While some foreign-owned companies are making the tough decision to exit the Zimbabwean market, there is growing optimism about the country’s investment prospects.
There is a clear surge in foreign interest, with new businesses establishing themselves, a rise in investment proposals, and a notable increase in inquiries, according to analysts and officials. They believe this positive shift reflects confidence in Zimbabwe’s economic future.
Despite ongoing concerns such as the impact of climate change and the prevalence of informal economic activities, these challenges are not completely overshadowing the country’s potential.
The Zimbabwean government’s efforts to streamline regulations, improve infrastructure, and promote public-private partnerships are bearing fruit, attracting foreign investors keen to capitalize on Zimbabwe’s abundant resources and emerging market.
The Zimbabwe Investment and Development Agency (ZIDA) reported a 19.04% increase in investment licenses issued in the fourth quarter of 2024 compared to the previous quarter, with a total of 200 licenses granted.
The real estate sector dominated this growth, with projected investments reaching US$2 billion, accounting for 43.6% of total investments. The energy sector followed with a projected US$1.04 billion in investments, representing 22.76% of the total.
This uptick in inquiries further highlights the rising interest in exploring business opportunities in Zimbabwe.
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Last year, high-profile delegations visited Zimbabwe, including a notable French delegation with representatives from leading French companies. The Zimbabwe International Trade Fair also saw record attendance, drawing more investors than ever before.
The launch of various investment projects, supported by foreign capital and paired with expansion initiatives, further highlights Zimbabwe’s growing economic activity and potential.
With valuable mineral resources, top-tier tourism destinations, a robust agricultural sector, and a strong workforce, Zimbabwe presents a wealth of opportunities for global investors.
Some foreign-owned companies, such as retail chain Choppies Zimbabwe and global accounting firms like Deloitte, PwC, and Unilever, have recently exited the Zimbabwean market. Deloitte left in June 2024 and rebranded its local unit to Axcentium after a management buyout. PwC followed suit in January 2025, with its local partners transitioning to Vista Chartered Accountants.
In the retail sector, local supermarket chain Sai Mart, owned by Deputy Minister of Industry and Commerce Raji Modi, has taken control of Choppies Zimbabwe.
The decision by Choppies to exit the Zimbabwean market aligns with its broader strategy of ensuring sustainable growth and profitability. Additionally, Standard Chartered Plc was acquired by FBC Bank in 2024, reflecting the evolving landscape of Zimbabwe’s business environment and the growing importance of local partnerships.
It’s important to recognize that these exits are not unique to Zimbabwe. Many multinational companies, including Unilever, Barclays, and Standard Chartered, have scaled back operations in various markets globally due to changing market conditions, internal restructuring, and a focus on core business areas.
Minister of Finance, Economic Development, and Investment Promotion, Professor Mthuli Ncube, highlighted in a virtual meeting last week that while the government cannot prevent companies from exiting, it is encouraged by the growing number of local investors willing to acquire assets from those leaving the market.
“We can’t stop companies from dis-investing, but I’m pleased that local investors are stepping in,” Ncube said, pointing to the recent acquisitions of PwC’s practice by local partners and Choppies’ assets by local investors as positive examples.
Analysts believe these acquisitions by local investors are a significant sign of growing confidence in the Zimbabwean market, which could encourage more investment.
“Foreign investors are often reassured when local people invest in their own economy,” said economic analyst Carlos Tadya.
ZIDA’s Chief Executive Officer, Tafadzwa Chinamo, also noted in the agency’s fourth-quarter report that investor interest in Zimbabwe “remains strong.” ZIDA issued 200 investment licenses in the fourth quarter of 2024, up from 149 during the same period in 2023, and saw an increase in the renewal of licenses. Investments realized in this period amounted to approximately US$60 million.
Despite some projects taking time to materialize due to factors such as securing funding and addressing technical issues, this figure remains significant.
At the World Economic Forum, Zimbabwe showcased its investment potential in sectors such as mining, agriculture, manufacturing, tourism, and infrastructure. Minister Ncube, who led the delegation, contributed to global discussions on pressing issues like climate change, industrialization through beneficiation, and strategies to address climate shocks.
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