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Michael Tome in Victoria Falls
LOCAL businesses should adapt to new technological trends to promote efficiency and quality of products in view of tougher market competition that is going to be brought about by the African Continental Free Trade Area (ACFTA).
This was said by Industry and Commerce Minister Dr Sekai Nzenza while officially opening the CEO Africa Roundtable annual meeting in Victoria Falls yesterday. To be an effective competitor in AfCFTA, Zimbabwe industry needs to align itself to rapidly changing technological trends in the production of goods to claim its fair share of Africa’s gross domestic product, which presently stands at US$3,4 trillion.
While addressing delegates at the convention Minister Nzenza said, “Let me emphasize the need to centre discussions on how businesses will adopt new technological environment and enhance efficiency and quality in view of stiffer market competition that is going to be brought by the African Continental Free Trade Agreement (ACFTA) that is in force now,” said Minister Nzenza.
She went on to point out that AfCFTA which intends to tap into a market of over one billion people for African manufactured products and services will push the Zimbabawan industry to accelerate production goods to match the competition from its regional counterparts.
“You are well aware as the CEO Africa Roundtable that the ACFTA is here to stay and is expected to boost intra-Africa trade as it aims to liberalize trade across the African Continent.
“It is also anticipated that it will deepen competitiveness at industry level, of which you are the leaders, through enhancing production, market access, and a more efficient allocation of resources as industry moves up the value chains,” she added.
This year’s edition of the CEO Roundtable Africa annual meeting which is running under the theme “Charting the Recovery Curve, Building Momentum – Crashing Barriers, Creating Impact” seeks to deliberate critical issues of the economy and inspire the growth of a vibrant Zimbabwe’s economy going forward, particularly following the battering of the economy by Covid – 19 pandemic.
President Mnangagwa is expected to give a keynote address at the three-day meeting, which is striving to promote efforts that seek to propel a prosperous Zimbabwe that is driven by a more stable macro economic environment where local business operations and foreign direct investments flow smoothly.
The meeting is anticipated to debate a number of macro-economic forecasts by the government as well as outlining the role of the public and private sector in the resuscitation of the local economy.
Zimbabwe has the potential to become a major player in the US$3,4 trillion market expected to be created by the African Continental Free Trade Area (AfCFTA) given its vast mineral resources and capacity to produce industrial and domestic goods and services.
Online Reporter