US$101m investment jump starts industry
Export of manufactured goods from Zimbabwe increased by 12,9 percent from US$324 million in 2021 to US$366 million in 2022
At least US$101 million was invested into Zimbabwe’s manufacturing sector, with companies expanding their capacities by up to 30 percent in 2022, a Cabinet minister has said.
This saw capacity utilisation increasing to 63 percent from 56 percent in 2021 while shelf occupancy of locally manufactured goods has increased to about 80 percent, Industry and Commerce Minister Dr Sekai Nzenza said while addressing the International Business Conference Session at the ongoing Zimbabwe International Trade Fair in Bulawayo.
The conference was held under the theme “Glocalisation: Celebrating Zimbabwe’s Success and Unlocking Economic Growth Opportunities”.
Zimbabwe’s context of ‘glocalisation’ strategy entails combining ‘globalisation’ and ‘localisation’.
Export of manufactured goods increased by 12,9 percent from US$324 million in 2021 to US$366 million in 2022.
“Increased capacity, diversity and profitability is allowing our businesses to be distributed globally and also adjusted to meet local needs,” Dr Nzenza said.
“The changing business environment under His Excellency’s Zimbabwe is “Is open for business” has had a spillover into the productive sector seeing a consistent and sustainable economic growth trajectory.
Firstly, to enable us to leverage our increasing interconnectedness and interdependence
we had to adapt local products and strategies focusing on changing our local market and consumption culture.
“In this regard, His Excellency (President Mngangagwa) charged the Ministry of Industry and Commerce to re-strategise from being net importers of raw materials, to exporters of high-value, high-quality goods.
“We have developed sector-by-sector strategies targeting key products under the National Development Strategy 1 in order to tap into the potential of our natural endowments, skills, human resource, culture and history, “ Dr Nzenza added.
Dr Nzenza said the Government had been working to align its aspirations and the private sector in improving the Ease of Doing Business.
This has allowed for an effective collective international engagement enabling international investors to increasingly use Zimbabwe as an investment destination, said the minister.
Dr Nzenza said the coming of the secretary-general of the African Continental Free Trade Area (AfCFTA) Wamkele Mene to the ZITF was a testimony to Zimbabwe’s successful story of engagement.
“In order to safeguard the gains made so far with the manufacturing and commercial sector the key strategy is increased global competitiveness through increased investments in capacity, retooling, and quality,” she said.
Foreign participation at this year’s edition increased by 30 percent, with over 21 countries represented in different capacities.-herald
