Source: The Herald – Breaking news.
Vice President Chiwenga officially opens the International Business Conference in Bulawayo yesterday. — Picture: Eliah Saushoma. 
Mukudzei Chingwere in BULAWAYO
Industrialisation and promoting local production that meets the country’s needs, as well as increasing exports, should be embraced if Zimbabwe is to realise its full potential, Vice President Dr Constantino Chiwenga has said.
He made the remarks at this year’s International Business Conference held on the sidelines of the ongoing 65th Zimbabwe International Trade Fair (ZITF) in Bulawayo yesterday. Participants included captains of industry and fund managers seeking investment opportunities, along with many other economic players.
VP Chiwenga said the Government had done its part through the National Development Strategy 1 (NDS1) and is in the process of spearheading many infrastructure development projects. In that regard, he called on private players to invest in industrialisation, which was started under NDS1.
“Our collective quest to transform the Zimbabwean economy hinges on the establishment of a robust industrial base, one that serves as a cornerstone for sustained and inclusive economic growth,” said VP Chiwenga. “Global economic history reminds us that no nation has ever attained high-income status without first laying the foundations of a strong, diverse, and competitive industrial sector.”
“Under the Second Republic, Zimbabwe has made commendable progress in advancing industrialisation through the National Development Strategy 1, which has contributed significantly to economic recovery and macroeconomic stability.”
VP Chiwenga said as the nation moves to NDS 2, focus must shift decisively from low-value, low-technology manufacturing towards high-value, technology-intensive, and knowledge-driven production systems.
He noted that following the Competitiveness Summit held recently in Bulawayo, the Government had developed a Competitiveness Call to Action that will bring together various ministries, departments, and agencies to monitor and accelerate regulatory reforms to improve the ease of doing business and foster business confidence.
The private sector was urged to deepen collaboration with academic and research institutions in commercialising science-based innovations for industry’s benefit. Capacity utilisation in the manufacturing sector has grown to over 50 percent, up from 36 percent in 2019, indicating the Government’s commitment to improve the sector. VP Chiwenga said while the rise in capacity utilisation marks significant progress, the Government remains committed to implementing policies that promote import substitution, local content development, and the suppression of counterfeit goods.
Later in the day, VP Chiwenga addressed the inaugural Research Indaba, jointly hosted by the Research Council of Zimbabwe (RCZ) and the ZITF under the theme, “Research for sustainable industrialisation and economic development.”
In his remarks, VP Chiwenga said the complexity and unpredictability of challenges facing world economies today need a research and innovation sub-sector that is not only ready to diffuse threats but one that is also proactive to avoid downturns and maximise growth.
He said it was important for the Government, the private sector, and academia to focus on the need for collective efforts to translate research into actionable solutions that can drive economic recovery.
The partnership involving these sectors is essential for leveraging research in ways that directly benefit society.
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