Masvingo targets ambitious US$8bn economy by 2030
SAMUEL NJINGA IN MASVINGO
Masvingo Province has set itself an ambitious target to creat an US$8 billion provincial economy by 2030, Business Times can report
This was revealed by the Minister of State for Provincial Affairs and Devolution, Ezra Chadzamira, at the investment indaba held last week in Masvingo.
Chadzamira described the gathering as a springboard for strategic development under the country’s devolution agenda.
“Masvingo is a sleeping economic giant,” Chadzamira declared. “With abundant natural resources, fertile land, strategic tourism assets, and 54% of the nation’s dammed water, the province is ripe for investment and ready to lead.”
His remarks set the tone for a high-energy event attended by a powerful delegation of Cabinet Ministers including Finance Minister Professor Mthuli Ncube, Industry and Commerce Minister Mangaliso Nqobizitha Ndlovu, Mines Minister Winston Chitando, and Agriculture Minister Anxious Masuka. Also present were Budget and Economic Development Committee Chairperson Dr. Energy Mutodi, business leaders, financial institutions, and representatives of the Zimbabwean diaspora.
In his keynote address, Professor Ncube described Masvingo as standing at a critical economic “inflection point,” with the right conditions to become a national growth hub.
“Masvingo has the highest dam density in the country, making it ideal for large-scale irrigation. It is also home to Africa’s largest lithium operation at Bikita Minerals, along with lucrative gold, coal, and tantalite deposits in Mwenezi and Chiredzi,” he said.
Professor Ncube disclosed that more than 70,000 hectares have been earmarked for irrigation, while the Mutirikwi Mini-Hydro Plant is already generating 5 megawatts of electricity daily. Plans are underway for an additional hydroelectric facility at Tugwi-Mukosi Dam, and the Runde-Tende Dam is expected to hold over 1 billion cubic metres of water.
He revealed that Zimbabwe’s 2023 GDP has been revised upward to US$44.4bn, based on improved ZIMSTAT data capturing previously informal sectors, and projected a 6% national economic growth rate in 2025—driven by agriculture, mining, infrastructure, and energy.
To attract both domestic and foreign investment, Ncube proposed the creation of a Special Economic Zone (SEZ) in Masvingo focused on value addition in lithium battery manufacturing and precious stone processing.
“The province’s contribution to GDP from mining, agriculture, and trade is significant, but unlocking its full potential requires targeted policy support and project preparation funding,” Ncube said. He urged local authorities to develop bankable pre-feasibility studies to qualify for Treasury’s Project Preparation Development Fund (PPDF).
Industry and Commerce Minister Ndlovu emphasized the strength of the national manufacturing base, noting that the sector now contributes 15.3% to GDP, with capacity utilisation at 75% and value-added exports constituting 25% of total exports. Real growth in the sector is currently estimated at 5%.
Agriculture Minister Anxious Masuka outlined ten strategic pillars under the Agricultural and Food Systems Transformation Strategy (AFSTS), which underpin the broader goals of National Development Strategy 2 (NDS1).
Mines Minister Winston Chitando reiterated that mineral exploration remains Africa’s greatest untapped opportunity, and Masvingo—with its underexplored mineral belts—offers substantial upside potential.
Throughout the conference, officials stressed Masvingo’s readiness to become an investment magnet. Minister Chadzamira reiterated the Provincial Government’s commitment to improving ease of doing business, streamlining bureaucracy, and maintaining policy consistency.
“We are not just open for business; we are ready to lead in business,” he said.
A cornerstone of the event was the official launch of the Masvingo Province Investment Compendium—a curated portfolio of investment-ready projects across sectors such as tourism, renewable energy, mining, agro-processing, and infrastructure development.
According to Ncube, the compendium is expected to “unlock value, boost job creation, and enhance productivity,” offering both large- and small-scale investors clearly mapped, data-backed investment pathways.
ZIMSTAT’s latest provincial data reveals that Masvingo recorded 4.2% GDP growth in 2023, led by, wholesale, retail and motor trade (18.6%, agriculture, forestry and fishing (17.5%, mining and quarrying (12.5%) and manufacturing (9.2%)
Moreover, the province’s educational institutions—anchored by Great Zimbabwe University and a growing number of technical colleges—are pivoting toward skills development for high-growth sectors like ICT and green energy.
In his closing remarks, Professor Ncube challenged stakeholders to see the conference as more than a single event.
“This is about strategic alignment, innovation, and unlocking value. Let Masvingo become the gold standard for provincial economic transformation,” he urged. “Let this be the start of a unified regional narrative that inspires global investor confidence.”
