News / National
Zimbabwean industry urged to brace for AfCFTA competition
29 Oct 2024 at 07:22hrs | Views
Zimbabwe's local industry must be ready for competition from across the continent as the African Continental Free Trade Area (AfCFTA) comes into force, Industry and Commerce Minister Mangaliso Ndlovu has said. Addressing a strategic planning workshop for the Ministry of Industry and Commerce, Ndlovu highlighted both the opportunities and challenges that AfCFTA presents, calling on Zimbabwean businesses to meet the new demands for quality and competitiveness.
"AfCFTA is an immense opportunity for Zimbabwe, but it also requires that our industries produce high-quality products with a competitive edge," Ndlovu stated. "Industry should also be positioned to ensure that Zimbabwean products are competitive across the continent, thereby contributing to foreign currency inflows."
As AfCFTA reduces trade barriers, Zimbabwean businesses will face increased competition from products originating across Africa, prompting a push for enhanced productivity and efficiency within Zimbabwe. Minister Ndlovu emphasized the role of the Zimbabwe Industrial Reconstruction and Growth Plan (ZIRGP) 2024-2025, crafted to transition Zimbabwean industry and align it with the nation's National Development Strategy 2 (2026-2030).
"ZIRGP will address immediate challenges in manufacturing and commerce, laying a foundation for accelerated industrial growth under ZNIDP 2 to support Vision 2030," he explained.
Boosting Competitiveness for Vision 2030
The workshop, dedicated to reviewing progress towards Zimbabwe's industrial goals, echoed the importance of building a resilient and competitive economy that can stand up to international and regional pressures. Minister Ndlovu underscored that to transform Zimbabwe into an upper-middle-income country by 2030, productivity and efficiency across industries must be bolstered. He also highlighted the need to track both domestic and international economic trends that impact Zimbabwe's economy.
"We must implement effective policies that support our industries, including easing regulations and improving access to resources, especially for small and medium enterprises," he said. "Strengthening partnerships between the public and private sectors will also be key, as the private sector drives GDP growth while the Government ensures a conducive environment."
Dr. Thomas Utete Wushe, Permanent Secretary in the Ministry, added that the workshop's purpose was to assess the Ministry's 2024 strategic plan and set a roadmap for 2025. According to Wushe, evaluating and adapting the strategy is essential to meet evolving needs and stakeholder expectations.
"The environment is fast-changing, and our strategic plan must adapt to meet the needs and expectations of our stakeholders, including the general public," Wushe noted.
As Zimbabwe navigates this new trade landscape, local industry's ability to innovate, collaborate, and compete effectively on the AfCFTA stage will be vital to realizing the nation's economic aspirations.
"AfCFTA is an immense opportunity for Zimbabwe, but it also requires that our industries produce high-quality products with a competitive edge," Ndlovu stated. "Industry should also be positioned to ensure that Zimbabwean products are competitive across the continent, thereby contributing to foreign currency inflows."
As AfCFTA reduces trade barriers, Zimbabwean businesses will face increased competition from products originating across Africa, prompting a push for enhanced productivity and efficiency within Zimbabwe. Minister Ndlovu emphasized the role of the Zimbabwe Industrial Reconstruction and Growth Plan (ZIRGP) 2024-2025, crafted to transition Zimbabwean industry and align it with the nation's National Development Strategy 2 (2026-2030).
"ZIRGP will address immediate challenges in manufacturing and commerce, laying a foundation for accelerated industrial growth under ZNIDP 2 to support Vision 2030," he explained.
Boosting Competitiveness for Vision 2030
The workshop, dedicated to reviewing progress towards Zimbabwe's industrial goals, echoed the importance of building a resilient and competitive economy that can stand up to international and regional pressures. Minister Ndlovu underscored that to transform Zimbabwe into an upper-middle-income country by 2030, productivity and efficiency across industries must be bolstered. He also highlighted the need to track both domestic and international economic trends that impact Zimbabwe's economy.
"We must implement effective policies that support our industries, including easing regulations and improving access to resources, especially for small and medium enterprises," he said. "Strengthening partnerships between the public and private sectors will also be key, as the private sector drives GDP growth while the Government ensures a conducive environment."
Dr. Thomas Utete Wushe, Permanent Secretary in the Ministry, added that the workshop's purpose was to assess the Ministry's 2024 strategic plan and set a roadmap for 2025. According to Wushe, evaluating and adapting the strategy is essential to meet evolving needs and stakeholder expectations.
"The environment is fast-changing, and our strategic plan must adapt to meet the needs and expectations of our stakeholders, including the general public," Wushe noted.
As Zimbabwe navigates this new trade landscape, local industry's ability to innovate, collaborate, and compete effectively on the AfCFTA stage will be vital to realizing the nation's economic aspirations.
Source - The Herald
