Increased international presence at ZITF affirms Zimbabwe re-engagement policy

Stanford Chiwanga

THE economy is on an upward trajectory, with a significant increase in international participation at this year’s Zimbabwe International Trade Fair (ZITF), which is a testament to the country’s success in engaging with the global community.

This is due to the Government’s focus on private sector-led economic growth which has seen a rise of over 30 percent in transnational involvement at the trade showcase compared to last year, the Minister of Industry and Commerce Dr Sekai Nzenza said yesterday.

Addressing delegates, who included Vice President Constantino Chiwenga, Minister of Finance and Economic Development Prof Mthuli Ncube, Minister of Bulawayo Provincial Affairs Judith Ncube and Ambassador of the European Union Jobst Von Kirchmann, at the ZITF 2023 International Business Conference, which ran under the theme “Glocalisation: Celebrating Zimbabwe’s Success and Unlocking Economic Growth Opportunities,” Dr Nzenza said glocalisation (the policy of combining globalisation and localisation) has seen the Government working closely with the private sector to improve the ease of doing business, resulting in a surge of international investors viewing Zimbabwe as an attractive investment destination.

“The story of the economic growth of Zimbabwe is not complete without mentioning the relationship between the Government and the private sector. The mandate from His Excellency under the NDS1 to the Government including my colleague Minister of Finance was for an envisaged private sector-led economic growth,” she said.

“To this end, we have been working closely to align the aspirations of the Government and private sector, in particular paying close attention to the ease of doing business. This has allowed for an effective collective international engagement enabling international investors to increasingly use Zimbabwe as an investment destination.

“Ladies and gentlemen, the numbers speak for themselves. This year, ZITF has had an increase in international participation of up to 30 percent compared to last year. We have over 21 foreign countries represented in different capacities during this fair with an expected more to come.”

The minister said the CZI Manufacturing Sector Survey Report of 2022 revealed that at least US$101 million was invested in the country. As a result, capacity utilisation increased from 56 percent to 63 percent, with locally manufactured goods occupying up to 80 percent of the shelves in 2022.

Dr Nzenza said the Government’s commitment to promoting and safeguarding consumer welfare in the economy is evident in the development and implementation of the Consumer Protection Act and the Consignment Based Conformity Assessment (CBCA) Programme.

“In order to safeguard the gains made so far with the manufacturing and commercial sector the key strategy is increased global competitiveness through increased investments in capacity, retooling, skills and quality.

“Pursuant to that, exports of manufactured or value-added goods increase by 12.9 percent from US$324 million in 2021 to US$366 million in 2022. Within this commendable growth, the Government remains committed towards promoting and safeguarding consumer welfare in the economy,” she said.

The minister asserted that the visit by the Secretary General of the African Continental Free Trade Area’s (AfCFTA) to ZITF is a clear sign of Zimbabwe’s successful engagement with the global community. She emphasised that the Government’s commitment to private sector-led economic growth and consumer welfare, combined with the country’s increased global competitiveness, has created an attractive investment environment that is sure to attract more international investors.

The minister also praised Prof Ncubee for strategically funding the manufacturing sector.

“I would like to commend the Minister of Finance for the funding strategies for the manufacturing sector which benefited from US$22.5 million through the Retooling for New Equipment and Replacement for the Value Chains Revolving Fund (REVCRF). Similar commendation for the operalisation of the RBZ Foreign Currency Auction Floor System has continued to support the productive sectors of the economy,” she said.

Dr Nzenza said glocalisation is allowing the country’s businesses to meet local needs and be distributed globally.

“Zimbabwe’s context of glocalisation is the combination of the ‘globalisation’ and ‘localisation’. Increased capacity, diversity and profitability is allowing our businesses to be distributed globally and also adjusted to meet local needs. The changing business environment under His Excellency’s Zimbabwe is ‘open for business’ has had a spill over into the productive sector seeing a consistent and sustainable economic growth trajectory,” she said.

“How did we glocalise? Firstly, to enable us to leverage our increasing interconnectedness and interdependence we had to adapt local products and strategies focusing on changing our local market and consumption culture.

“In this regard, His Excellency charged the Ministry of Industry and Commerce to restrategise from being net importers of raw materials, to exporters of high-value, high quality goods. We have developed sector by sector strategies targeting key products under the National Development Strategy 1 in order to tap into the potential of our natural endowments, skills, human resource, culture and history.”-@plainstan