Zimbabwe’s bid to woo foreign capital has received a boost after a South African businessman announced plans to invest a whopping $1.2 billion in various projects.
Guma Group Chairman, Robert Gumede, said on Monday that he will invest in solar energy, water treatment and plans to build a five star hotel in Victoria Falls among other projects.
It’s the quick win that Zimbabwe’s new administration was hoping for to help its economic turnaround drive which is hinged on attracting foreign direct investment.
The expectation is that this will act as a catalyst for other businesspeople, undecided about the country, to bring their money here.
Contentious indigenisation laws, which had previously scared away investors, have been withdrawn and reforms to ease the business climate are being sped up.
In 2015, Africa’s richest man, Aliko Dangote mooted a building cement factory in the country, but the project did not materialise due to bottlenecks which the current government is rapidly working to unclog.
While taking office, President Emmerson Mnangagwa promised to revive the economically distressed nation.
