Govt commits to incentivise investments

Mukudzei Chingwere, Herald Reporter

The Government stands firm in its commitment to incentivise and support investment, both foreign and local, through policies that create an enabling environment for industrial development, Permanent Secretary for Industry and Commerce Dr Thomas Utete Wushe has said.

Speaking at the Zimbabwe South Africa Business Chamber Trade and Investment Dinner in Johannesburg, South Africa, last week, Dr Wushe said President Mnangagwa, the current SADC chair is on record calling for the front-loading of the SADC Industrialisation Agenda through collaboration in agriculture and agri-businesses, regional energy, water, transport, port infrastructure and trade routes.

“The Government of Zimbabwe stands firm in its commitment to incentivise and support investment, both foreign and local, through policies that create an enabling environment for industry development,” said Dr Wushe.

“We are dedicated to fostering innovation, job creation, and sustainable growth through a range of initiatives that aim to propel our industries to new heights. The Zimbabwe Investment and Development Agency (ZIDA) was established as a comprehensive one-stop investment shop tailored to meet the requirements of investors seeking opportunities in Zimbabwe.

“Infrastructure development remains a key priority for us, with ongoing projects designed to bolster industrial growth and enhance trade efficiency”.

Skills development and training were paramount to ensure the country’s workforce remained competitive and adaptable to the evolving demands of the industry, he said.

“Technological innovation is at the core of our industrial strategy, with efforts underway to promote digital transformation and technological advancements that will propel our industries into the future.

“We therefore call for more collaboration in this area so that our industrial sector can remain competitive and catch up with today’s rapidly changing global landscape.”

“This policy underscores our commitment to fostering a conducive environment for industrial development, innovation, and sustainable practices. It emphasises leveraging the agriculture and mining sectors for raw materials and enhancing linkages with all service sectors to stimulate growth.

“Zimbabwe’s industrial landscape is characterised by untapped potential and promising opportunities. Our strengths lie in diverse areas such as mining, agriculture, manufacturing, and renewable energy, offering a fertile ground for investments that promise mutual benefits for our partners and our nation.

“Zimbabwe beckons with vast opportunities across various sectors, inviting forward-thinking investors to join us in shaping a vibrant and dynamic economy,” said Dr Wushe.

In the manufacturing sector, Dr Wushe said opportunities were available in agro-processing, lithium beneficiation, fertiliser, pharmaceuticals, bus and truck assembly, engineering, iron and steel among others.

The World Bank’s analysis reveals Zimbabwe’s competitive advantage in seven products: sugar, cotton, beef, coffee, flowers, citrus, and tobacco, with notable export performance in tobacco, sugar, and cotton.