The Zimbabwe Investment Authority recorded a 675 percent increase in investment projects in the first quarter of 2015 with approved projects worth 721 million U.S. dollars from 93 million U.S. dollars in the same period last year, the state-run Sunday Mail reported on Sunday.
Of these, four projects worth 660 million U.S. dollars were from foreign investors, while 30 projects worth 54.8 million U.S. dollars were joint venture projects forged between local and foreign investors. Most of the investments poured into the manufacturing sector, way ahead of mining and service sectors.
The government projects 2 billion U.S. dollars in potential investment this year, up from 1.1 billion U.S. dollars last year.
The foreign direct investment inflows into Zimbabwe have remained significantly low, with the country ranking among southern African countries that received the least FDI inflows. Analysts say policy uncertainly and inconsistency, particularly on the Indigenization and Economic Empowerment Act which requires foreigners to sell majority shareholding to locals, is one of the factors affecting investment into the country. Enditem