Zimbabwe on the right track- Foreign Minister

Mr Speaker, the sceptics and critics amongst us will no doubt ask why, if all these projects and investments have materialised, as approved, why we do not yet appear to feel or see the impact of those inflows upon our economy.

I have pointed out that the vast majority of the approved investments, in terms of the quantum of funding committed, are in the mining and energy Sectors.  These projects invariably have long gestation time-frames due, in part, to the need for detailed and often costly pre-feasibility studies, power purchase agreements (PPA’s)(in the case of energy projects), full-feasibility studies and the various stages of  exploration.  All such projects also have to conduct detailed environmental impact assessments.

Although, as Minister of Foreign Affairs and International Trade, I have no direct oversight function in following-up on the exact status of each approved investment; that is more appropriately the role of the Minister of Finance and Economic Development, line ministers and, increasingly, ZIDA.  What I can say is that most of the approved Mining Sector projects, including a US$ 1.2 billion approved Asian investment in the development of Coal Bed Methane,  are currently at exploration-stage and advancing.

I have already referred to the major ongoing Energy Sector projects. A raft of other smaller energy-related projects; primarily renewable energy in the form of solar and/or hydro-power are currently at various stages of preparation or implementation.  Together, they account for some US$ 1,2 billion of approved investment in the sector (over the period 2018-2019) and will substantially boost electric power generation in our country. Two other major power projects are currently under consideration.

It is true, Mr Speaker that within a relatively short space of time, Zimbabwe will be a net exporter of electric power, further underlining its strategic importance as the natural logistic and supply or distribution hub for the Region.

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