US$100 billion economy taking shape

economy over the next three decades.
The amount of hours, energy and resources that have so far been applied towards this project are certainly not going to waste. The vision has gained visible momentum which should be sustained as we pace or gallop towards 2040.
Some of us will certainly still be around to witness the results of the current efforts while posterity will surely feel blessed to have had men and women who set such high goals and did everything within their means to give their country its rightful place on the global stage while improving the quality of life for its citizenry.
The KM Financial Solutions CEO Africa Roundtable held in Victoria Falls last week was, for the second year running, seized with the US$100 billion economy vision, an initiative launched enerstly last year by KMFS chief executive Mr Kenias Mafukidze and his team.
Deliberations at the meeting, which brought together senior Government officials, chief executives and other high-profile stakeholders, indicate that Zimbabwe is bent on achieving a US$100 billion economy within the next 28 years.
The meeting of minds and the application of energy by Government and the private sector in this instance is something that must be applauded. We have always said that team effort in this respect will surely bring forth results, particularly at a time Zimbabwe and the rest of the world are confronted by the global financial crisis.
Such homegrown economic strategies and targets as the vision towards a US$100 billion economy can easily go off-track and succumb to current exogenous forces unless a formidable force is proffered to subdue any threats.
This force can only emerge stronger where the Government, the private sector and other stakeholders are reading from the same page in word and in deed.
At the just ended conference, Economic Planning and Investment Promotion Minister Tapiwa Mashakada pledged Government’s commitment to realise the vision saying such efforts as the one-stop shop investment centre and plans to set up a national economic council to advise and interface between Government and business were indicative of its commitment.
Prime Minister Morgan Tsvangirai and his deputy Arthur Mutambara also weighed in with their pledge, on behalf of Government, to ensure that the dream becomes a reality.
Last year at the CEO Roundtable in Nyanga, Vice President Joice Mujuru said it was Government’s desire to see the vision coming to fruition.
Endorsement and commitment at such high levels augurs well for the attainment of the 2040 vision.
Chief executives and other technocrats in the private sector concur that for Zimbabwe, this is the way to go.
Growth is indeed a decision as illustrated by an instalment inserted by the KMFS CEO Roundtable in the paper a few weeks ago.
“The decision (for growth) has little to do with external forces and more to do with the resolve and resonance of purpose of the country’s decision-makers.
“Any country that can rally its citizens to believe in themselves, use their diversity to enrich their planning will record growth beyond measure,” read part of the instalment.
This is certainly true and the Chinese will be the first to attest to this.
Their economy has grown phenomenally as a result of a conscious decision the citizens made to develop the economy.
Such achievements are tenable where a people speak with one voice on an agreed objective.
Now that most stakeholders are in agreement, there is need to chart the course and adhere to a set modus operandi for results to be achieved.
Resolutions and recommendations arrived at, at the conference should be operationalised and measures put in place for accountability. Gladly, such policies as the Medium Term Plan seem to fit well into the global vision.
The economy is growing at 9 percent per annum presently and it is possible for it to achieve the anticipated double- digit figure over the next few decades if the the requisite environment is created.
Aspects being looked at such as political stability, infrastructure development, domestic and foreign investment promotion, sustainable economic empowerment, gender parity and other such issues should dovetail into the whole US$100 billion thrust.
Everyone from grassroots level to the boardroom should be singing the same tune for this vision to work.
The formal and informal sectors of the economy should work in consonance while every arm of the economy should realise its full potential to contribute towards the national vision.
Less talk and more work will obviously bring better results to the table while quarterly or annual checks and balances and other review mechanisms will need to be employed so that we are not found wanting come 2040.
Zimbabwe operates within the contest of Southern Africa and the entire continent in general so it will also be critical to sell our project to our peers in the region as we trade, import or export. A buy-in at that level will rid the economy of some of the impediments that have constrained growth.
Zimbabwe is not a lone ranger and yet at the same time we should be mindful of safeguarding and taking exclusive ownership of our project.
Let’s transform the energy exhibited within the four walls of a conference room in Victoria Falls into our board- rooms, offices and other spheres of influence as we journey towards the US$100 billion economy.
We would want to see a publication of recommendations and timeframes so that we hold each other accountable.
The year 2040 may seem such a long time to come but before we know it, 28 years will be over and we will be held accountable for our actions as a nation.
The roundtable should continue on its roadshow in various parts of the country to alert the majority on the existence of such a vision — one in which they are expected to help interpret.
Let us not leave out our Diasporans. Next week the Ministry of Economic Planning and Investment Promotion has planned a roadshow to scout for investors in South Africa.
This is one platform through which the national vision can be enunciated to the Diasporan constituency and other stakeholders.
The line-up of speakers and sessions on such issues as doing business in Zimbabwe, deepening investment in capital markets, financing infrastructure development in Zimbabwe, Diaspora and development should give impetus to the desire to grow the economy substantially in the coming few years.
Already the economy is only a few points away from double-digit growth. Much more will be achieved if we do not sidetrack.
Such presenters as Zimbabwe Investment Authority chairperson Marah Hativagone, MBCA managing director Charity Jinya, Zimbabwe Stock Exchange chief executive Emmanuel Munyukwi, Investec Asset management chief executive Richard Honey, Stanbic Bank MD Josh Tapambga and Bankers’ Association of Zimbabwe president John Mushayavanhu should certainly be up to speed with issues and make a case for Zimbabwe.
Ministers of Tourism; Mining; Economic Planning and Investment Promotion; and Industry and Commerce will be there to give Government’s perspective.
The line-up should bring results back home. They need to be aware that they are not going out there to just impress with their diction or actuarial expertise but that they should endear the investor or businessman from SA and beyond to do business with Zimbabwe and to help the country realise its dream.