Bulawayo industries get $22m investment boost

THE Zimbabwe Special Economic Zones Authority (ZIMSEZA) says it has approved $22 million worth of investments for Bulawayo.
This comes as government is implementing various measures to revive the country’s second largest city, which was once regarded as an industrial hub before the economy took a knock in the early 2000s due to bad policies.
ZIMSEZA yesterday said it had received a number of applications for investment licences for Belmont, Kelvin and Donnington areas, which were designated a Special Economic Zone Corridor in August 2018,
“After a thorough assessment and receiving the necessary approvals, the authority is pleased to advise that three investors have been approved for special economic zone status,” the Edwin Kondo-led institution said in a statement.
The authority said it has so far approved an investment by Chingases, a producer of gas for domestic, industrial and medical use.
“The project, which has an estimated revenue of $2 million per annum, will attract foreign direct investment to the tune of $5 million,” ZIMSEZA said.
The regulator also approved investment by Coliman, which it says will invest $15 million to set up an earthmoving equipment manufacturing factory as well as a cotton spinning factory to process cotton for export. The project is expected to generate revenue of approximately $4,5 million per annum.
ZIMSEZA also approved Shepco BMA Fasteners in an arrangement that will see an expansion to the already existing business project through a $2 million capital injection for the production and manufacture of bolts, nuts, nails and mining roof support systems, as well as general machining and engineering. The project is expected to generate revenue of $4 million per annum from its second year.
“Put together, the projects will generate export and import substitution revenue amounting to approximately $10 million annually,” the authority said, and that it was still receiving applications for the Bulawayo special economic zone corridor.
Meanwhile, the authority has also amended the Surewin special economic zone through a declaration in the Government Gazette.
The investment is expected to introduce new technologies in granite mining including the setting up of a manufacturing plant for granite cutting and polishing.
To date, ZIMSEZA has declared four special economic zones in Mutare, Bulawayo, Beitbridge and Victoria Falls, with implementation plans “now at an advanced stage”.
The authority says it is also finalising the development of a viable concept master plan for the development of the Sunway City special economi