Zimbabwe Poised to Unlock Economic Potential through Artificial Intelligence

With its rich deposits of rare earth minerals, Zimbabwe can harness its resources to create advanced technology, including artificial intelligence (AI), rather than merely consume it, experts argue. The country has the potential to become a significant player in the global AI industry, driven by its expanding internet penetration and a young population with digital skills. To achieve this, Zimbabwe must focus on developing its AI capabilities, investing in rare earth minerals, and upgrading its energy infrastructure.

Key Takeaways:

• Professor Arthur Mutambara, a leading expert in AI, emphasized the need for Zimbabwe to develop its AI capabilities, including using AI systems, building AI systems, and investing in hardware. He encouraged the government to create an AI vision, strategy, and implementation matrix.
• Zimbabwe has a unique opportunity to become a major player in the global AI industry, driven by its rare earth mineral deposits and expanding internet penetration. The country has the potential to unlock its economic potential and become a significant player in the global AI industry.
• The AI revolution is driven by critical minerals and rare minerals, and Zimbabwe has 25% of global critical minerals. The country can sit together with other African countries and negotiate with major tech companies like Taiwan Semiconductor Manufacturing Company and NVIDIA.
• Zimbabwe's rare earth mineral sector has attracted interest from investors, including Rainbow Rare Earths, which acquired 10 rare earth mining claims in Zimbabwe. However, the government is yet to invest in exploration and beneficiation of these minerals.
• The African Export-Import Bank (Afreximbank) has a facility to support young professionals with bright ideas to embark on large projects, including AI creation and technology development.
• Zimbabwe has the necessary human resources and digital skills to support the AI industry, but the missing link is capital, which investors are willing to provide. The global AI capital is now approximately US$4.5 trillion, and Zimbabwe cannot afford to ignore this opportunity.

Statistics:

• The global AI chip market is projected to exceed US$300 billion by 2030, up from US$20 billion in 2020.
• AI data centres have extremely high energy demands, requiring upwards of 2,000 megawatts (MW) of power.
• The demand for energy in AI data centres is projected to double by 2030 to approximately 3% of global electricity use.
• Zimbabwe has a unique opportunity to benefit from the AI revolution and unlock its economic potential.

Sources:

• Professor Arthur Mutambara, quote in "CBZ Holdings holds seminar on AI, trade finance" (no specific date)
• Rainbow Rare Earths, "Announces acquisition of 10 rare earth mining claims in Zimbabwe" (26 September 2019)
• African Export-Import Bank (Afreximbank), "Engineering and Professional Services Facility" (no specific date)
• Invictus Energy, "Muzarabani Oil and Gas Project" (no specific date)
• CBZ Holdings, "AI and Trade Finance Seminar" (no specific date)