Chronicle Editor
Judith Phiri, Business Reporter
MINING sector players have been urged to make use of the 7th annual Sadc Industrialisation Week (SIW) to engage various players and identify opportunities that can positively contribute to the growth of Zimbabwe’s mining industry.
The industrialisation week, which is slated for 28 July to 2 August, will be a forerunner to the 44th Sadc Heads of State Summit scheduled for 17 August where Zimbabwe is set to assume the chairmanship of the regional body.
Running under the theme: “Promoting Innovation to Unlock Opportunities for Sustainable Economic Growth and Development: Towards an Industrialised Sadc”, the Government expects about 300 guests and 150 companies to participate in deliberations during the SIW.
The event which will serve as a platform for local and regional companies to showcase their contributions to the industrialisation agenda is being hosted in Harare by the Confederation of Zimbabwe Industries (CZI), in collaboration with the Sadc Secretariat and Sadc Business Council.
Zimbabwe’s mining sector has long been a critical driver of the country’s economy, contributing significantly to its GDP and employment.
The country is home to an array of mineral resources, including gold, platinum, diamonds, chrome, and coal among others.
Responding to questions from Sunday News Business, Ministry of Mines and Mining Development Permanent Secretary, Mr Pfungwa Kunaka said mining sector players should utilise SIW to seek potential synergies.
“Industry is about manufacturing which is dependent on mineral by-products alongside agricultural by-products as inputs. On the other hand, the two sectors also rely on industry for various supplies including equipment and provisions. These linkages are critical to appreciate through exposure afforded by the SIW,” he said.
Mr Kunaka said various opportunities were also available in the country’s mining sector which accounts for 73 percent of foreign direct investment, 83 percent of exports, 19 percent of Government revenue, 2 percent of formal employment and 11 percent of individual incomes.
The Permanent Secretary said Zimbabwe was also leveraging the mining sector to achieve the aspirations of an upper-middle-income society by 2030.
In recent years, Zimbabwe has witnessed a surge of new investments in its mining sector, driven by a combination of Government initiatives and the growing interest of global players.
Zimbabwe Institute of Foundries (ZIF) chief operations officer Mr Dosman Mangisi said it was important for the mining sector players to participate at the SIW as the mining industry is one of the critical sectors.
“The mining industry plays a critical role in the country’s economy not only in Zimbabwe but in other Sadc Member States as well. Statistics show that as mining is a prime economic sector for Sadc, it accounts for over 60 percent of the foreign exchange earned by the region and contributes at least 10 percent to Sadc’s GDP,” he said.
“These are all factors that should catapult the region forward and why it is important for local mining sector players to participate at the SIW to engage various players and identify opportunities that can positively contribute to the growth of Zimbabwe’s mining industry.”
He said the mining industry in the Sadc region imports over US$10 billion worth of machinery and equipment into the region, and it was critical to find ways to keep such an amount within the region.
Mr Mangisi said engagement at a regional level was key to coming up with solutions that will strengthen the regional economy by reducing the imports into the region by creating a level playground.
He added: “SIW will also be important to have discussions centred on industrialisation within the region and how Member States can freely trade with each other.”
SIW is an annual public-private engagement platform designed to foster new opportunities for intra-African trade, develop cross-border value chains, and identify investment opportunities in the Sadc region.
It also aims to identify industrialisation projects that can be jointly implemented by citizens and private sectors of Sadc Member States.
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