Govt, industry sign pacts to drive growth
THE Government has signed Memoranda of Understanding (MoUs) with several Business Management Organisations (BMOs) to strengthen cooperation in creating a robust and sustainable business environment that supports the national economic development agenda.
Zimbabwe, through its national development agenda, is seeking to achieve an upper middle-income society by 2030 and thus the National Development Strategy 1 (NDS 1), a five-year economic blueprint that expires in 2025 sets the tone towards the national vision.
After its expiry, NDS 1 will be superseded by a similar economic development policy—NDS 2 expected to see the country realising an upper middle-income society by 2030.
In his address at the signing ceremony in Harare today, Industry and Commerce Minister Mangaliso Ndhlovu said the signing of the MoUs represents a pivotal moment in the country’s quest towards achieving the ambitious targets set out in the NDS 1 and Vision 2030.
“Allow me to express our sincere gratitude to our private sector partners for driving growth of the manufacturing sector.
“I am advised that Zimbabwe’s Volume of Manufacturing Index (VMI) increased to 135,25 in the second quarter this year, from 113,65 in the same period last year and this implies that productivity in the local manufacturing sector is on a positive growth trajectory.
“These agreements (MoUs) are therefore, not just symbolic, but a testament to our collective resolve to create a robust and sustainable business environment that supports our national development agenda,” he said.
The BMOs that signed the MoUs with the Government include the Zimbabwe National Chamber of Commerce, the Confederation of Zimbabwe Industries, the Shipping and Forwarding Agents of Zimbabwe, the Zimbabwe Traders Union—the Zimbabwe Sugar Association.
“Together, we are setting the foundation for a collaborative approach to addressing the challenges and opportunities that lie ahead, particularly in strengthening our industries and enhancing Zimbabwe’s global competitiveness.
“These MoUs underscore the need to foster a strong business environment. This includes creating a conducive regulatory framework that encourages investment, streamlining bureaucratic processes to reduce red tape, and ensuring transparency and accountability in our dealings with the private sector.”
Minister Ndhlovu highlighted that a supportive business environment is essential for economic growth, adding that the Government is committed to implementing measures that enhance the ease of doing business in the country.
“We note that SMEs are the backbone of our economy and play a critical role in job creation and innovation, hence, building a resilient and inclusive economy.
“We all give attention to the growth and development of small and medium enterprises through business linkages,” he said.-binessweekl
