The Sunday News
Nkosilathi Sibanda, Business Correspondent
THE Zimbabwe International Trade Fair (ZITF) should turn around its business strategy to embrace an innovative and investor friendly strategic plan as required by the Public Entities and Corporate Governance Act, so that it remains an innovative exhibitions and trade centre.
This was said by Industry and Commerce Minister, Dr Sekai Nzenza at the ZITF Company’s 33rd Annual General Meeting on Friday. The ZITF Company board had to convene a virtual conference, following guidelines of Covid-19 precautions.
The meeting also came at a time when the exhibitions company had to cancel this year’s trade showcase owing to the pandemic.
The 61st edition of the ZITF exhibition was supposed to be held from 21 to 25 April under the theme: “Augmenting Trade and Investment towards a Shared Economic Vision”.
The Minister said as ZITF designs a plan to adapt to the changing business environment, the company had to move on to new digital technologies and be in a position to play a role in the Africa Continental Free Trade Area. As a public entity, ZITF was advised to put in place appropriate corporate governance structures and create a conducive environment that attracts investment as called for under the Public Entities and Corporate Governance Act, which was put in place in 2018.
Business engagements are fast adapting to the Fourth Industrial Revolution that will eventually force exhibition companies like ZITF to do away with outdated marketing strategies. Dr Nzenza told the ZITF Board that a strategy that promoted good governance will propel the company to be a leader in trade showcases.
“I would like to urge the board and management to conclude a five-year Strategic Plan as required by the Public Entities and Corporate Governance Act. In formulating the strategy, all parties must be cognisant of the need for innovation around a modern, relevant and globally attractive company that is a pacesetter in the region.”
The cancellation of this year’s trade showcase negatively impacted on local industry, of which Minister Nzenza said this was a time for the ZITF Company to adapt to the new normal that requires industry to be innovative.
“The meeting comes at a time when the company’s major event has been cancelled due to the Covid-19 pandemic with negative impacts on revenue and tourism income for the Bulawayo community. We now need to embrace the new normal, advancing new innovations and embracing technology to ensure that the ZITF Company continues as a going concern,” she said.
The ZITF’s other major showcases that were cancelled include Mine Entra, Water, Sanitation and Energy Conference and the Sanganai/Hlanganani Expo. Dr Nzenza said the company has to take advantage of the changing business formula globally and create new prospects for growth.
“Beyond the evaluation of the risks presented by the pandemic ZITF must also look at the opportunities arising as the country continues to look inward in terms of production through the local content strategy and export development. To enable this, we need to embrace a multi-stakeholder approach in order to facilitate and promote the development of sustainable, innovative and globally competitive industrial and commercial enterprises.”
ZITF Company board chairman Mr Busisa Moyo is on record as saying the company was considering switching over to new technologies.
“We will have to re-think, innovate, modernise and upgrade our formatting of exhibitions in a post Covid-19 world, employ adapted ICT (Information and Communication Technology), Fourth Industrial Revolution and Smart Green Design, thinking around how we can promote trade and investment. Our young people who are tech-savvy will be key to a futuristic offering delivered globally with a wider reach,” he said.
Last month, Mr Moyo said the spike in Covid-19 cases in the country made it impossible for them to host this year’s showcase.
“With the rise in coronavirus cases being reported around the country and subsequent tightening of lockdown regulations, it has become increasingly apparent that the hosting of a ZITF edition in 2020 is improbable. In light of this, we are currently engaging our various stakeholders to finalise a definitive position which will be formally communicated to the market through the appropriate channels.”
