The vibe created towards domestic investment and production represents the immediate answers to protecting the country from the shocks fuelled by a huge import bill.
Zimbabwe’s narrative to attracting local and foreign investment has been impressive, hitting above $16 billion worth of investor interest within a period of eight months.
Should this be translated into tangible business deals, the prospects for Zimbabwe are lucrative.
Underlying this interest is the confidence coming from the domestic market which has resulted in millions being injected either into new or existing projects.
With revelations that a number of local firms are targeting investments ranging between $12 million to $70 million, the hope within the industry is that such investments will become the pivotal plinth to reducing the import bill which has remained high at $1 billion.
The top priority lies in an industry that is vital to growing the manufacturing sector.
A recent report by the Confederation of Zimbabwe Industries on the business confidence, diffusion, and expectation indices as well as the purchasing managers’ index point to a common factor, optimism by the business community post election.
Part of this optimism is buttressed by the various reforms undertaken under the new administration which has promoted investor confidence.
At the apex of reviving local industry is the thrust towards the made in Zimbabwe mantra which seeks to stimulate local consumption by promoting industries that produce competitive goods that will also encourage exports.
The immediate task for the government is ensure that bottlenecks hindering the ease of doing business mainly contained in the regulatory frameworks are quickly resolved while working to establish critical lines of credit for the domestic investors.