Wednesday , September 28 2022

Investment queries top $ 15 billion | Day of Zimbabwe


Zvamaida Murwira Senior Reporter
The Zimbabwe Investment Authority received 165 business applications worth more than $ 15.8 billion by June, backed by sustained economic growth supported by various industries, the government's minister said.

Finance and Economic Development Minister Professor Mthuli Ncube said that Zimbabwe is one of Africa's fastest-growing economies and that the government will continue with investment surveys to reveal the value of potential investors.

Professor Ncube spoke at the National Assembly on Wednesday last Wednesday and issued a ministry statement on the state of the economy.

"Within the new government, confidence in business in Zimbabwe is gradually restored and Zimbabwe is indeed open to business.

"In the first half of 2018, the Zimbabwe Investment Authority received 165 applications worth $ 15.8 billion over investment queries at various line ministries and individual companies.

"The government is conducting various investment queries to raise $ 1.8 billion in external investment, which is expected to be $ 2 billion expected in 2019 in 2018," said Professor Ncube.

"We are one of the most growing economies in Africa, with some of Zimbabwe's drivers in terms of growth being China's growth, China is expected to grow at around six and a half per year, and growth is strong in terms of commodity, because Zimbabwe is a producer of commodities. "

He said growth in India also helped Zimbabwe to grow.

"Meanwhile, the economy is expected to exceed initial budget growth by 4.5% to 6.3% by 2018," said Prof Ncube.

He cited agriculture, mining and construction as sectors that supported growth.

"As for tax revenue, we collected $ 3.8 billion by September, and I just received a signal that we are doing well." Yesterday (Tuesday), my Zimra team confirmed that we achieved our target for the year as regards collections, and we are likely to exceed the target for 2018, "said Prof Ncube.

Professor Ncube has previously begged lawmakers and ministers to tighten belts that approval of vehicle purchases may take a long time because of limited fiscal space.

He answered questions from legislators about when they got their vehicle.

Others have also asked why government ministers and senior officials spend rich when traveling abroad when ordinary people were asked to tighten belts.

"As a government, we did not allow the purchase of vehicles for ministers and parliamentarians, there is no rich path, but one of our priorities is to limit our budget," he said.

"We are aware of the fact that you have to do a lot of work in the long run, but since then we have to signal, as an executive and parliamentary body, that we mean a business with austerity measures.

"We are working on our budget, and we will submit our budget schedule on November 22, 2018. At this stage, I will say when I will provide the cars, but since then I'm still not ready to provide them," said Prof Ncube.

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