GOVERNMENT will continue to implement bold policy reforms to stimulate investment, accelerate industrial growth and create jobs, the President has said.
Commissioning Varun Beverages Zimbabwe’s new Cheetos snacks manufacturing plant and laying the foundation stone for a juice and dairy blending facility, President Mnangagwa said Cabinet had approved sweeping reductions in regulatory fees, licences and compliance costs affecting key sectors of the economy.
“My Government stands ready to refine the ease of doing business and partner the private sector to unlock the full potential of our economy,” said the President.
“In this regard, yesterday, Cabinet approved the slashing of numerous regulatory fees, licences and compliance costs, including those related to manufacturing, financial, real estate and health care sectors.
“My administration shall not hesitate to take bold decisions towards stimulating investment, multi-pronged industrial growth, job creation and broad-based empowerment that benefit our nation and people, as a whole.”
President Mnangagwa reaffirmed Government’s commitment to fostering an investor-friendly environment while promoting local manufacturing, import substitution and value chain development.
“Zimbabwe is Open for Business and will continue to be a safe, secure and competitive investment destination.”
President Mnangagwa and Industry and Commerce Minister Mangaliso Ndlovu (left) are led on a tour of Varun Beverages’ new Cheetos snacks manufacturing plant by the firm’s chairman Mr Ravi Jaipuria (third from left) and chief executive Mr Vijay Bahl (right, in a necktie) ahead of the plant’s commissioning in Harare yesterday. — Picture: Believe Nyakudjara
The President said the commissioning of the new production plant and the additional US$20 million investment by Varun Beverages mark another milestone in the country’s industrialisation drive.
“The local production of such globally celebrated brands serves as an endorsement of the country’s economy, policies and ability to deliver high-quality, internationally competitive products,” he said.
“The added US$20 million investment by Varun Beverages also marks industrial diversification, creation of employment opportunities for our people and manufacturing sector-integration, into both regional and global value chains.”
Varun Beverages, said the President, has significantly expanded its operations since he commissioned its first production line eight years ago.
At that time, there was only one production line, with a capacity of approximately 10 million bottles per month.
“I am pleased to note that this complex has significantly expanded into a world-class manufacturing hub, with the addition of five more production lines, which include the production capacity of nearly 120 million bottles per month,” he said.
The company now provides direct employment to about 2 000 people, while also creating indirect empowerment opportunities for women and youth entrepreneurs.
President Mnangagwa said the company’s growth demonstrates the benefits of policy consistency, sustained investment and strong collaboration between Government and the private sector.
The President also laid the foundation stone for Varun Beverages’ planned juice and dairy blending facility, which is expected to broaden investment in the beverage and nutrition sector while creating downstream opportunities in the dairy and fruit industries.
“This forward-looking investment will broaden the footprint in the beverage and nutrition segment, through both the dairy and fruit sectors, while generating more downstream economic opportunities,” he said.
President Mnangagwa said Zimbabwe’s economy has recorded average annual growth of 5,5 percent since the opening of Varun’s first industrial line, with Government remaining focused on structural transformation, value addition, productivity and job creation.
This year, the manufacturing sector is projected to grow by 3,4 percent, driven by stronger linkages with agriculture and mining, while capacity utilisation continued to rise towards 60 percent.
Added the President: “In view of the strategic importance of the sector, Government has set aside resources to support retooling, industrial modernisation and working capital requirements for industry, as well as improving the prevailing policy environment.
“The need to build sustainable quality assurance regimes that enhance the country’s competitiveness, protect consumers, and ensure the growth of a resilient and standard-driven economy, cannot be overemphasised.”
President Mnangagwa also welcomed Varun Beverages’ plans to invest in renewable energy generation projects with a combined capacity of about 500 megawatts.
He said the proposed solar projects in Matabeleland South, Mashonaland Central and Mashonaland West provinces would accelerate rural industrialisation and modernisation.
The President encouraged the company to support small-scale dairy farmers as it expands into the juice and dairy sector and encouraged it to leverage the country’s strategic location and trade agreements to expand exports across the SADC region and Africa.
“The plant is, thus, a symbol of transformation and another building block as we build the ‘Zimbabwe we all want, brick by brick, stone upon stone, and step by step’.”
Varun Beverages chairman Mr Ravi Jaipuria said the company remains committed to Zimbabwe’s industrial transformation following the commissioning of the new plant and the launch of the juice and dairy blend facility.
“Today we celebrate two important milestones — first, the inauguration of our Cheetos snack manufacturing plant and second, the foundation stone laying ceremony for our upcoming juice and dairy blend facility,” he said.
“Together, these projects represent another strong step in the long-term commitment to Zimbabwe’s industrial growth, employment creation, and economic transformation.”
The event was attended by Industry and Commerce Minister Mangaliso Ndlovu, Chief Secretary to the President and Cabinet Dr Martin Rushwaya and other senior Government officials.
Not enough jobs still. Every year or day jobs in the formal need to be created. From school leavers to skilled workers jobs en masse is needed. We need more companies here to produce manufacture and employ .
At the moment this regime is only interested in power . We all need power! Power to buy goods. Power to send our kids to school etc etc. Which is more important? Power to impoverise a country . No no.
Come guys you have been in power near 50 years and you have destroyed a blessed country for mere personal gain. Create jobs jobs jobs not hard don’t you think or what ?
COMMENTS
Not enough jobs still. Every year or day jobs in the formal need to be created. From school leavers to skilled workers jobs en masse is needed. We need more companies here to produce manufacture and employ .
At the moment this regime is only interested in power . We all need power! Power to buy goods. Power to send our kids to school etc etc. Which is more important? Power to impoverise a country . No no.
Come guys you have been in power near 50 years and you have destroyed a blessed country for mere personal gain. Create jobs jobs jobs not hard don’t you think or what ?