Online Reporter
Rutendo Nyeve-Victoria Falls Reporter
BUSINESS executives who attended the recent Zimbabwe National Chamber of Commerce (ZNCC) congress in Victoria Falls have commended the Government for the progress achieved under the National Development Strategy (NDS1), which has laid a solid foundation for economic transformation leading to Vision 2030.
With just five years left to leapfrog Zimbabwe into an upper-middle-income economy, business leaders have called for the strengthening of the reform process to cover grey areas and widen partnerships to accelerate productivity and unlock the nation’s full potential.
NDS1 commenced in 2021 and comes to an end this year and has been credited for inspiring major economic milestones in the last five years.
Anchored on key pillars like macro-economic stability, inclusive growth, infrastructure and social development, some of the achievements under NDS1 include economic diversification, job creation, poverty reduction, positive spin-offs from the Government’s engagement and re-engagement with the international community, and improved governance.
NDS2 is set to be launched by President Mnangagwa before the end of this year, and will run from 2026 to 2030. It is expected to propel sustainable economic growth of the country towards an upper middle income society by 2030.
Represented by ZNCC president Mr Tapiwa Karoro, business leaders said NDS1 has set the stage for vibrant economic growth in Zimbabwe and hoped more collaboration between the Government and the private sector will further scale up the gains under NDS2.
The essence of forging strategic partnerships came under spotlight during the business indaba, which ended on Saturday under the theme “Unblocking Business Potential through Policy, Partnerships and Productivity”.
“The Zimbabwe National Chamber of Commerce applauds the Government of Zimbabwe for its strides under the National Development Strategy 1 (NDS1), which laid a critical foundation towards achieving Vision 2030,” said Mr Karoro.
“As we now pivot towards NDS2, with just five years to meet this ambitious target, it’s imperative that we unlock the full potential of our economy through the pillars of sound policy, strategic partnerships and enhanced productivity.”
To accelerate economic gains, the executives have also called for policy fine-tuning to make business regulations clearer, consistent and credible to foster private sector growth.
Mr Karoro said feedback from their members suggests that the currency and monetary regulatory environment was one of the areas requiring urgent attention.
“Unlocking business potential begins with clear, consistent and credible policy. NDS2 must build on a frank and evidence-based review of NDS1, identifying what worked, what fell short and where course correction is necessary,” he said.
On the currency front, Mr Karoro said the business community was advocating for a market-driven approach to restore mono-currency.
“A mono-currency system should be the long-term goal but this must be market-driven, guided by confidence,” he said. “What we need is a sequenced, transparent transition underpinned by strong fundamentals.”
The ZNCC leader said there was still a sentiment by the private sector that Zimbabwe’s regulatory framework has complexities that stifles business growth, especially on licencing.
“Businesses face layers of licences, permits, levies and reporting requirements from various regulatory bodies, many of which duplicate functions or contradict each other,” he said.
“This regulatory maze significantly raises the cost of doing business, deters investment and serves as a major disincentive for the formalisation of enterprises, particularly for MSMEs (macro small to medium enterprises),” he said.
To address this, Mr Karoro called for a streamlined, digitised compliance system. “Streamlining regulations, eliminating redundancies and moving towards a one-stop, digitised and low-cost compliance regime must be a core priority under NDS2,” he said.
Additionally, he urged the Government to reduce its footprint in commercial sectors, allowing private capital to drive growth where it is most efficient.
Mr Karoro emphasised that unlocking Zimbabwe’s economic potential requires strong public-private partnerships.
“Unlocking Zimbabwe’s potential cannot be achieved by Government or business alone. It calls for deepened public-private partnerships, rooted in trust, shared goals and accountability,” he said.
Key areas for collaboration include infrastructure development, energy security and digital transformation.
He also highlighted the importance of regional integration under the African Continental Free Trade Area (AfCFTA).
“Regional partnerships present a golden opportunity to integrate value chains, expand exports and diversify our economic base. Zimbabwe must position itself as a competitive regional player by aligning policies and standards with continental frameworks,” said Mr Karoro.
Zimbabwe’s productivity levels remain below regional benchmarks, with manufacturing capacity utilisation under 60 percent. To address this, Mr Karoro called for investments in skills development, industrial retooling and technology adoption.
“The productivity challenge in Zimbabwe remains real. To bridge this gap, we must invest in skills development, retooling of industry and new technology adoption.
“This includes formalising the informal sector through targeted incentives and capacity-building, transforming informal enterprises into formal, competitive players in the economy,” he said.
Meanwhile, the ZNCC has reaffirmed the private sector’s commitment to drive economic transformation but called for bold, inclusive action.
“The private sector stands ready to play its full role as a driver of economic transformation. But for this potential to be unlocked, we need bold, inclusive and forward-looking action,” said Mr Karoro.
“Let’s use NDS2 as a strategic platform, one that embraces smart policy reform, catalyses effective partnerships and raises our productivity to globally competitive levels.
“Together, we can pave the path to a vibrant, resilient, and inclusive Zimbabwean economy by 2030 and beyond.”
