HARARE — Zimbabwe’s manufacturing sector attracted US$1.219 billion in proposed investment during the third quarter of 2026, overtaking mining for the first time in the latest investment figures, according to an analysis by Equity Axis.
The figures, drawn from investment licences issued by the Zimbabwe Investment and Development Agency (ZIDA), show that manufacturing secured 49 licences, compared with 78 for mining, which attracted proposed capital of US$1.065 billion. Manufacturing therefore accounted for 46.8% of the US$2.606 billion investment pipeline approved during the quarter, against mining’s 40.8%.
Equity Axis said the figures point to growing interest in industrial production but cautioned that investment approvals do not necessarily translate into additional output, jobs or exports. The average proposed manufacturing investment was approximately US$24.9 million, almost twice mining’s US$13.6 million per licence.
The development comes as Zimbabwe’s industrial sector continues to recover. The Confederation of Zimbabwe Industries reported that manufacturing capacity utilisation reached 55.9% in 2025, up from 52.3% in 2024, while industrial output increased by 13% and employment rose by 6%.
However, Equity Axis highlighted persistent constraints, including high operating costs, unreliable infrastructure, limited affordable finance and dependence on imported raw materials. Imported inputs accounted for approximately 54% of manufacturers’ raw-material requirements in 2025, underlining the challenge of translating higher investment into stronger domestic value addition.
The investment pipeline also raises questions about the extent to which new manufacturing projects will support mineral beneficiation. Zimbabwe recorded US$5.013 billion in mineral sales between January and 27 October 2026, with lithium and platinum group metals accounting for about 81.9% of the total, according to the Minerals Marketing Corporation of Zimbabwe.
Equity Axis noted that without project-level information, it was not possible to establish how much of the newly licensed manufacturing investment involved mineral processing, factory expansion, rehabilitation or entirely new industrial facilities.
The distinction is significant because approved investment can take time to reach production. ZIDA’s monitoring figures for projects tracked at the end of 2025 showed US$1.547 billion in realised investment against projected expenditure of US$5.058 billion, representing a realisation rate of about 31%.
The Zimbabwe Mail understands that the latest figures will place greater focus on the implementation of approved projects, particularly their financing, commissioning schedules, employment commitments and expected export contribution. Manufacturing’s lead over mining marks a notable shift in the investment pipeline, but its wider economic significance will ultimately depend on how much proposed capital is converted into productive industrial capacity.
