The project which is worth US$100 million is a partnership between the City of Harare and three investors - Augur Investments, McCormick Property Development and West Group.
Speaking at the groundbreaking ceremony, VP Mujuru said the shopping mall would decongest the city centre.
She urged foreign investors to grab opportunities presented by Government.
"If contemporary planning and designs are strategically executed, this may proffer a solution to the challenges pertaining to the interaction and interconnection between and among people in their places of residence, workplace, shopping areas, places of relaxation and worship and above all how they access this range of service in a convenient manner."
VP Mujuru said the project was important as it would create more than 1 000 jobs during construction and more as businesses start operations at the mall.
McCormick Property Development managing director Mr Jason McCormick described Zimbabwe as a safe investment destination.
"I have to admit that when we first arrived in Harare last year for the first time in a decade, we were highly skeptical of whether Zimbabwe was ready for a development of the nature that we as a company were looking to develop. I have to admit that we were absolutely dumbstruck with what we found within a kilometre of the airport."
He said the bad image presented by the Western media had painted a bad picture of Zimbabwe.
Augur Investments representative Mr Ken Sharpe said their operations would conform to the country's indigenisation laws.
"Yes, we have indigenisation and it is not land grab. The problem is that we have a media that was putting things out of context. We will comply with the Zimbabwe (laws) as enshrined in the country's Constitution but as we speak the shareholding is 50-50 between Augur Investments and McCormick Property Development," he said.
Several Cabinet ministers, senior Government officials and Harare council officials witnessed the event. The construction of the mall is expected to start in six months time and be completed within 16 months.
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