The Sunday News
Tichafara Bepe, Sunday News Reporter
THE Zimbabwe Investment Authority approved 25 investment projects worth US$174,5 million in January as the country continues to push to attract more investment and grow the economy.
Of these, 16 were by foreign investors while the remaining nine were joint projects between foreign and local investors, the Ministry of Finance and Economic Development revealed in its January edition of the Monthly Economic Update.
“Total investment in January 2019 stood at US$174,5 million, where foreign investment accounted for US$84,5 million, and joint venture investment accounted for US$90,0 million. Investment goods worth US$73,7 million were shipped into the country in January 2019, where US$18,6 million were imported by foreign investors and US$55,1 million jointly by foreign and local investors. The largest share of investments accrued to the Services sector (32 percent or US$55,8 million), followed by Energy (31 percent or US$55 million), Mining (17 percent or US$28,6 million), and Manufacturing (15 percent or US$25,9 million),” said the ministry.
In January the country’s merchandise exports stood at US$292,6 million, a 20 percent decline from the US$364,8 million realised in December 2018, said the Ministry of Finance. The exports were mainly from gold (22 percent), flue-cured tobacco (22 percent), nickel mattes (19 percent) and nickel ores and concentrates (12 percent), ferro-chromium (5 percent), and tobacco (3 percent). The top export destinations were South Africa, United Arab Emirates, Mozambique, constituting 53, 14, and seven percent respectively.
“Mining exports for the month of January 2019 declined by one percent to about US$190 353 million from US$202 705 million recorded in December 2018, contributing around 65 percent to total exports. This decline is reflective of the foreign currency crisis that was being faced by miners during the period under review.”
In January, Government repaid Treasury Bills amounting to US$95,9 million which were maturing the same month. The Ministry of Finance and Economic Development said the payments showed Government’s commitment to honour its domestic debt on time.
On the employment front, Nssa registered 5 061 new employees from 134 employers in January this year. Treasury said it would continue to update monthly economic developments month on month.
