BY Staff Reporter
The Special Economic Zones Authority says it has approved three investors for special economic zone status in Bulawayo.
This follows the declaration of Belmont, Kelvin and Donnington industrial areas as a special economic zone corridor in Bulawayo.
One of the companies, Chingases, will venture into the production of gas for domestic, industrial and medical purposes. The project is expected to attract $5 million in foreign direct investment (FDI).
Some $15 million in working capital is also expected to be invested by Coliman Limited, which intends to set up a manufacturing factory for earthmoving equipment. The company is also interested in investing in a cotton spinning factory.
A third company, Shepco BM Fasteners, will expand its existing business project through a $2 million capital injection into general machining and engineering.
The authority said it was still receiving more applications from firms interested in investing in the corridor.
“On the 1st of February, the authority also amended the Surewin Special Economic Zone through a declaration in the Government Gazette under General Notice 104 of 2019.
The investment will introduce new technologies in granite mining and setting up a manufacturing plant for granite cutting and polishing including production of tiles and related products,” the authority said in a statement.
To date, Zimbabwe has set up four Special Economic Zones namely Mutare, Bulawayo, Victoria Falls and Beitbridge in an attempt to attract foreign capital into the southern African country, which has struggled to attract meaningful investment because of its battered image.
In 2018, Zimbabwe attracted a paltry $470 million in foreign capital, which was a far cry when compared with its regional peers.