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Sikhulekelani Moyo, Business Reporter
LOCAL entrepreneurs should leverage partnerships with potential international investors to exploit available business opportunities in different value chains as opposed to waiting for Government funding.
Speaking during the Zimbabwe Institute of Foundries (ZIF) Conference held at the Zimbabwe School of Mines in Bulawayo on Friday, Ambassador Christopher Mutsvangwa, who is also Zimbabwe National Liberation War Veterans Association chairman, said players in the foundry industry should not only wait for Government funding but should take advantage of other capitalisation avenues.
Given the vast opportunities in the iron and steel value chain globally, seeking partnerships with potential businesses and harnessing innovative approaches will bring more dividends.
“Partnership is crucial in the growth of the foundry industry.
World-class investors like Tsingshan, who are coming in the country are bringing in their bankers, customers and their home value chains,” said Amb Mutsvangwa.
He said many players are coming to Zimbabwe and they are looking for local people to partner with.
“You need to be on the lookout for those people because if you want to invent something new, it will take some time. The best is to adopt what is already there,” said Amb Mutsvangwa.
He said locals should partner the established investors and build relationships to produce their own products if future.
Amb Mutsvangwa said partnerships are also helpful in accessing international markets as the established companies already have markets.
He added that quality was most important in the growth of any business hence partnering with established companies will assist local companies to produce high quality products.
Amb Mutsvangwa said the Second Republic led by President Mnangagwa has taken a huge step to promote growth in the mining and mineral value edition sector by removing the indigenisation policy, which was taking local mineral endowment out of the global market.
“The big difference between the First and the Second Republic is the appreciation of the role of capital in creating wealth, which then leads the country to prosperity,” said Amb Mutsvangwa.
He said when Government removed the indigenisation clauses, world-class capital, technology and markets were attracted to Zimbabwe.
“This was the biggest change which saw capital coming to our mining sector,” said Amb Mutsvangwa.
He urged the foundry players to leverage on the Manhize Iron and Steel Project to improve the quality of their products.–@SikhulekelaniM1
Online Reporter