‘Private sector remains vital in economic development’

Business reporter

The private sector remains a vital cog in the development of viable industrial and commercial enterprises, as well as promoting overall economic growth, the President has said.

Speaking during the official opening of this year’s 61st edition of the Zimbabwe International Trade Fair (ZITF), President Mnangagwa, who is also the ZITF Patron, applauded the private sector for being resilient in the face of the COVID-19 pandemic.

“I applaud the private sector for demonstrating resilience in the face of the pandemic and lockdown measures which my Government has instituted from time to time. By adopting the Local Content Strategy, and adapting to the various policy measures, you deserve due commendation,” said the President.

He said that Zimbabwe was consequently declared one of the fastest growing economies in the region, as well as one of the fastest movers on the World Bank Doing Business Index. He added that through collective efforts, the growth projections for 2021 would surpass earlier economic targets.

He promised that the 2nd Republic would continue to guarantee a predictable policy environment where “capital feels safe.”

President Mnangagwa said private sector initiatives would be facilitated to bolster the achievements made to date towards the realisation of aspirations envisaged in the National Development Strategy 1, African Union Agenda 2063 and United Nations Sustainable Development Goals for the ultimate improved quality of lives of the people.

In keeping with the realities of an ever digitalising global economy, the private sector was challenged to adopt smarter, sustainable and digitally enabled manufacturing and supply chain models, as well as the associated marketing strategies.

“Solutions must be developed to bring purchasing convenience to consumers, who must now be able to determine a product’s availability and price from the various suppliers through digital platforms.

“To this end, the private sector is challenged to create synergies and collaborations with promising start-ups at our institutions of higher and tertiary education. The recently established Zimbabwe National Geo-Spatial and Space Agency provides immense possibilities for business planning, growth and expansion in the context of present and future realities, and opportunities,” said the President.

He encouraged the Micro, Small and Medium Enterprise sector to take advantage of the ongoing simplification of tax regime to enhance discipline and good corporate citizenship within the sector.

The President invited the private sector to invest in the renewable energy which he said presented vast business opportunities. He said efforts were underway to harness renewable energy potential towards improving installed power generation capacity.

In various interviews with this publication, a number of companies that exhibited this year revealed that their capacity utilisation was satisfactory. The Second Republic’s Vision 2030 thrives for a private sector driven economic growth.