Sundaymail Editor
Nqobile Bhebhe
President Mnangagwa has arrived at the Zimbabwe International Exhibition Centre in Bulawayo to officiate at the inaugural Competitiveness Summit.
The summit is running under the theme: “Building Sustainability Towards Enhanced Productivity and Competitiveness in Zimbabwe.”
Accompanying the President are Vice President Constantino Chiwenga, Bulawayo Minister of State for Provincial Affairs and Devolution Judith Ncube, and several Cabinet ministers.
The highly subscribed conference has fostered candid and robust discussions among delegates.
Participants highlighted that regulatory burdens and associated costs weigh heavily on local businesses, accounting for about 18 percent of total overhead costs.
This has discouraged the informal sector from transitioning to the formal economy.
Cabinet ministers acknowledged these challenges and indicated that the Government is actively addressing them.
They emphasised the need for an in-depth review to streamline regulations and lower the cost of doing business to enhance competitiveness.
Market regulations have contributed to exchange rate misalignment and created opportunities for arbitrage and rent-seeking, negatively affecting national productivity and competitiveness.
Power, energy, and transport infrastructure were also identified as key enablers of competitiveness.
Policymakers were urged to improve these sectors to boost productivity and build a more resilient economy.
According to the National Competitiveness Commission (NCC), national competitiveness refers to a country’s ability to foster a conducive business environment through key policy improvements, driving economic growth and development.
This enhances business viability, promotes innovation, and facilitates the production of high-quality, affordable products, enabling the country to compete effectively in global markets.
The ultimate goal is to create a supportive business environment that encourages investment, innovation, and productivity, leading to efficient markets, economic growth, and improved living standards.
This aligns with the National Development Strategy 1 (NDS1), which prioritizes competitiveness as a means to attract investment, stimulate economic growth, and generate national wealth in a globalised economy.
The summit provides a platform for policymakers, industry leaders, and experts to collaborate on creating a more competitive and business-friendly Zimbabwe.
Online Reporter