Zimpapers Logo

THE 2018 Confederation of Zimbabwe Industries annual congress opened in Bulawayo yesterday amid expectations that the three-day indaba will come up with tangible and concrete solutions for problems bedevilling industry in the country. The gathering, which is being held under the theme, “From Dialogue to Implementation — It’s Time to Act”, has attracted international delegates among them industrialists from India, South Korea, Japan, South Africa and Botswana.

Former Botswana President Lieutenant General Seretse Khama Ian Khama and economic consultant Mr Ashok Chakravarti headline a high profile cast of dignitaries who will grace the congress. The interest generated in the congress can be attributed to the new dispensation which has excited international investors who are making a beeline for Zimbabwe to scout for opportunities.

President Emmerson Mnangagwa’s “Zimbabwe is Open for Business” mantra has resonated well with prospective investors around the world and most of them are keen to see what the country has to offer. Local firms attending the CZI congress have an opportunity to rub shoulders with these investors, share notes, network and possibly seal investment deals and trade partnerships.

It is also helpful that there will be high level representation from Government as this will allow for clear enunciation of investment policies, making it easy for foreign investors to make their decisions as regards to ploughing their money into the country. Bulawayo as the host has a golden opportunity to sell itself and we urge the local authority to state its case as regards the re-industrialisation of the country’s second largest city.

Industries in the city need more than $1 billion to retool and improve operational efficiency to match market expectations. Most companies in Bulawayo have obsolete and antiquated equipment and need financing to acquire the latest technology and equipment to boost capacity utilisation.

The presence of local and international financiers that include ZB Bank, CABS, Takura Capital Power, IDC South Africa, Botswana Financial Group, Africa Export and Import Bank (AfreximBank) and the African Development Bank gives them an opportunity to state their case and hopefully obtain funding from these institutions.

There is a lot of goodwill towards Zimbabwe at the moment and the attendance of former Botswana President Khama shows that Sadc and Africa are fully behind Zimbabwe as it navigates its way out of decades of economic stagnation and marches towards a middle income economy by 2030.

African Union chairman and Rwanda President Paul Kagame acknowledged progress made by Zimbabwe to deal with political and economic challenges during his address to the United Nations General Assembly on Tuesday. “In Zimbabwe as well, the next stages on the country’s path of progress warrant steady encouragement from the international community,” he said.

Indeed the world needs to assist Zimbabwe in its quest to overcome its challenges and we applaud organisers of the CZI congress for inviting high profile international delegates to their indaba. This will help them appreciate the problems bedevilling local industries and ways in which they can assist.

Most of the foreign delegates, particularly from countries such as India and South Korea, have gone through similar experiences to Zimbabwe where their countries had to overcome immense challenges to get to where they are today. Zimbabwean companies can learn a lot from their experiences.

The congress’ theme, which emphasises the need to prioritise implementation, dovetails with Government’s thrust to move from rhetoric to action.

Transforming the economy and rejuvenating the manufacturing sector will require implementation of strategies that promote economic growth and development. Slothfullness, inertia, laziness and corruption are being dealt within the Government bureaucracy and the private sector should emulate this paradigm shift if the nation is to move forward in the same direction.

The CZI congress is therefore an opportunity for industry to show that it is serious about complementing Government efforts to turnaround the economy.
While President Mnangagwa is working around the clock to attract investors, local industries should, in their own spheres, work to attract capital to retool so that they can compete favourably with foreign firms.

A vibrant local industry is the foundation of an economy as it generates foreign currency, reduces costly imports and creates much-needed employment.

We reiterate once again that Government needs to support the manufacturing sector so that it increases capacity utilisation which is currently below 50 percent. Given the myriad of challenges blighting its operations, there is a need for a holistic approach encompassing all stakeholders in the industry value chain.

In this regard, the Ministry of Industry and Commerce, CZI, the Zimbabwe National Chamber of Commerce and other industry bodies need to sit down and come up with practical solutions to the problems dogging the sector. We hope they will use the CZI congress to find each other, brainstorm on critical issues, tap into the wealth of knowledge/experiences of their foreign guests and ultimately emerge with a way forward for industry in Zimbabwe. The future of an entire nation is at stake.