The Sunday News
Judith Phiri, Business Reporter
CAPTAINS of industry have been urged to abide by the laws and not be found on the wrong side of the law, as President Mnangagwa has declared zero tolerance to corruption.
Zimbabwe has been making huge strides in the fight against corruption as some so-called big fish have been caged in the anti-graft war.
This follows the advent of the Second Republic led by President Mnangagwa who has unequivocally stated that his Government will not brook corrupt tendencies. Walking the talk, President Mnangagwa has expelled from his administration several heavyweights who were linked to corruption.
Speaking during the Zimbabwe International Trade Fair (ZITF) International Business Conference, the Vice President and Minister of Health and Child Care, Dr Constantino Chiwenga told captions of industry and the delegates that they should embrace the tenets of good corporate governance.
“I urge you to embrace the tenets of good corporate governance. The President of the Republic of Zimbabwe, His Excellency Cde. Dr. Emmerson Dambudzo Mnangagwa, has declared zero tolerance to corruption. Therefore, do not be found on the wrong side of the law,” he said.
“Since the inauguration of the Second Republic, our country has made significant strides in its economic development agenda. The Government’s adoption of innovative and responsive policies, coupled with the resilience of our people, has led to economic successes across various sectors.”
The Vice President said wide-ranging economic reforms have restored confidence among entrepreneurs, and have induced prospective and potential entrepreneurs to come forward and set up new businesses.
He said while the global economic outlook points to a slowdown in economic activity this year, the Zimbabwean economy is projected to grow by at least 3.8 percent in 2023.
“It is pleasing to note that in 2022, about 47 percent of the Zimbabwean manufacturing firms upgraded their technologies in order to stay competitive. In 2022, about 39.8 percent of our country’s manufacturing sector companies invested a total of US$101 million to upgrade technologies and expand capacity.
“These investments were aided by the availability of United States Dollars (USD) in loans at banks, increased USD earnings by firms and availability of foreign currency through the auction system,” added the Vice President.
He said the Government has put in place measures and innovations of promoting import substitution by bringing in the participation of private sector in the primary production of strategic agricultural commodities such as maize, wheat and soya beans.
Vice President Dr Chiwenga said this entails compelling all users/off-takers of agricultural commodities to produce at least 40 percent of their respective annual requirements, by supporting the local farmer through such frameworks as Joint Ventures and Contract Farming.
“These interventions have resulted in food security and food self- sufficiency, positive spin-offs in employment creation, increased raw materials supply to the industry and import substitution which has resulted in big savings in foreign currency.”
In terms of the mining sector he said: “Noteworthy economic triumph has also been registered in the mining sector, where increased investor confidence was achieved by creating a favorable operating environment.”
The Vice President said this has resulted in increased new investment in the areas of exploration, opening up of new mines, expansion of existing operations as well as mineral beneficiation and value addition.
In that regard, he said there has been major investments in exploration of oil and gas, iron ore and steel, lithium, gold and platinum mining, while as a result, in 2022, the mining industry generated US$5.4 billion in exports revenue, compared to USD2,7 billion realized in 2017, representing about 100 percent growth in terms of mineral exports revenue.
In terms of the upcoming harmonised general elections, Vice President urged all to promote the values of love, peace, tolerance, unity and harmony.
“Let us all play our part to ensure that our elections are held in a peaceful environment. Peace is critical for economic development and we should not allow anything to derail our economic transformation trajectory,” he added.
“Allow me therefore to urge all of us to embrace innovation and advance the national competitiveness agenda proactively. Let us continue exploring these themes and seeking out new opportunities for innovation and collaboration for prosperity. As Government, we will continue to champion innovative policies and implement programs which create a conducive environment for innovation to thrive and drive the Zimbabwe we want forward.”
