Tourism sector investments in Zimbabwe eased by 45% to $132,2 million in 2023, despite revenue growth of 27% to $1,14 billion, according to a senior government official.
Minister of Tourism and hospitality Barbara Rwodzi disclosed the decline in investments during a two-day Zimbabwe Investment Summit 2024, which was organised by the diaspora, the Ministry of Finance, Economic Development, and Investment Promotion, and other South African partners.
Comparatively, investments decreased by $312.5 million in 2022, but overall tourism receipts reached $911 million in the same year.
“Our national strategic intent is to become an upper middle-income country with people that have self-respect and dignity by 2030,” she was quoted as saying by the Zimbabwe Independent.
“Tourism and hospitality in addition to agriculture, mining, manufacturing, and other sectors.
“The tourism and hospitality industry is the third largest contributor to the national Gross Domestic Product (GDP).”
Inflation-driven cost increases for local businesses impede their capacity to inject new capital, while the nation as a whole experiences heightened risk, which deters new investments.
Additionally, soaring private and public debt inhibits investors from injecting new capital.
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