Chronicle Editor
Nqobile Bhebhe
In his inauguration speech on November 24, 2017, President Mnangagwa declared that “Zimbabwe is open for business”, pledging that through the engagement and re-engagement policy, the country would rejoin the international community of nations to ensure sustainable economic growth.
“Zimbabwe is Open for Business” is a call by the President to investors and traders or business entities, both local and international, to take up abundant opportunities in the country.
Through comprehensive reforms undertaken since the ushering in of the New Dispensation in 2017, the country is slowly reclaiming its space in the global comity of progressive nations.
Numerous high-impact investments spanning an array of economic sectors are being harnessed.
Most recently, the country has gone abuzz with, “Nyika inovakwa nevene vayo/ilizwe lakhiwa ngabaninilo”, a philosophy from which the Second Republic seeks to build the country with every citizen playing their role, no matter how big or small.
As the nation turns 43 years today, the “born frees” are acknowledging strides made by the Government in empowering them.
However, the abundant opportunities would need innovative minds and be embraced for maximum benefit, they said.
Youths who have embraced both philosophies and blended with innovation told Business Chronicle that the Government has made significant strides in ensuring that the youth fully participate in economic activities.
Managing Director of Suregrip Tyres and chief executive officer at Golden Elephant Investments, Mr Archie Chiponda said the Government has put in measures that allow the youth to contribute to economic growth.
He said there has been a wide range of ease-of-doing-business reforms, all of which are tailor-made to support growth and empower youths in business.
“The Government gave youths a procurement quota, for example, which directly empowers youth businesses.
“Growth is spurred by an enabling environment bolstered with the protection of local companies and Zimbabwean industries in general, ” said Cde Chiponda, who is also Bulawayo Zanu-PF Provincial Secretary for Information and Publicity
He added, “As an economist, I understand the intricacies of balancing the protection of local industry and promoting growth, the two rarely work in tandem but a fine balance is being reached by the government.
Cde Chiponda observed that a lot of progress has been made involving the removal of regulatory, transactional, and administrative hurdles in doing business.
“Procedures for starting a business, dealing with construction permits, access to credit, and issues relating to dealing with insolvency have all registered great improvements with regards to doing business in Zimbabwe.
“Business opportunities are plentiful for the innovative. The strides being made worldwide with regard to technology create opportunities daily. I see a lot of potential with regard to the sharing economy.
It is yet to fully take off in Zimbabwe.”
Mr Albert Mavhunga, Managing Director of Next Level Media Group, Country Director of Smiles for Africa, also noted that Government policies are supporting growth and empowering young people in business.
However, he stressed that there is a great need for youths to be innovative to be fully empowered.
“For example, there has been an increased emphasis on the value addition of our raw materials and banning the export of our ores.
This then leads to new enterprises in the value chain leading to growth in the sector and increased job creation,” said Mr Mavhunga.
“It also calls for young people in business to be innovative and take advantage of such policies drawn by the government.
“Young business people can also get funding through the government to grow their businesses through Empower Bank and Women’s Bank. The quota system in Government procurement also provided an opportunity to young people in business,” he said.
Commenting on the Zimbabwe is open for business philosophy, he said it is very much alive as there are several business opportunities in mining, agriculture, media, and construction.
“A whole lot of opportunities are also available along the value chain in these sectors. In mining, lithium is the new hot mineral. However, it is not easy to get mining rights to the mineral.
“Zimbabwe has rich soils in abundance, and this offers tremendous opportunities in agro-business. But, it is difficult to access land and water for commercial purposes due to various reasons.”
He noted that with a huge national housing backlog, the construction sector also presents a business opportunity.
“Land development for housing is another big opportunity due to the massive backlog of home seekers. Construction or infrastructure development opportunities have been made available through the construction and rehabilitation of roads and dams.”
Asked about policies the Government needs to enact and implement to sustain and grow economic independence, Mr Mavhunga noted that the Government should work on its monetary policies and provide a stable currency.
“Policies that promote both local and international investment should be put in place to support local businesses. Also, policy consistency is crucial in building confidence in the market and promoting investment,” he said.
Cde Chiponda said with regard to economic sustainability, the Government is already doing a lot in terms of encouraging value addition which creates a lot of downstream industries by allowing locals to participate in a larger part of value chains.
“I think the policies are already in place.
What is needed is increased enforcement as well as education of business people on taking advantage of the policies in place.
“Business people simply need an enabling environment, we will do the rest. Economic independence stems from sufficient internal liquidity, therefore policies that encourage the bolstering of national savings will put our future in our hands.” — @nqobilebhebhe
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