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The man behind the scenes: Minister of Information, Media and Broadcasting Services Professor Jonathan Moyo (centre) is credited with coming up with the idea of the Zimpapers Business Breakfast Meetings

ON Wednesday morning, the business community in Bulawayo and its surrounding areas overwhelmingly responded to an invite to attend a breakfast meeting to unpack mega deals clinched by President Mugabe during his recent trip to China.
Organised by Chronicle Business, the meeting was attended by Cabinet Ministers Mike Bimha (Industry and Commerce), Dr Obert Mpofu (Transport and Infrastructural Development) and the Minister of Media, Information and Publicity Professor Jonathan Moyo — the brains behind the series of breakfast indabas being rolled out across the country by the Zimbabwe Newspapers Group.

The president of the Matabeleland Chapter of the Confederation of Zimbabwe Industries, Busisa Moyo and prominent engineering entrepreneur Jim Ross Goddard were on hand to respond to presentations by the two ministers. The enthusiasm shown by captains of industry and the positive energy generated by the meeting demonstrated beyond doubt that Zimbabwe is ready to roar again and its people are prepared to do whatever it takes to ensure an economic turnaround.

The Bulawayo business community also exhibited a burning desire to restore the city’s industrial hub status through raising pertinent issues that government needs to address to clear hurdles that stand in their way and impede business. From the meeting, it was clear that a multi-faceted approach was required to inject life into the manufacturing sector — crucial to the turnaround of the wider economy.

For instance, there are no ready-made solutions to the problems facing industry in Bulawayo but there is a need to identify those companies with a potential to make a quick turnaround and capacitate them.

In his presentation, Minister Bimha noted that some firms faced both financial and technological challenges with their machinery obsolete. There was therefore no need to pump money and resources into these companies but support was required for those firms that needed re-tooling and had a potential to rebound. He also pledged to speed up the designation of Bulawayo as a Special Economic Zone but cautioned that there was a need to tailor-make some of the concepts the Zimbabwean delegation learnt in China to the local environment.

The issue of pricing was a thorny one with business concerned with the current model which is not in sync with regional trends. Utilities charges are exorbitant and these have a direct bearing on companies’ final product and price. Industry was particularly concerned that the pricing model was driving them out of business as their products were more expensive than cheap imports.

We are glad that government is proactively pursuing this matter with Min Bimha revealing that they were reviewing the country’s pricing model to align it with regional trends. Business was also grateful to government for prioritising infrastructure development particularly road and rail, saying this would facilitate ease of doing business.

The National Railways of Zimbabwe is the hub of business activity in Matabeleland and it is crucial that its revival is expedited, business said. During his trip to China, President Mugabe clinched deals that included the resuscitation of rail infrastructure and Dr Mpofu underscored this point on Wednesday when he revealed that the Development Bank of Southern Africa was set to extend a loan of between $450 to $700 million for the   parastatal.

Negotiations for the release of the money are underway but the behaviour of NRZ workers who have been demonstrating and striking for pay could derail it, Dr Mpofu said while urging patience. We certainly agree that the NRZ workers need to wait for the company to start operating at full throttle before demanding their dues.

The minister also revealed that the country’s road network would soon be upgraded with dualisation planned for major roads out of Harare while the Beitbridge-Bulawayo-Victoria Falls will be rehabilitated. With the business community pledging its full support for the government blueprint — Zim-Asset and an ambience created between industry and the State — the sky is the limit for Zimbabwe’s economic revival.

Foreign investors should also have been reassured by government’s commitment to clarifying the indigenisation and economic empowerment policy. Zimbabwe is certainly open for business. Russia and China’s entry into the Zimbabwean economy will unlock vast potential and help the country derive value from its natural resources.

Like a phoenix, Zimbabwe is rising again.