Innovation: The catalyst for industrialisation, trade

The Zimbabwe National Chamber of Commerce (ZNCC), committed to enhancing trade and investment both domestically and internationally, hosted the annual Business Luncheon on April 26, 2024, at the ZITF Grounds in partnership with City Parking Limited.

The event, a staple of the ZNCC calendar, serves as a platform to convene a diverse array of stakeholders, including Government representatives, international organisations, diplomatic corps, academia, civil society, and private sector actors, to deliberate on critical issues, particularly those concerning international trade, on the sidelines of the trade showcase.

The overarching aim is to foster informed policy-making and strategic decision-making at the organisational and policymaking level, underpinned by robust research and broad stakeholder engagement.

This year’s theme, “Innovation: The Catalyst for Industrialisation and Trade,” resonated deeply in a world marked by rapid change. Innovation has emerged as a cornerstone for driving growth, enhancing competitiveness and fostering sustainable development, unlocking new horizons for progress.

The discussion was moderated by Mr Stevenson Dhlamini from the National University of Science and Technology, with a panel comprising esteemed personalities from various sectors.

Dr Obert J Z Sibanda, past president of ZNCC; Mr Sevious Mushosho, group CEO of Edgars Stores; Mr Similo Nkala from ZimTrade; Mr Bekezela Moyo, Bulawayo branch chairperson of ZNCC; Ms Sicelo Dube from Elevate Trust; and Mr Luxon Zembe, past president of ZNCC & CBZ Board chairman, offered their insights and perspectives on the role of innovation in their industries.

The panel discussion highlighted the transformative power of innovation, particularly in the context of industrialisation. In his opening remarks, Mr Dhlamini enquired from the panelists about their general understanding of innovation and how it applies to their respective industries and organisations.

Mr Moyo defined innovation as a process of creating new ideas, products, services, or processes that bring about significant positive change.

It involves challenging existing norms, exploring new possibilities and implementing novel solutions to address challenges or improve existing practices.

In the mining sector, for example, Mr Moyo highlighted various innovations including geological mapping, remote sensing and geophysical surveys that have improved the efficiency and accuracy of gold exploration, leading to the discovery of new deposits.

He also mentioned innovations in gold extraction, such as using non-toxic reagents like thiosulfate instead of cyanide, which are being developed to reduce the environmental impact of gold mining.

Mr Sevious Mushosho highlighted that innovation has transformative power, particularly in the context of industrialisation. He emphasised the need for the retail sector to be innovative, especially in response to the rising informality in the market.

He shared that his organisation had recruited over 700 people in the past year. He emphasised the importance of finding ways to challenge the status quo and drive innovation in the sector.

He also mentioned that his organisation had retooled, ordered quality fabric and begun exporting to South Africa and other neighbouring countries. He attributed their success to having the right machinery and producing quality products.

The moderator interjected, noting that innovation, while creating jobs, can also be disruptive.

Mr Nkala added that any new product or way of doing things must be disruptive in the target market, particularly in the context of international trade.

He emphasised the need to innovate and remain competitive in the international market. He informed delegates of ZimTrade’s role in promoting Zimbabwean products in export markets.

He mentioned specific capacity-building programmes for SMEs, including youth-focused initiatives through Eagles Nest.

Through such endeavours, ZimTrade also won an award for the Best and Most Inclusive sustainable programme for youths. As part of its innovative ways to promote trade, ZimTrade has developed an online marketing tool called Shop@Zim to promote exports.

The panel emphasised the need to simplify processes and adopt new technologies to facilitate trade.
Dr Sibanda highlighted the importance of the process of bringing ideas to life, citing examples such as Uber and Airbnb.

Ms Dube stressed the need for Zimbabwe to identify and leverage its comparative advantages in trade. She mentioned that through Elevate Trust, they are working with young people in innovation clubs and if outstanding ideas are emerging, they are taken to innovation hubs for further development.

She further emphasised the need in industry-education linkages in which case Elevate Trust is serving as a bridging gap between the classroom and the professional world.

Mr Zembe mentioned ZB Bank and CBZ Holdings as among the leading innovative financial service providers in Zimbabwe. He reported that as the financial services sector transitions, innovation would result in a loan application getting approved in less than two minutes through digitisation.

His experiences in China made him rethink his position and realise an opportunity to produce different products for different segments of customers. He saluted Edgars Stores Limited for the recent shift in production to cater for all social classes of consumers.

He also desires that the Government incentivises rural industrialisation as it unlocks innovations.
The panel discussion underscored the critical role of innovation in driving industrialisation and trade.

They emphasised the need for continuous variation and adoption of new technologies to remain competitive in the global market.-ebusinessweekly