Online Reporter
Oliver Kazunga
Senior Business Reporter
THE Goromonzi Agro-Industrial Company Limited is seeking US$16,9 million to develop a high-tech farming and agro-processing hub on a 1 000-hectare piece of land in Mashonaland East Province.
According to the Zimbabwe Investment and Development Agency (ZIDA)’s latest investment prospectus, the planned agro-industrial park in Goromonzi will focus on horticulture, cannabis, industrial hemp, and related products.
ZIDA is a State agency responsible for promoting and facilitating both local and foreign investment in Zimbabwe.
It was established to streamline investment procedures and create a more conducive environment for businesses to operate.
It offers a range of services to investors, including investment analysis, company registration, tax registration and clearance, licensing, and connecting to necessary utilities.
The project, which has the Special Economic Zone status, will be developed in phases.
Phase one, with a duration of 12 months, will focus on civil works, with a budget of US$1,823 million.
The phase will include investments in water reticulation, US$186 428, office construction, US$246 858, power supply infrastructure, US$222 600) and professional fees, US$508 758.
Under Phase two, which will take 36 months to complete, a total of US$4,9 million is required.
This includes US$3,5 million for civil works, US$186 428 for water reticulation, US$765 563 for a smart farm system, and US$457 450 for professional fees.
Finally, phase three is projected to span 24 months and will require a substantial investment of US$8,1 million primarily for civil works. Professional fees for this phase are estimated at US$894 994.
“This project will leverage cutting-edge farming methods and state-of-the-art processing facilities to enhance the quality, quantity, and profitability of Zimbabwean agricultural products,” said ZIDA.
“By creating a comprehensive agro-industrial ecosystem, the project seeks to boost exports and generate significant economic opportunities for local communities.”
Prospective investors are encouraged to provide equity financing and contribute to the project’s success through long-term engagement and adherence to quality standards.
It is hoped that the project, whose comprehensive feasibility study has been completed, confirming its viability and readiness for development, will generate revenue through leasing farming units within the park.
In an interview, economic analyst Ms Mercy Shumba said the planned project is a strategic investment with the potential to catalyse economic growth, create jobs, and enhance food security in Zimbabwe.
“If successfully developed, this project will help improve agricultural productivity, lower post-harvest losses, and enhance Zimbabwe’s competitiveness in regional and international markets also taking into account the vast opportunities that exist within the Southern African Development Community and the broader African Continental Free Trade Area (AfCFTA).
“In addition, one would expect that implementation of the project should prioritise local content skills transfer and community engagement to maximise so as for the investment to add impetus in terms of its impact on the local economy,” said Ms Shumba.
