INDIAN investment in Zimbabwe has grown by 1 030 percent over the past five years, as investor sentiment on the country continues to improve amid cross-cutting business reforms by the Government.
According to the Zimbabwe Investment Development Agency (ZIDA), licensed investments from India grew from just 10 investors in 2020 to 113 investors by the third quarter of 2025, signalling one of the fastest investment growth trajectories from a single country in recent years.
A total of 31 Indian investors were licensed in 2021, 35 in 2022 and 61 in 2023. The momentum strengthened in 2024 after an additional 91 investors from Asia’s second biggest economy secured licences.
A sectoral breakdown of licensed investments from India indicates that the manufacturing sector accounts for the largest share of approved investments, with 128 licences issued over the five years.
This trend reflects Indian investors’ growing interest in Zimbabwe’s industrial value chains from food processing and packaging to pharmaceuticals, chemicals and consumer goods.
The second-largest share is in mining, where 103 Indian investors have secured licences, showing strong demand for Zimbabwe’s mineral resources.
Officials said the surge was driven by India’s growing appetite for minerals crucial for the global energy transition technologies.
The ICT sector attracted the third-largest number of investments at 53, signalling rising interest in Zimbabwe’s digital services, software development and telecommunications infrastructure sub-sectors.
Other sectors that attracted noticeable Indian investor interest included construction (33 licences), real estate (32 licences), health (31 licences), energy (27 licences), financial services (2 licences), transport (1 licence) and agriculture (1 licence).
India is one of Zimbabwe’s most important economic partners, with cumulative investments exceeding US$600 million and supporting over 15 000 direct and indirect jobs.
Speaking at the inaugural Hybrid Interactive Seminar on Enhancing India–Zimbabwe Trade and Investment Cooperation, ZIDA chief investments promotion officer Mr Silibaziso Chizwina highlighted the deepening bilateral economic ties and India’s growing confidence in Zimbabwe as an investment destination.
She said India was among the top sources of new investment inquiries and project registrations, driven by both large corporate players and medium-sized enterprises seeking opportunities in Africa’s rapidly transforming markets.
“Up to quarter three of this year, we had 113 confirmed Indian investors in the country across different sectors. The breakdown of where the money is going from the Indian investors is dominated by the mining sector.
“Manufacturing is also a big contributor and Varun Beverages is one of them, but we also have players in the energy sector, construction sector, which is upcoming and agriculture features prominently in the line of investors,” said Mr Chizwina. – Herald
