adminAbout 80 companies have closed down or relocated to Harare or other cities as Bulawayo has lost its competitiveness in terms of business.
Speaking at a function recently, the Zimbabwe National Chamber of Commerce (ZNCC) Matabeleland regional chairperson Mrs Ntombenhle Moyo said there was a need for joint ventures and capital injection from investors to build Bulawayo back to its status as the country’s industrial hub.
“At the moment we have a lot of opportunities in many industries that if investors could jump in, would improve the economy of the country.
“Zimbabwe has got the manpower, resources and high literacy rates which are good for economic growth but what we need is capitalisation,” Mrs Moyo said.
She said there was a lot of room for investors to come in because the country was in dire need of new technology and financing for meaningful development to be realised.
“At the moment many companies are relying on very outdated technology and we are inviting investors who can bring in technology to partner with local businesses for increased productivity.
“Some industries are undercapitalised because of failure to upgrade so as to be competitive on the local, regional and global markets hence loss of customers,” Mrs Moyo.
She said there was also need to work on infrastructural developments which also enhances economic growth.
“Infrastructure at the moment needs to be worked on especially roads, water services and other structures but as a country we have low fiscal space,” she said.
Mrs Moyo said many companies were awaiting the Distressed Industries and Marginalised Areas Fund (Dimaf) money which was taking long to come.
“Government had organised the Dimaf fund to help troubled companies and they are still working on the fund.
“Companies really require financing so that we restore Bulawayo to its economic status whereby it used to support the whole country economically,” she said.
Zimbabwe Investment Authority (ZIA) chief executive officer Mr Richard Mbaiwa said investment opportunities were so many in the country from energy, mining, tourism, energy infrastructure and social services.
“There is need for value addition and processing of commodities in the country so that we get the best out of our own raw materials and benefit as a country.
“Public and private partnerships are also essential so as to promote growth and diversity,” he said.
The ZNCC Victoria Falls chapter chairman Mr Rowland Makaure said Zimbabwe was full of opportunities that investors could be interested in.
“Zimbabwe is so rich in terms of resources and what we need is a hand to develop and process those raw materials since we still have a fragile economy.
“Joint ventures, franchises and takeovers where necessary are welcome for the growth of the local economy,” he said.
Online Reporter