5 FEBRUARY 2019
MEDIA RELEASE BY THE ZIMBABWE SPECIAL ECONOMIC ZONES AUTHORITY
Following the declaration of the Belmont, Kelvin and Donnington as a Special Economic Zone Corridor in Bulawayo on the 31st of August 2018, the Authority has received a number of applications for investment licenses in this special economic zone corridor. After a thorough assessment and receiving the necessary approvals the Authority is pleased to advise that 3 investors have been approved for special economic zone status and these are;
a) Chingases (Pvt) Ltd – this is a company that shall venture into the production of gas for domestic, industrial and medical use. The project will attract foreign direct investment to the tune of USD$ 5 million with an estimated revenue of USD$ 2 million per annum through both local and export sales.
b) Coliman (Pvt) Ltd will invest approximately USD$15 million dollars in foreign direct investment through capital and working capital and will set up an earthmoving equipment manufacturing factory and will also invest in a cotton spinning factory to spin cotton for export. The project is expected to make an income of approximately USD$4.5 million per annum
c) Shepco BMA Fasteners will see an expansion to the already existing business project through a USD$ 2 million capital injection into the production and manufacturing of bolts, nuts, nails and mining roof support systems as well as general machining and engineering. The project will generate revenue of an estimated USD$4 million per annum from its second year going forward.
These projects will contribute greatly towards introducing new technologies and skill, value addition, import substitution and creation of thousands of direct and indirect jobs in the main projects and downstream. Combined together the projects will generate export and import substitution revenue amounting to approximately USD$10 million annually.
The authority is still receiving more applications into this corridor and we are calling upon all interested investors to invest in the factory shells and industries that are in the Belmont, Kelvin and Donnington Special Economic Zone Corridor.
On the 1st of February 2019 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.
Through the sound vision of His Excellency the President of the Republic of Zimbabwe Cde. E.D. Mnangagwa, the Authority is confident that the special economic zone model will help expedite the achievement of the vision to be an upper middle class economy by 2030.
To date the Authority has declared 4 special economic zones in Mutare, Bulawayo, Beitbridge and Victoria Falls and the implementation plans for the operationalisation of these zones are now at an advanced stage with a concept masterplan having been developed for the Victoria Falls and Beitbridge special economic zones. The Authority is also finalizing the development of a viable concept masterplan for the development of the earmarked Sunway City Special economic zone.
Chief Executive Officer’s office