TECHNOLOGY investors are beginning to target Zimbabwe as the country’s economy, for long ravaged by hyper-inflation, debt, economic sanctions and political instability, continues to recover.

United States-based venture capitalist, Brian Patrick Donaghy says Zimbabwe has the potential to become a “high-tech diamond” in the near future.

Donaghy, from the city of Des Moines in Iowa has already invested in two technology companies in the country.

He says one of Zimbabwe’s advantages is the availability of an educated, English-speaking work force with few opportunities for employment at a time when Africa is expanding its fibre-optic networks and other technology infrastructure.

"In five to 10 years, Harare will be the next Bangalore (India’s technology centre which is also referred to as the country’s Silicon Valley)," predicted Donaghy, who has worked in India and watched technology raise living standards there.

Donaghy's company, Broadhorn Capital, is a venture development firm specializing in early and seed-stage technology companies.

A hedge fund manager introduced him to people doing business in Zimbabwe and he made three trips to the country in 2009 alone.

He says he hopes to have 150 programmers running in Harare by the end of this year.