The Zimbabwe Investment and Development Agency (ZIDA) has signed a tripartite Memorandum of Understanding (MOU) with Singapore Corporation Enterprise (SCE)-the Asian country’s investment agency and AF Power, a Singaporean company with investments locally in a collaborated effort to cement investment ties between the two countries.
A series of workshops have been lined up to capacitate ZIDA members on various investment promotion initiatives riding on Singapore’s success story as the world’s best investment destination, according to the World Bank Ease of Doing Business Index.
“It’s our intention to learn as much as we can in repositioning Zimbabwe as an investment capital in the regional,” ZIDA chief executive officer, Doug Munatsi, told delegates at the virtual ceremony.
“This corporation with SCE will help us learn in areas were Singapore excelled, particularly in the promotion of Especial Economic Zones (SEZs),” he added.
Zimbabwe recently adopted the concept of SEZs and identified areas across the country were these economic hotspots will be set up, although there hasn’t been significant momentum taking place.
SCE has collaborated with 20 countries across Africa in areas of crafting economic roadmaps and policy reviews while AF Power has renewable energy investments taking place in the country.
AF Power Zimbabwe, which intends to establish a 50MW solar power plant in Upper Nondwane area, Bulawayo District which is the first phase of its 200 MW program.
“It is our belief that Zimbabwe has a very bright future. We have taken this initiative of facilitating this collaboration because we have investment interests in Zimbabwe,” AF Power CEO, Sanjeev Patel said.
Zimbabwe has been vigorously pushing its investment promotion drive since the coming in of the second republic under President Emmerson Mnangagwa by implementing reforms, particularly in the ease of doing business area following years of economic stagnation.
The country has progressed from being ranked 162 in 2017 to 140 in 2020, according to the World Bannk’s Ease of Doing Business Index.