The government says it is committed to revive ailing industries through recapitalisation and collaborative engagements between the private and public sector.
Officially opening the 2018 Zimbabwe International Business Conference in Bulawayo today, Vice President Retired General Dr Constantino Chiwenga said “It is important to recapitalise our industries through collaborative efforts between the government and the private sector.
“The government has facilitated a number of lines of credit to assist the manufacturing industry, adding that the Reserve Bank of Zimbabwe has also engaged the Bankers Association of Zimbabwe to reduce interest on loans for productive purposes,” he said.
Vice President Chiwenga said the success of the re-industrialisation process requires that the country’s industries be competitive both in the region and international markets.
“The essence is to invest in efficient manufacturing processes that will give us competitive edge on the global market in terms of product pricing and quality. Once we are competitive, the growth possibility of our manufacturing sector is immense,” he said.
Dr Chiwenga said Zimbabwe is part of the 40 countries that signed the Continental Free Trade Area agreement in Kigali, Rwanda and has challenged the business community to take advantage of the mega deals being signed by the government.
“Already we are capacitating the one-stop-shop investment centre in order to reduce bureaucratic red tape that was delaying the approval of investment proposals. Furthermore, government is intensifying the ease of doing business reforms,” noted VP Chiwenga.
He also said the rebuilding and refurbishment of infrastructure is critical for development as it will reduce the costs on businesses.
“The government is also mobilising resources for upgrading infrastructure in the ICT, health and educational sectors. In order to sustain our development agenda, government is committed to maintain credible and consistent policies,” said Dr Chiwenga.
Dr Chiwenga implored Zimbabweans to rise to the occasion and rebuild the nation.
“The call is for us to restore our dignity, prioritising our beloved country before self. In this regard, we need to discuss objectively and address head-on the underlying causes of rampant corruption in the economy,” he said.
The Vice president noted that the opening of both international and local business opportunities by the government will create a conducive business environment that will lead to a middle class economy by year 2030.
“Zimbabwe cherishes industrial development that is sustainable and inclusive with firms which are both competitive and collaborative towards achieving middle income status by 2030,” said Dr Chiwenga.
The Vice President said it remains incumbent upon Zimbabweans to augment the re-engagement efforts by building trust and confidence in the institutions adding that a holistic approach, increasing productivity and capacity utilisation will enhance the country’s export potential.