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Leonard Ncube in Victoria Falls
THE Confederation of Zimbabwe Industries (CZI) Congress and International Investment Forum opened here yesterday amid calls for private sector participation in economic transformation.
Industry executives’ desire is to have all sectors of the economy working towards a market-led economy, which is critical to the attainment of an upper middle income economy by 2030.
Officiating at the occasion, Industry and Commerce Minister Nqobizitha Mangaliso Ndlovu said although the country was going through turbulent times, austerity and fiscal initiatives have yielded positive results. He said the pains the country has gone through were worthwhile as positive results are beginning to show.
“Numerous policy reforms instituted by Government have yielded positive results in as far as the macro-economic environment is concerned. These reforms have turned the fiscal deficit by ensuring that Government budget is stabilised since October 2018 and turned into a surplus in the beginning of 2019,” he said.
“To this end I am delighted, though cautiously to indicate that we have also made significant progress in curbing the trade balance of goods.”
Minister Ndlovu said between January and May this year the country registered a deficit of $399 million compared to $1,12 billion during the same period last year. The current account also recorded surplus of $196 million in the first quarter.
The Minister said the country has increased exports, signalling the positive impact of currency reforms on competitiveness.
“Austerity measures that we have embarked on, though painful, are necessary in our quest to have an upper middle income economy by 2030. We are nearing end of austerity and approaching prosperity,” said Minister Ndlovu.
He, however, said 2019 will be a bit subdued due to El Nino induced drought and effects of Cyclone Idai.
Minister Ndlovu said hopes were high that the country would beat the two percent annual growth in the manufacturing sector in the next five years.
He said there was a need to collectively come up with immediate solutions as Zimbabwe cannot afford to lag behind in the industrial revolution.
Newly elected CZI president, Mr Henry Ruzvidzo, called upon the industry to support Government in the reform process. He challenged the private sector to seize the opportunity and use the platform to integrate.
“Government and its institutions must keep pace with change and this congress will among other things seek to smoothen the process of economic transformation,” he said.
Acting Mayor, Councillor Prince Thuso Moyo, challenged the industry to share notes on issues that are key to industrial development.
He said tourism in Victoria Falls was of immense importance in economic development.
“Victoria Falls was declared a Special Economic Zone in order to improve the overall investment environment, enhance ease of doing business and streamlining administrative procedures in order to attract and facilitate foreign direct investment,” he said.
The theme for the conference is: “Towards a Market-led Economy: Addressing Impediments to Industrial Development.” — @ncubeleon.
Online Reporter