Zimbabwe has had a tumultuous economic past, with hyperinflation and a controversial political environment creating uncertainty for businesses. However, in recent years, there has been a shift in this narrative, and the country is now making strides towards becoming a business-friendly environment. In this blog post, we will take a look at the latest business news and updates in Zimbabwe.
Investment Opportunities:
Zimbabwe is a country filled with investment opportunities in various sectors such as mining, agriculture, manufacturing and tourism. The government has opened up investment to foreign nationals, which has created an uptick in investment interest from countries such as the United Arab Emirates, China, and Russia. One of the latest projects in Zimbabwe is the construction of a new $5 billion platinum mine, announced in May 2021. This project is expected to bring about significant job opportunities and revenue to the country.
Ease of Doing Business:
In 2019, Zimbabwe launched its ease of doing business reforms. The reforms aimed to remove bureaucratic obstacles that hinder business growth. The impact of these reforms has already been seen, with Zimbabwe rising 15 places in the World Bank’s “Ease of Doing Business Rankings” in 2020. This improvement is expected to increase foreign investment flow into the country.
Technology:
Technology is becoming increasingly important in Zimbabwe’s business landscape, with the use of mobile money, Internet of Things and Artificial Intelligence gaining momentum. Online marketplaces such as Buy Zimbabwe and Zimall are also making it easier for businesses in Zimbabwe to connect with customers. The government has announced plans to introduce a National Data Centre, which is expected to enhance e-government initiatives and improve internet connectivity across the country.
The Agriculture Sector:
Agriculture is a vital sector in Zimbabwe, contributing significantly to the country’s Gross Domestic Product. The government has embarked on several initiatives to support agricultural growth, such as the Presidential Pitch Competition, which provides funding support to small-scale farmers. The government has also implemented the Command Agriculture programme, aimed at ensuring food security for the nation. The programme has supported over 400,000 farmers with various inputs and funds, contributing to a bumper harvest in 2021.
Conclusion:
As this blog post has highlighted, Zimbabwe is undergoing significant changes in its business environment. The country is embracing investment, easing bureaucracy, investing in technology and supporting key sectors such as agriculture. These changes illustrate a shifting narrative towards a more business-friendly Zimbabwe. As we move forward, we hope to see a continuous stream of positive updates that will continue to boost the country’s potential for growth and economic prosperity.
