Industrialists call for affordable, innovative ways of production

THE need to embrace innovation and ensure easy access to finance as part of efforts to re-industrialise Bulawayo continues to take centre stage with industrialists calling for affordable and innovative ways of production that will result in competitiveness and industrial growth.

This emerged during the Bulawayo Metropolitan Province Investment Opportunities Conference yesterday.

Government ministries that are responsible for investment and representatives of the private sector made their contributions.

The delegates agreed that there is need to adopt innovative ways of production and coming up with affordable financing models to ensure competitiveness of the products and services on the regional and international markets.

In an interview on the sidelines of the conference, Bulawayo Provincial Affairs and Devolution Permanent Secretary, Mr Paul Nyoni, said innovation in both production and finance will bring positive change to Bulawayo industries.

“Innovation is in two ways and that is technologically and strategically as well as financing models. We need to link up financial innovations, strategic innovations and the projects themselves to get the best results,” he said

Mr Nyoni said the conference identified areas that need to be fine-tuned to promote investment in Bulawayo and beyond.

He said lack of information to potential investors, who include diasporans, has also had a negative effect on investment growth.

“What we need to do is to provide both local and external potential investors with information on available investment opportunities. We therefore need more engagements in future and complement this by using different platforms to provide the required information that will assist potential investors to make informed decisions,” said Mr Nyoni.

He said it was important for existing companies to access affordable finance for retooling as well as investing in new technology to boost production.

Representatives from the Bulawayo City Council (BCC) said the city, which used to be the country’s industrial hub, had many investment opportunities.

They said Bulawayo had investment opportunities in renewable energy, waste management, land and infrastructure development and the health sector among others.

“Most of the investment opportunities are expected to support the city’s vision to be a Smart City by 2024 hence the promotion of new technology,” said BCC economic development officer Mr Mthandazo Ngwenya.

He said the city was promoting investment in clean energy such as solar and looked forward to companies setting up solar farms.

Mr Ngwenya said in a few years to come most of the city’s facilities, including street lights, will be solar-powered.

Confederation of Zimbabwe Industries (CZI) Matabeleland Chapter president Mr Joseph Gunda also said the city has many investment opportunities in the manufacturing sector.

Mr Gunda said companies in Bulawayo and from other cities and towns should take advantage of the vast market created by the Africa Continental Free Trade Area.

He said Bulawayo’s advantage is that its companies can benefit from value addition and beneficiation in the textile and leather sectors among others as opposed to exporting primary goods.

In a speech read on her behalf by Mr Nyoni, Bulawayo Provincial Affairs and Devolution Minister Judith Ncube said the conference will help accelerate the implementation of investment opportunities while taking advantage of the endowments and investment incentives available in the city.

“We want to attract investments and transform Bulawayo into a city with high Gross Domestic Product (GDP),” she said.

National University of Science and Technology (Nust) Vice-Chancellor Professor Mqhele Dlodlo also emphasised the need to come up with innovative ideas to promote investment growth.

He said the use of innovative hubs helps promote investment and improve innovation in the industrialisation process.

Other organisations which were represented include Zimbabwe Investment Development Agency and ZimTrade. —chronicles