 2010, 32 foreign projects were approved while 37 joint venture deals were authorised to operate in the country.
Last year only 36 projects were approved but in the first half of this year 69 were approved. In manufacturing 15 projects were approved last year but this year 40 have been approved.”
Post published in: News