President commends local investors

Staff Reporter

President Mnangagwa has commended investors who are investing into the country’s industries and said the industrial sector was one of the strategic pillars for the attainment of Vision 2030 of attaining an upper middle income economy.

Speaking after the tour of Sino Zimbabwe Cement, Lesaffre Zimbabwe and Bata Shoe Company in Gweru yesterday, the President said that the prevailing stable economic environment in the country continues to encourage investments across the economy.

“The industrial sector is one of the strategic pillars for the attainment of our Vision of a prosperous and empowered upper middle income economy. This is through increasing manufactured value added products, innovation, exports, gross savings, foreign currency generation and employment creation, among others.

“The prevailing stable and predictable macro-economic environment continues to encourage investments, production, increased productivity and profitability across the industrial value chains in Zimbabwe,” said the President.

The President added that the Zimbabwean economy has transitioned from stabilisation to growth with the manufacturing sector capacity utilisation having increased. He added that this was in line with the Government’s Made in Zimbabwe and Buy Zimbabwe initiatives which have seen locally produced goods occupying 75 percent of shop shelves.

President Mnangagwa exhorted the industry to continuously adapt through innovative and responsive strategies for increased production, productivity and profitability within the sector. He further urged the industry to take advantage of the Innovation Hubs and Industrial Parks at local universities in order to develop innovative and competitively priced goods.

The President urged local companies to strike a balance between the profitability of their operations and the welfare of their employees and the surrounding economy. He said local companies should thrive to provide decent accommodation to their employees.

According to President Mnangagwa, the local manufacturing sector should aggressively take advantage of and claim their share of the market opportunities presented by the African Continental Free Trade Area, COMESA, SADC as well as other emerging markets.

The President said that Government will continue to improve the Ease and Cost of Doing Business environment. This includes through investments in the provision of the critical enablers such as energy, water, sanitation, roads and ICT, among others.

Meanwhile, the President called upon Local Authorities to play a pivotal role in ensuring a conducive business operating environment through the provision of services that match the growth trends being fostered by the Second Republic.