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Bulawayo attracts US$135m investment

by Staff reporter
19 May 2024 at 10:49hrs | Views
BULAWAYO has to date attracted investment worth US$135 million in the manufacturing sector, which has seen the creation of more than 33 000 direct jobs, with the Government revealing that the city is one of the highest industrial investment destinations in the country.

Since the advent of the Second Republic, several transformative projects have been implemented in the country's second-largest city from 2018 to date that have set the tone for the city to reclaim its status as the country's industrial capital.

Bulawayo, which used to be the country's industrial hub, saw the closure of several companies while others relocated to other towns and cities over the years.

In terms of the re-industrialisation drive, Bulawayo industries have been prioritised in sync with President Mnangagwa's development agenda of leaving no one and no place behind as the country journeys towards an upper middle-income economy by 2030.

Speaking at the official commissioning of the giant state-of-the-art Baker's Inn bread manufacturing factory in Bulawayo on Friday, Industry and Commerce Minister Mangaliso Ndlovu said huge investments have been made in the province.

He said the Second Republic has seen a remarkable increase in investments into the manufacturing sector, significantly contributing towards moving the economy up the value chain, a key pillar in the country's National Development Strategy 1 (NDS1).

 "I am also happy to note that Bulawayo has been among the highest industrial investment destinations. In addition to this state-of-the-art plant, this province has recorded more than US$135 million worth of investments in the manufacturing sector alone, creating more than 33 000 direct jobs and many more indirect jobs.

"The likes of Arenel, Treger, PPC, Zimbabwe National Foods and Flynote Investments, to mention just a few, are among the companies that have made huge investments in this province. This is indeed a testament to private sector-led development," said Minister Ndlovu.

The minister said the US$30 million investment by Baker's Inn buttresses Government's re-industrialisation drive, while it was a testament that the company has heeded the President's call to industrialise and modernise the economy.

"The state-of-the-art equipment invested by Baker's Inn here in Bulawayo will go a long way in uplifting people through employment creation in the upstream and downstream industries. I would like to congratulate Baker's Inn for this positive contribution to Bulawayo's and the country's industrialisation agenda," he said.

Bulawayo Minister of State for Provincial Affairs and Devolution Judith Ncube said the plant by Baker's Inn was a milestone development to the economic growth of the province, which was a reflection of President Mnangagwa's directive in the mantra, "Ilizwe lakhiwa ngabaninilo/ Nyika inovakwa nevene yayo".

"The development of such magnitude gives Bulawayo the impetus to become an investment destination of choice, not only for the locals but also foreign investors. The Innscor Africa Limited group has shown their confidence in the economic environment through the massive investment and their corporate social responsibility activities that they undertake for the underprivileged in our communities. Resilience has always been a characteristic of the Zimbabwean corporates and it has to be acknowledged by all as it keeps the economy growing, especially now, as we aim to attain the Vision 2030," she said.

Source - The Sunday News
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