Chronicle Editor
Sikhulekelani Moyo, [email protected]
ECONOMISTS have said the upcoming Southern African Development Community (Sadc) Summit in Harare highlights the importance of empowering the private sector to unlock regional value and opportunities.
They emphasised that strengthening private sector involvement can drive economic growth, foster innovation, and create jobs, benefiting the people across the Sadc region. By leveraging the private sector’s potential, regional countries can enhance trade, investment, and development, ultimately improving the socio-economic conditions of their populations.
Zimbabwe is set to host the Sadc Summit next month with President Mnangagwa assuming the chairmanship of the regional bloc. This year, the summit will be held under the theme “Promoting Innovation to Unlock Opportunities for Sustainable Economic Growth and Development towards an Industrialised Sadc.”
A local economist, Mr George Nhepera said the theme calls for an active participation of the private sector and urged governments to support and help unlock their potential.”This theme requires active participation of the private sector financing in all Sadc countries to unlock value and opportunities for all citizens so that none is left behind,” he said.
“I am sure as Zimbabwe assumes the Sadc chairmanship, this noble objective shall be actively championed and be achieved so that as a region we leapfrog all our economies in the same manner as other economic blocs such as the European Union have done.”
In 2014, the regional bloc gave a thumbs up to the Sadc Industrialisation Strategy and Roadmap 2015-2063. The strategy is premised on the conviction that regional integration will promote industrialisation.
It recognises that industrial policy and implementation will be largely undertaken at the national level and that its success depends on forging a compact strategy for industry consisting of the Government, the private sector, civil society, labour and development partners.
The Sadc Industrialisation Strategy and Roadmap seeks to engender a major economic and technological transformation at the national and regional levels within the context of deeper regional integration.
It also aims at accelerating the growth momentum and enhancing the comparative and competitive advantage of the economies of the region. In the case of Zimbabwe, the country has been on a massive industrialisation drive since the advent of the Second Republic.
As part of its industrialisation drive, the Second Republic has spearheaded various rural projects in line with the rural industrialisation agenda. The private sector is expected to play a key role in accelerated and sustainable growth and development to support Government programmes.
Zanu-PF provincial information and publicity secretary for Bulawayo, Cde Archie Chiponda said after setting the developmental agenda and trajectory for the country, President Mnangagwa will now be setting the political and developmental agenda for the region.
“This will allow Zimbabwe as a nation to be in full synergy with regional economic developments and create a perfectly symbiotic relationship between our economy and the economies of other nations in the region.
This will inevitably have a positive effect in terms of economic development,” he said. —@SikhulekelaniM1
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