Zimbabwe Builder Groups Project Surge in Foreign Investment Until 2029
ZBCA President Tinashe Manzungu outlined annual growth targets of 10-15% in foreign direct investment (FDI), building from a $500 million baseline.
HARARE, Zimbabwe— The Zimbabwe Building Contractors Association (ZBCA) and Zimbabwe Investment and Development Agency (ZIDA) signed a partnership agreement recently projecting up to $3 billion in foreign direct investment over five years, a significant increase from current levels, writes AfricaBrief Reporter.
ZBCA President Tinashe Manzungu outlined annual growth targets of 10-15% in foreign direct investment (FDI), building from a $500 million baseline.
"The impact of the collaboration between ZBCA and ZIDA could realistically aim for improved processes, investor confidence, and targeted promotions," Manzungu said.
The projected growth pattern shows steady increases: $550 million in year two, $605 million in year three, $666 million in year four, and reaching $733 million by year five.
Current FDI inflows have fluctuated between $400-500 million annually, according to Zimbabwe's National Investment Policy.
The memorandum of understanding focuses on five key areas: streamlining investment processes, building investor confidence, facilitating public-private partnerships, enhancing skills development, and promoting sector-specific opportunities.
"The partnership can enhance investor confidence by providing clear and consistent information about the construction sector in Zimbabwe," Manzungu said.
"ZBCA, as a local authority, can offer insights into the reliability of local contractors, the quality of construction materials, and the market's overall stability."
The agreement emphasizes workforce development through training programs pairing foreign experts with local contractors.
"A more skilled workforce will assure foreign investors of the quality of work and competitiveness of the local construction sector, thus making Zimbabwe a more attractive investment destination," Manzungu added.
The partnership also aims to influence policy reform.
"ZBCA can leverage its industry knowledge to provide feedback to ZIDA on existing policies that may hinder investments and suggest improvements," Manzungu said, noting the agreement's potential to enhance regional infrastructure development across Southern Africa.