‘Byo lost big business to ZITF cancellation’

Business Editor
THE outbreak of Covid-19 and the subsequent cancellation of this year’s Zimbabwe International Trade Fair (ZITF) in April negatively impacted on the company’s revenue and tourism income for Bulawayo, Industry and Commerce Minister, Dr Sekai Nzenza, has said.

The ZITF is the biggest annual economic conference in the country and, being hosted in the City of Kings, traditionally draws thousands of local and foreign delegates, bringing in wider business benefits mainly to the tourism sector and down the value chain. This year’s ZITF was the 61st edition and was supposed to be held from 21 to 25 April under the theme: “Augmenting Trade and Investment Towards a Shared Economic Vision”. The prime multi-sectorial exhibition was postponed indefinitely following a Cabinet decision. ZITF Company board chairman Mr Busisa Moyo is on record saying that in view of the spike in Covid-19 cases, it is unlikely to host the event anytime this year.

In her remarks during the ZITF Company 33rd Annual General Meeting held virtually on Friday, Dr Nzenza, said Covid-19 has disrupted normal business patterns, which calls for proactive strategies to tap into new opportunities to ensure companies remain afloat.

“The company’s (ZITF) major event has been cancelled due to the Covid-19 pandemic with negative impacts on revenue and tourism income for the Bulawayo community,” she said.

“Be that as it may, we now need to embrace the ‘New Normal’, advancing new innovations and embracing technology to ensure that the ZITF Company continues as a going concern. “This will encompass operational review bearing in mind the precepts of the Fourth Industrial Revolution and the recently concluded Africa Continental Free Trade Area in order to strategically place ZITF at the centre stage of trade in Zimbabwe.”

Dr Nzenza said it was disappointing that ZITF was cancelled at a time when the local industry in Bulawayo was geared to increase capacity in providing goods and services, which was set to further assist the local community to benefit from the high level visits at the premier show.

“It is in this context, that I would like to urge the board and management to conclude a 5-Year Strategic Plan as required by the Public Entities and Corporate Governance Act, which takes into account the foregoing circumstances,” said Dr Nzenza.

“In formulating the strategy, all parties must be cognisant of the need for innovation around a modern, relevant and globally attractive company that is a pacesetter in the region.”

She directed the board to finalise the process of assembling a strong forward looking management team to ensure above targets were met. This includes delivering on the mandate to re-position ZITF and creatively guiding the company towards attaining investment and trade as part of Government’s Vision 2030 of an upper middle-income economy.

“The universality of this crisis demands all hands on the deck, it demands wide collaboration and it calls for entire value chains to tackle the challenge from multiple angles,” said Dr Nzenza.

“Beyond the evaluation of the risks presented by the pandemic ZITF must also look at the opportunities arising as the country continues to look inward in terms of production through the local content strategy and export development.

“To enable this, we need to embrace a multi-stakeholder approach in order to facilitate and promote the development of sustainable, innovative and globally competitive industrial and commercial enterprises.”

Following the outbreak of the deadly global pandemic, there has been unprecedented widespread disruptions to every facet of life, said the minister. In view of the lockdown measures put in place by governments globally, the Meetings, Incentives, Events and Exhibitions (MICE) industry has suffered either cancellations or postponements of several big-ticket events with estimated costs running into millions of dollars. The Zimbabwe International Exhibition Centre is an attractive destination and offers an opportunity for companies to meet and compare notes on trade and investment.

By the time the event cancellation was announced in March, the ZITF Company had sold 94 percent of its exhibition space with seven countries, namely Belarus, Botswana, Japan, Malawi, Mozambique, Namibia and Tanzania confirming their participation. Mr Moyo, however, has said the company remains ready to host the exhibition in the event that the respiratory disease is contained.