- ZIDA achieved full digitalization of operations in Q4 2024
- 98.1% of license applications were processed through the "Do It Yourself" Licensing Portal
- Despite more licenses issued, the total value of investments committed declined by 60.2% to US$4.59 billion from US$11.50 billion in 2023
Harare-The Zimbabwe Investment and Development Agency (ZIDA) has successfully achieved its goal of fully digitalising its operations in the fourth quarter of 2024, according to its latest Q4 2024 report.
The report shows that 98.1% of license applications were initiated and processed through the "Do It Yourself" Licensing Portal, significantly reducing average processing times to under five days.
Digitalising the licensing process offers numerous advantages, enhancing operational efficiency and user experience. Automation reduces manual tasks, streamlining the application and approval processes, leading to shorter processing times.
As a result, licenses issued increased by 34% to 200 from 149 issued in 2023 during the same period.
The Electronic Platform, launched in February 2024, aimed to enhance the ease of doing business in the country.
"During the quarter, 98.1% of license applications were initiated and processed on our 'Do It Yourself' Licensing Portal, reducing the average processing time to less than 5 days," said Mr. Tafadzwa Chinamo, Chief Executive Officer.
However, despite the increase in licenses, the total value of investments committed saw a decline of 60.2% to US$4.59 billion from US$11.50 billion in the comparative period in 2023.
In 2024, lithium prices decreased, leading to a scale-down in lithium projects and a corresponding decrease in mining licenses.
Real estate licenses emerged as a leader in terms of investment value, constituting 43.6% of the total projected investments for the quarter, followed by the energy sector at 22.76%.
The real estate sector dominated with a proposed investment value of US$2 billion.
"As we plan for 2025 and beyond, our attention will be on all sectors, provinces, and stakeholders in line with the Government's aspirations to becoming an upper-middle-income economy by 2030," said Mr. Chinamo.
"Emphasis will be placed on attracting investment in innovation, technology, and manufacturing, incorporating sound ESG principles and ensuring all investments are sustainable and socially responsible."
Equity Axis News
