Diaspora ready to assist Bulawayo industry

AILING Bulawayo industries could tap into financial resources owned by diaspora citizens to turnaround industrial operations and restore the city's manufacturing status, accomplished banker and one of United States' JP Morgan Chase Bank vice presidents, Mr Percy Silamba, has said.

Mr Silamba who grew up in Luveve suburb and is in the city on a short visit, believes Bulawayo still possess huge potential that could be realised if local entrepreneurs partner with their diaspora counterparts.

He said the diaspora community was following developments at home with keen interest as most of them want to participate in the country's economic rebuilding exercise through partnerships with locals. Yesterday, Mr Silamba, who left the country in the 1990s, met a few of business leaders to brainstorm on the possibility of setting up a strategic vehicle to support Bulawayo companies to harness resources from the diaspora.

"There is a lot of potential at home and if we can work together we can do something for our region. The desire is to create an entity that will facilitate and pool diaspora resources to revamp and revitalise industry and develop the region," he said.

Most ailing businesses and start-ups lack financial resources to boost operations while some require new technology to remodel their operations to meet quality and output levels that satisfy market demands. These could be addressed if locals work closely with the diaspora, said Mr Silamba.

He suggested that local business in need of funding should be prepared to restructure their operations and create room for buying of shares by the diaspora, which could assist in raising critical capital and ease the burden of foreign currency shortages that is affecting many firms. Given the skills and exposure gained in foreign lands, experts argue the diaspora could also be helpful in terms of knowledge transfer and linking local firms with foreign markets.

Mr Silamba said Bulawayo business executives should seriously deliberate on the model to achieve this and proposed formation of a three-tier entity made up of those who manage funds, economic idea think-tanks and executors who will do the actual work. He said such a structure would assist in ensuring efficiency and transparency and these would report to a board of directors.

Mr Silamba is set to meet more business executives in the city to share his ideas with the desire to come up with an operational template and a blue-print that will facilitate successful operationalisation of the dream.

The banker acknowledged and commended various initiatives by different diaspora community groupings. He revealed that his coming back home was inspired by discussions with fellow diasporans on different online platforms, which got to a point of seeking commitment to proffer solutions as opposed to always finding fault and blame shifting.

Since his arrival in Bulawayo, Mr Silamba says he has noted with dismay the level of infrastructure decay and low activity in the industrial areas, which presents opportunity for fresh investment.

The new dispensation under President Emmerson Mnangagwa is championing a number of economic reforms including engagement with the diaspora community and potential international investors to revamp Zimbabwe's economy through revival of industries, robust infrastructure and technology development in keeping with global standards.