Chronicle Editor
Rutendo Nyeve, Sunday News Reporter
THE high level of dedication and commitment by local exhibitors at this year’s Zimbabwe International Trade Fair (ZITF) has impressed Treasury which has expressed its intention to expand incentives and financing that will see the manufacturing sector getting more funds to purchase equipment.
Speaking to Sunday News soon after the official opening of the ZITF yesterday, the Minister of Finance, Economic Development, and Investment Promotion, Professor Mthuli Ncube, said the high level of innovation by locals is a reflection that President Mnangagwa’s vision for an innovation and entrepreneurial-driven economy is thriving.
Prof Ncube said while he was impressed by the level of commitment and dedication by local exhibitors who oversubscribed for the fair, the innovation showcased at their respective stands enticed the need for Treasury to expand funding research and development as well as general innovations.
“I was very impressed with the level of innovation by local exhibitors at the ZITF. Going forward, the Government will continue extending incentives to the private sector especially the manufacturing sector for any new innovative equipment that they are deploying to expand their operations. The Government will also expand support into institutions such as the venture fund which is supporting start-ups and innovators.
“We will also increase funding for the Women’s Bank and the Youth Bank to support entrepreneurs who are coming through those institutions. As Government we are also mulling the possibility of introducing special innovation incentives rewarding those companies with a tax rebate or some variation tax rebate for any company that shows an increase in the proportion of their expenses that go towards research and development,” said Prof Ncube.
He said as a Government they were of the notion that research and development is a driver for innovation hence they will support companies through tax rebates for increasing their budgets on research and development as well as general innovation.
The incentives will be further expanded to certain Government institutions that are involved in research and development through various ministries like the Ministry of Higher and Tertiary Education. Describing some of the companies he toured, Prof Ncube said it was an incredible opportunity to witness the entrepreneurial spirit, innovation and dedication that Zimbabwe’s business community has to offer.
“I can confidently say that I am overwhelmingly satisfied with the diverse range of products, services and industries that were on display. The vision of our President for an entrepreneurial-driven economy is thriving. As we embrace the theme ‘Innovation: The Catalyst to Industrialisation and Trade’ for ZITF 2024, the numbers speak for themselves. With a record-breaking 624 exhibitors, up from 565 last year and an impressive 26 foreign countries participating in this year’s fair.
“These impressive figures are a testament to the hard work and commitment of our local entrepreneurs and the dedication of our Government to fostering economic growth. It is inspiring to see this level of engagement from both domestic and international stakeholders,” said Prof Ncube.
The Finance Minister said he was further impressed with the participation of foreign nations particularly with some countries that are participating after a long time like Germany and Romania.
“I also visited the Italian stand where they are showcasing the Runde Tende Dam Project which is a Public-Private Partnership whose intention is to supply water to South Africa under a partnership arrangement. I also visited the Zimbabwe Defence Industries stand where I was extremely impressed by the research and development work that they are doing which needs support from Government. The innovation and the interest in our communities, I am truly impressed,” said Prof Ncube. — @nyeve14
Bongani Ndlovu
Online Reporter