An “open for business” initiative launched by the Zimbabwean government in 2018 is being supported by the growing demand for electric vehicles (EVs).
The Zimbabwe Investment and Development Agency was established in 2020 as a one-stop shop to promote and facilitate both domestic and foreign investment.
According to the Unctad World Investment Report 2023, foreign direct investment into Zimbabwe rose 37% from $250 million in 2021 to $342m in 2022.
Global demand for lithium and platinum for electric cars is being leveraged by the government.
The country has the world’s second-highest platinum reserves and is Africa’s biggest lithium producer.Zimplats, the country’s biggest platinum producer, is investing $190m to refurbish a mothballed base metal refinery at Selous outside Harare.
According to the company’s September 2023 quarterly report, the work is progressing well. In September 2022 the government approved a proposal by a group of mainland Chinese investors to establish a $2.83-billion battery metals park that will process metals that include lithium, platinum and nickel.
The 30-50sq km battery metals park is expected to be completed by the end of 2025, according to company announcements
- Read the full article here: "Electric vehicles sparking investment."
