Industrialization key to unlocking economy

By Bernard Mutambudzi

Industrialization is the key to the resuscitation of the Zimbabwe economy and shared vision between Government and business to make vision 2030 attainable.

This was said by Sifelani Javangwe, Confederation of Zimbabwe Industries (CZI), at a breakfast meeting between President Emmerson Mnangagwa and bankers, business as well as captains of industry.

Government plans to turnaround the economy and turn Zimbabwe into a middle income economy by 2030.

“We are encouraged by the overwhelming response and sense of belief in this achievable vision,” said Javangwe.

He said to achieve the vision; there was need for the creation of decent jobs, broad based empowerment, increased investments, elimination of poverty and corruption as business and Government works in unison

Government is supportive as it has already started implementing a raft of measures to boost the viability and competitiveness of business across all sectors of the economy and the introduction of SI 122 is commendable.

Chief among the measures is the drive to eliminate cost of doing business in the country, which has previously kept investors at bay. President Mnangagwa said his administration recognized the need for a comprehensive approach to attract both domestic and foreign investment in the quest to catapult the economy and become “one of the most industrialized economies in Africa and the purpose of the engagement between business and Government is to make that possible.”

“Hence, on the domestic front, mechanisms are in place to support the resuscitation, retooling, expansion and modernization of various industries through fiscal and monetary incentives; the mobilisation of concessionary long-term financing and continuous improvement of the business environment,” he said.

“The domestic industry and business alike, should not be spectators or mere commentators with regards to the current economic agenda, but should instead be in the forefront of collaborating and partnering Government in exploiting available opportunities,” said Jabangwe.