Respect private property ownership - govt urged

A Political commentator Vince Musewe has warned that any sustainable economic development must be buttressed by the respect of private property ownership, free enterprise, consistent government policy, competent project management skills, accountability good planning and integrity.

The remarks come in the wake of continued government violation of property rights where it has been seen taking white commercial farmers property and companies in the name of land reform and indeginiation.

"Developed economies developed because they focused on industrialisation thus were able to achieve increasing returns and high wages which led to improved standards of living. In addition, they had a captive market for their manufactured products, thanks to colonies and laws which prohibited the establishment of manufacturing industries in the colonies," Musewe said.

"They also protected their economies from foreign competition in order to develop local production capacity while they invested heavily in and subsidised research and development of new technologies and production processes to increase productivity. They promoted innovation and entrepreneurship to create their industrial base."

"We can do the same for our country, but we must move away from undue reliance on raw materials only, which give diminish returns and are subject to exogenous price fluctuations. We must move to high value add products and services to increase our income levels while investing in new technologies to improve productivity, skills and competitiveness. We need to also promote regional integration and trade."