The Sunday News
Judith Phiri, Business Reporter
THE Government is pushing to domesticate value chains in order to do away with imported inflation, which is a key contributor to the vicious cycle of price increases, Industry and Commerce Minister, Dr Sekai Nzenza has said.
Economic shocks from the Russia and Ukraine conflict are spreading across the world, with Zimbabwe not spared resulting in price increases of goods and services, as the country reels from the impact of imported inflation.
In a keynote address at a recent Women’s Executive Leadership Roundtable (WELR) in Kariba, read on her behalf by Mashonaland West Provincial Commerce and Consumer Affairs Division deputy director Mr Benny Mushinyi, Dr Nzenza said they were largely pushing to domesticate the value chains.
“As a Ministry of Industry and Commerce our results framework under the National Development Strategy (NDS1) is underpinned by the need to move the economy up the value chains.
“We are seized with entrenching local production in ten main value chains amongst them the wheat to bread, cement, bus and truck, sugar value chain among many others.
“In essence, we are also largely pushing to domesticate these value chains in order to do away with imported inflation, which is a key contributor to the vicious cycle of price increases,” she said.
The Minister encouraged women business entrepreneurs to actively participate in value chains as part of the inclusive approach championed by Government.
Minister Nzenza said the women CEOs should play an increasingly prominent role in the value chains to help build stronger local companies and brands.
“In line with the philosophy by President Mnangagwa that development has to take place without leaving anyone behind. It is therefore important to leverage on the vast untapped potential represented by women-owned businesses to push through for the recovery and growth of our economy,” she added.
She said in Zimbabwe, women-owned businesses are playing an important role in producing various goods and services and creating employment in all the sectors of economy.
“I am aware that women-owned businesses generally face barriers and challenges in accessing and fully participating in the local and global value chains, therefore this platform in one of the sessions will provide the tools and techniques to reduce or mitigate such barriers.”
“On its part, Government has established financial institutions such as Empower Bank to assist women, among others, to access funding and capacitate their businesses.”
She said in addition, organisations such as ZimTrade have opened a window to assist women-owned businesses to explore export markets in the region and beyond.
The Minister said urged the women to widen their horizon and take advantage of the Zimbabwe National Industrial Development Policy (ZNIDP) which is now in its fourth year of implementation.
She said the policy is centered on developing linkages across key sectors of the economy, namely, agriculture, mining, manufacturing and service sectors.
“Zimbabwe has also adopted a global value chain approach, learning from international best practices as we endeavour to attain our national industrial objectives.”
The third WELR 2022 was hosted by the CEO Africa Roundtable running under the theme: “Scaling Up for Success.”