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Minister Bimha

Oliver Kazunga Senior Business Reporter
INDUSTRY and Commerce Minister Mike Bimha yesterday challenged companies to redefine their business models and shun the “price wars” syndrome and adopt innovative strategies to sustain competition.Addressing delegates to the Zimbabwe International Business Conference in Bulawayo, Minister Bimha said companies need to invest in relevant technologies to improve productivity and quality of goods and services taking advantage of export opportunities in the region and beyond.

“Industry needs to adopt and adapt to cutting-edge innovative solutions to meet the demands of the ever-changing consumer needs and wants. In this regard, I call upon you, the business sector, to redefine your business models and move away from the ‘price wars’ syndrome and adopt innovative strategies as a way to sustain competition,” he said.

The one-day business conference ran under the theme, “The Role of Innovation in the Revival of the Country’s Industrial Base”.

The Minister said the theme of the event was a relevant topic that dovetailed with the government’s Zimbabwe Agenda for Sustainable Socio-Economic Transformation, which acknowledges the key role of technology and innovation in the revival of the country’s industrial base.

He said innovation was not only about designing a new product. “But focus can be on existing business processes and practices to improve efficiencies, finding new customers, re-evaluating business strategies, cutting down on waste while increasing profits. Revision of business models towards competitive production of higher quality value-added goods and services with an export orientation is therefore paramount to the sustainable economic growth and development of Zimbabwe,” said Minister Bimha.

He added that it was encouraging to note that some local industries had made their own strides and efforts to upgrade technology and innovation by acquiring state-of-the-art plants and equipment.

The improved performance of such companies, the Minister said, was testimony of the role that innovation can play in the revival of industry.

“Industry should also engage research institutions which offer a fertile ground for seeding, nurturing and developing an innovative society. These institutions can also be turned into technological incubators and serve as hubs for developing, adapting and diffusing technology into industry,” he said.

He said key areas that need special attention include the promotion of innovative education systems among small and medium enterprises, innovative financing for experimental development, commercialisation of research outputs, and monitoring and tracking of scientific technological innovation in the country and internationally.

“There is also a need to align our Intellectual Property Rights Policy to international best practices so as to safeguard our innovativeness and promote its commercial exploitation.”

He reiterated that a favourable innovation policy environment could ensure Zimbabwe’s future competitiveness and sustainability of growth by facilitating diversification and transformation of the economy from the present dependency on natural resources to production of branded and value added goods.

Minister Bimha assured industry that government was aware of the liquidity and supply side challenges facing the economy.

“Government will explore all options available to access affordable sources of funding to capacitate industry to retool and invest in new technology. The government will also work to enhance trade facilitation in order to expedite trade flows by reducing and or eliminating barriers to trade,” he said.