Zimbabwe businesses eye economic recovery

by Tapiwa Mutonhodzi

The outcome of Zimbabwe’s elections which occurred under a peaceful environment has ushered in expectations of economic recovery.

As the nation awaits the inauguration of President Emmerson Mnangagwa, the business community has high expectations as it has shown profound interest to work with the President’s administration on economic developmental issues.

Zimbabweans as a whole had suffered for nearly 4 decades under misrule resulting in the country facing economic woes. The positive political developments in the country have ushered in more hope to advance the economy to its potential greatness.

Recently, the Confederation of Zimbabwe Industries (CZI)   revealed that it was ready to work with Government and ensure that the manufacturing industries boost their production.

Increase in production by the manufacturing sector should be facilitated by the Government policies aimed at ensuring that local industries produce for the export market.

Advancement on Zimbabwe’s economic development has been necessitated by economic initiatives that were brought about by the New Dispensation.

During the New Government period, the incoming President Mnangagwa, in his quest to restore Zimbabwe to its former glory, reengaged the international community ensuring that the country was no longer isolated from the rest of the world. Isolation had become a brick wall separating Zimbabwe from economic development under the former retired President Mugabe’s rule.

Having successfully reintroduced the country to the international community, President Mnangagwa was able to seal economic deals with countries like China for them to invest in projects aimed at ensuring Zimbabwe’s economy stands on its feet.

The victory by President Mnangagwa during the just ended harmonised elections shall necessitate the implementation of the projects he lined up for Zimbabwe’s economic recovery.

Presently, President has an opportunity to continue leading Zimbabwe into the second Republic through uniting, rebuilding the nation and luring more potential investors.

The path chosen by President Mnangagwa has the potential to be a win-win situation as his main focus has been on economic recovery of Zimbabwe through engaging the international community

To date the President has managed to set a trail of history pointing to economic success for the country as he has managed to walk the talk, bringing the country on the international spotlight.

The economic interventions by President Mnangagwa can be outlined from early this year when he attended the Davos Switzerland World Economic Forum.

Economic successes from reengagement of the international community can be emphasised; Ziscosteel deal, Hwange Thermal Power Station expansion and Robert Mugabe international airport expansion.

Zimbabwe’s own steel manufacturer Ziscosteel, has benefited from changes of Government policy which brought hope for the resuscitation of the steel manufacturer.

During his campaign to re-engage the international community President Mnangagwa’s State visit to China enabled him to secure a deal for Ziscosteel worth $1 billion to revive operations at the steel manufacturer with Mr Zhang Li, a Chinese investor.

In support of the initiatives by the President of Zimbabwe, China Exim Bank released a partial $200 million for the expansion of Hwange Thermal Power Station and the construction of Kunzvi-Musami Dam.

At the event of the launch of the Robert Mugabe International Airport expansion project, it marked the efforts by the President to ensure that the tourism sector improves. The event also followed the commissioning of the commencement of works on the modernisation and upgrade of Beitbridge Border Post and other similar infrastructure investment initiatives in mining, energy, ICT’s, agriculture and education sectors, among others.

These are a reflection of President’s Mnangagwa’s commitment towards infrastructure development in all sectors of the economy which Zimbabwe should benefit from during his term in office.