Online Reporter
Zvamaida Murwira, [email protected]
GOVERNMENT’S economic policies are continuing to yield positive results after Zimbabwe successfully met its targets under the National Development Strategy 1 (NDS1), which laid a firm foundation for the modernisation and industrialisation of the economy on the path towards an upper middle income society by 2030, President Mnangagwa has said.
The successor blueprint, NDS2, is now focused on consolidating gains achieved in recent years, with the Second Republic maintaining an open door policy to both local and foreign investors willing to seize opportunities across all sectors of the economy under the mantra, “Zimbabwe is Open for Business.”
President Mnangagwa made the remarks yesterday while delivering the keynote address at the commissioning of Greenfields Retail Centre, a new retail hub developed at the Zimbabwe Agricultural Showgrounds in Harare.
“The policies of the Second Republic continue to bear fruit. My Government successfully achieved the goals we set for ourselves under the National Development Strategy 1, with regards to laying the requisite foundation for industrialisation and modernisation of our economy. Under National Development Strategy 2, we are consolidating those gains and accelerating the implementation of programmes and projects to improve the quality of life of our people,” said President Mnangagwa.
“‘Zimbabwe is Open for Business’, hence, we stand ready to welcome both local and foreign investors, inclusive of global brands, to take up investment opportunities across our country’s provinces and districts.”
The President urged investors to take advantage of local skills, particularly youthful talent emerging from the country’s institutions of higher learning, as they undertake new developments.
“As you do so, it is critically important that you incorporate contemporary, climate-smart, resilient and post-modern architectural designs when establishing shopping malls, office parks, homes and industrial buildings. In this regard, investors are urged to tap into our country’s hard-working and diversely skilled people along with the technical innovations and creativity of our youthful talent in institutions of higher learning,” said President Mnangagwa.
“The Second Republic adopted the ‘Whole of Government and Society Approach to developing our country. Under this thrust, mutually beneficial collaboration between the public and private sectors has seen the transformation of long-standing strategic national institutions into dynamic and multi-functional zones.”
President Mnangagwa also directed the Ministry of Industry and Commerce to finalise its Wholesale and Retail Sector Policy, stressing that the framework must be inclusive to sustain momentum in the sector.
“To sustain the progress in this sector, the Ministry of Industry and Commerce is directed to complete the Wholesale and Retail Sector Policy. I exhort business leaders, entrepreneurs and consumers alike to participate during the stakeholder consultations,” said President Mnangagwa.
He commended the retail sector as a dependable source of employment, wealth creation and investment.
“The retail sector is applauded for being a reliable source of employment, wealth creation and investment.
Development of entities such as this Greenfields Retail Centre should inspire many more entrepreneurs to create jobs, stimulate demand for local manufacturing and provide platforms for formalised business activity,” said President Mnangagwa.
The President further underscored the importance of prioritising locally produced goods within retail malls as part of the country’s economic sovereignty agenda.
“My Government is intensifying our economic sovereignty. Under the NDS2, with regards to this specific sub-sector, our goal entails that malls should not be simply full of imported goods, but with quality ‘Made in Zimbabwe’ products, reflective of our nation’s industrial capacity,” said President Mnangagwa.
He highlighted the sector’s contribution to national output, noting its resilience despite economic shocks.
“It is pertinent to note that the wholesale and retail sector is not a mere beneficiary, but one of the key drivers of sustainable economic growth. Despite the various shocks faced by the economy, such as climate change-induced weather phenomena and illegal sanctions, in 2024, the sector contributed over 11 percent to the country’s GDP, thereby placing the sector among the largest contributors to our economy. Well done.
“Projections under NDS 2 show continued expansion, with growth expected to reach 7.4 percent in 2026. Investments of this nature will, therefore, help augment growth and positively impact the ongoing trajectory towards urban regeneration and revitalisation as well as rural modernisation and industrialisation.”
President Mnangagwa noted that the establishment of the modern Greenfields Retail Centre at the Zimbabwe Agricultural Showgrounds honoured the rich legacy of the country’s agriculture sector.
He congratulated the project’s investors, Tigere Real Estate Investment Trust, Terrace Africa and the Zimbabwe Agricultural Society, for their collaboration through a Public Private Partnership.
The President further commended ZAS for its vision in unlocking the intrinsic value of the land through the implementation of its new spatial land development masterplan.
“As far back as 2021, my Administration took the bold decision to create the legal framework to facilitate the establishment of Real Estate Investment Trusts. Tigere REIT, which incorporates shareholding from NSSA and the Public Service Commission, among other institutional investors, committed capital and took the well-calculated risk to make massive investments towards growing our country’s real estate portfolio,” he said.
“The company’s confidence was not misplaced, because today, Tigere REIT is listed on the Zimbabwe Stock Exchange and stands as Zimbabwe’s largest Real Estate Investment Trust. It is further commendable that Tigere’s trajectory to 2030 will see twelve new additional projects and infrastructure similar to this Greenfields Retail Centre which we are unveiling today.”
Earlier, President Mnangagwa toured the mall and paid for groceries purchased at a Spar supermarket using the new and upgraded ZiG notes, demonstrating practical support for Government policies.
Industry and Commerce Minister Mangaliso Ndlovu said the commissioning of Greenfields Retail Centre reflected growing investor confidence in the economy and the resilience of the private sector.
“Your Excellency, across the world, economies that thrive are those anchored on vibrant, well-structured and forward-looking commercial sectors. The wholesale and retail industry is more than a conduit of trade; it is a cornerstone of economic activity, linking production to consumption, enabling value chains, entrenchment and creating livelihoods for millions,” he said.
Terrace Africa managing director Mr Brett Abrahmse described real estate as a key indicator of economic health, saying his firm’s investment demonstrated confidence in Government policy direction.
“Your Excellency, when your administration declared that Zimbabwe is open for business, many hesitated and some remained on the sidelines. But Terrace Africa did not wait around. This is now our 12th project in Zimbabwe. In a short period of time, we have been able to deliver on a successful retail centre. New development is a catalyst to drive supporting businesses to expand and flourish,” he said.
The commissioning of Greenfields Retail Centre marked another significant milestone in the growth of Zimbabwe’s retail, real estate and commercial sectors in line with National Development Strategy 2.
The new retail complex is expected to improve convenience for residents, create employment opportunities and stimulate local economic activity, thereby contributing to the country’s Gross Domestic Product.
The spacious development near the Zimbabwe Agricultural Showgrounds comprises retail outlets, fast food facilities, banking services and mobile service providers, among other amenities.
