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Judith Phiri, Business Reporter
INDUSTRY players and businesses have been urged to actively participate in discussions centred on re-industrialisation within Africa during the upcoming 7th annual Sadc Industrialisation Week (SIW).
The SIW is scheduled to take place from 28 July to 2 August.
The event will serve as a platform for local and regional companies to showcase their contributions to the industrialisation agenda.
The Confederation of Zimbabwe Industries (CZI), in collaboration with the Sadc Secretariat and Sadc Business Council, will host the SIW in Harare, setting the stage for the forthcoming 44th Sadc Heads of State Summit in August.
The SIW will be going under the theme “Promoting Innovation to Unlock Opportunities for Sustainable Economic Growth and Development towards an Industrialised Sadc.” It aims to foster dialogue and collaboration towards advancing industrialisation efforts across the region.
The imperative of re-industrialisation and industrial development in Africa has been widely recognised as pivotal for achieving sustained and inclusive economic growth in African countries.
In an interview, Mr Persistence Gwanyanya, a member of the Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee, emphasised the significance of leveraging the SIW as a platform to drive conversations focused on the re-industrialisation of the continent.
He said the SIW presents a crucial opportunity for industry stakeholders to engage in constructive dialogue, share best practices, and explore innovative strategies to propel the industrialisation agenda forward.
Mr Gwanyanya noted that as the region collectively strives towards sustainable economic growth and development, the SIW stands as a pivotal forum for fostering collaboration and driving tangible progress towards the industrialisation of the Sadc region.
“It is common cause that the country has not been performing well on account of de-industrialisation. Re-industrialisation is therefore seen as a top priority of the country and the region as well. So, industry players and businesses should make use of the SIW to initiate the re-industrialisation discussions of the region,” he said.
“So, we expect our country to benefit from those re-industrialisation discussions especially in the context of trading, co-operation and trying to climb the technological ladder. There is a need to work together as a continent and produce a formidable force that can compete internationally.”
Mr Gwanyanya who is also a businessman, economist and financial advisory services consultant said Africa has a lot of advantages that can be capitalised to attract the much-needed capital to re-industrialise.
He said such discussions were very important to map a way forward of how to cooperate and be in a position that will attract the capital and the technology needed to sustainably re-industrialise as Zimbabwe and Africa.
“The African Continental Free Trade Area (AfCFTA) is a reality and as countries we must now prepare for participation in this noble initiative. There is a need for co-operation and increased trade so that we can raise our economies and we will be able to compete internationally.”
He said the issues of conditions or pre-conditions that are required for the countries to fully capitalise on the AfCFTA were important and more discussions were critical to ensure all countries benefit from the initiative.
Mr Gwanyanya said the initiative will make Zimbabwe a better country as well as Africa a better continent that can compete competitively at an international scale.
“So there is a need for Africa to trade with each other and the issues of currencies also need to be addressed. It is also important for our country Zimbabwe, the issue of our local currency becomes very key if we are to fit in the AfCFTA and take advantage of the initiative.”
Zimbabwean industries continue to expand production capacity buoyed by the improved doing business environment while aggressively angling to exploit domestic and regional markets by leveraging on the regional industrialisation drive and trade opportunities presented by the AfCFTA.
Through investing in advanced technology for competitive quality production and riding on fiscal incentives extended to the productive sectors, the country’s industries have been investing heavily in retooling, modernising plants, and enhancing capacity for efficiency while widening and retaining jobs.
The Government expects about 300 guests and 150 companies to participate in deliberations during SIW.
This year’s SIW breaks new ground by hosting a dedicated investment forum day.
CZI chief executive officer (CEO), Ms Sekai Kuvarika said the investment forum to be held on 29 July was the first time for it being part of the SIW.
“The investment forum is probably one of the most interesting parts of the week for the private sector. Development finance institutions (DFIs), local banks, private equity firms and venture capitalists from the region will also participate at the forum.
At the end of the day industrialisation is really about business and doing business in the region and how we can invest in each other’s country,” she said.
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