US$100bn economy achievable, say CEOs

delegates pointed out that several imperatives needed to be addressed to achieve sustained growth in the next 30 years, if the economy was to register the targeted growth levels. The delegates felt that Zimbabwe had not done a few simple things critical for growth.
The event brought together chief executives from across Zimbabwe and high-profile officials from Government to discuss the country’s future growth plans.
KM FS chief executive Mr Kenias Mafukidze aptly summed up the objective of the conference that Zimbabwe had faced economic problems because its people had not been discussing them.
“The moment we started talking to each other (2008), we instantly started registering economic growth,” said Mr Mafukidze.
It was agreed that the country needs to work on at least 10 collaborative imperatives to achieve at least 10 percent growth per annum if the US$100 billion target was to be attained by 2040.
But some gloss was taken off the event after Comesa secretary-general Sindiso Ngwenya and Finance Minister Tendai Biti failed to attend due to other important official engagements. However, the event got an uplift following a visit by Prime Minister Morgan Tsvangirai, his deputy Professor Arthur Mutambara and Economic Planning and Investment Promotion Minister Tapiwa Mashakada.
Underlying discussions at the conference were on the issues of the enabling key infrastructure (power, water and transport systems), the role of insurance and pension funds, public and private sector and ethics towards building a US$100 billion economy, building a strong middle class and regional integration.
The Business Council of Zimbabwe said the country should come up with a national economic vision, ensure full execution of economic plans, build confidence in the banking sector, adequately finance agriculture, enhance business competitiveness, develop clusters and value add local products.
In addition, there was a general consensus that political stability would be the main anchor for economic growth and development without which growth in this emerging market would waste away.
It was also agreed that Government had a huge role to facilitate the building of a US$100 billion economy by 2040 by way of creating an enabling environment and through public private sector partnerships.
In that regard, Minister Mashakada pledged Government would make an effort to play its facilitative role. It had established a one-stop shop centre for investment approvals. Minister Mashakada revealed that Government was looking at setting up a national economic council to advise and interface between the State and businesses on various economic and business issues.
Prime Minister Tsvangirai applauded captains of industry for taking the initiative to build a US$100 billion economy by 2040 and promised to enlist support at the highest Government levels.
He said the formation of the inclusive Government had stabilised an economy destroyed by hyperinflation, which also caused the virtual collapse of various economic and social sectors.
“We have weathered the worst part of the storm. There is no reason why you should not believe that we can achieve a US$100 billion economy. But you must be principled to achieve a US$100 billion economy. Let’s make sure we achieve it, come hell, come thunder,” said PM Tsvangirai.
DPM Mutambara agreed that the country had unlimited potential, but should improve the business environment while aiming for economic growth that creates jobs and a growing middle class.