Access to favourable lending key to retooling — Industry

AS Zimbabwe prepares to host the Southern African Development Community (Sadc) Industrialisation Week next month, industrialists have stressed the need to increase access to favourable lending to support retooling of manufacturing companies.

Financing capacity building should be part of the top discussions during the regional industrialisation indaba scheduled for 28 July to 2 August under the theme: “Promoting Innovation to Unlock Opportunities for Sustainable Economic Growth and Development Towards an Industrialised Sadc”.

The annual Sadc Industrialisation Week (SIW) is a public-private engagement platform aimed at fostering new opportunities for intra-African trade and investment in the Southern African region.

The event is hosted as a precursor to the Sadc Summit of Heads of State and Government and its outputs are reported to the annual Sadc Ministers’ Meetings.

The upcoming Sadc Summit and Industrialisation Week present significant opportunities for the Zimbabwean industry to enhance its index rating and showcase what the country has on offer.

For Zimbabwe industries to benefit from the regional trade opportunities, industrialists have said scaling up retooling is critical to enhance quality of products and trade competitiveness.

Speaking on the issue, Confederation of Zimbabwe Industries (CZI) Matabeleland Chapter vice president, Mr Clive Oxiden-Willows, said without retooling, Zimbabwe will not be able to compete against other countries.

“Long-term loans at low interest rates need to be urgently made available for retooling of industries, especially those in Bulawayo, otherwise Zimbabwe will not be able to compete against other countries,” he said.

Mr Oxiden-Willows said both SIW and the 2024 Sadc Summit were pivotal for CZI and Bulawayo businesses as well as those around the country as they offer a chance to shape policies, collaborate regionally and contribute to industrial resurgence.

He said as CZI, they advocate for favourable policies that promote industrial growth, investment, climate improvements and cross-border co-operation.

“The summit’s theme, ‘Promoting Innovation to Unlock Opportunities for Sustained Economic Growth and Development Towards an Industrialised Sadc’ aligns with CZI’s goals.

“Bulawayo businesses participating in the Summit can explore new markets, forge partnerships and tap into technological advancements,” he said.

“CZI members can showcase their products/services, attracting potential investors and fostering economic growth.”

He said SIW events, which will include conferencing, exhibitions and the Summit also avail opportunities for networking and investment.

“Bulawayo businesses should capitalise on that to attract investors, entrepreneurs and industry experts.

“By participating, Bulawayo businesses would better position themselves as players in the regional and global economic landscape,” said Mr Oxiden-Willows.

Government expects about 300 guests and 150 companies to participate in deliberations during the SIW. In a statement, the Sadc Secretariat said the event would enable the region to take stock of the strides it has made towards industrialisation.

It also presents a platform for Sadc member states, the private sector, international partners, policymakers, researchers, small and medium enterprises, financial institutions and civil society to share experiences on driving industrialisation and economic transformation in the region.

SIW has been held six times, starting in 2016 in Eswatini, South Africa (2017), Namibia (2018), Tanzania (2019), Malawi (2021) and the Democratic Republic of Congo (2022) while Zimbabwe will host this year’s edition. chroncile