CZI Matabeleland Chapter Chamber President calls for investment in manufacturing industry to boost Zimbabwe’s economy
The Chamber President of Confederation of Zimbabwe Industries Matabeleland Chapter, Joseph Gunda has called for increased investment in the manufacturing industry to drive the country’s economic growth.
Speaking during the conference, held at the Sterling Hotel and Conference Centre recently, was attended by other ministers, deputy ministers, Captains of Industry, and other business members, Gunda emphasized the importance of developing a vibrant intermediate product manufacturing industry within Zimbabwe in order to improve the country’s exports, particularly under the implementation of the African Continental Free Trade Area (AfCFTA).
“Gone are the days when red, black or white cobra would be in demand in households to keep the floors shining,” said Gunda, referring to the increasing demand for tiles instead. “The giant Chinese Tile factory in Norton exists, but there is nothing that stops an investor from doing the same in Bulawayo to cover the Matabeleland region.”
Favourable Conditions
He also emphasized the favorable geographical location of Bulawayo and the experienced and trainable workforce currently available within the city.
One of the sector opportunities highlighted during the conference was the potential for leather and leather product manufacturing in Zimbabwe. Currently, Zimbabwe exports approximately $30 million of raw hides annually and only $235,000 of leather and leather products. In comparison, Africa’s demand for raw hides and skins is an average of $473.8 million per year, while its demand for leather and leather products is an average of $975.5 million per year.
Another sector opportunity highlighted was the potential for Zimbabwe to leverage upon its comparative advantage in cotton in the cotton value chain to textile and clothing manufacturing. Zimbabwe currently exports approximately $48 million of lint annually, but only $1 million of woven fabrics. At the same time, Zimbabwe imports approximately $1.5 million of woven fabric annually.
“In the six months to June 2023, about $97 million had already been used to import the products, underlining the opportunities for localizing such revenue by producing iron and steel-based products,” said CZI Matebeleland chapter President referencing the continued importation of iron and steel products in the absence of a vibrant iron and steel value chain within Zimbabwe.
RELATED CONTENT: Formalising MSMEs key to Bulawayo’s inclusive and sustainable urban development
Stability
He also emphasized the need for a stable macroeconomic environment, policies that promote investment in intermediate products markets, investment in new technology, as well as both local and foreign direct investment (FDI) to take advantage of the opportunities presented in the manufacturing industry.
In conclusion, Gunda urged local entrepreneurs to consider these opportunities and not sit on the fence. He emphasized the need for collaboration between the private sector and the government and the need for investment in new technology and policies that promote investment in intermediate products markets.
Gunda, underscored the importance of local investment, stating, “As the giant arises, let’s be part of this process. As Bulawayo, let’s speak with one voice; as the business community, let’s collaborate with Government and be responsible for our destiny. The time is fast approaching for the sleeping giant to awaken.”
#News in Bulawayo #News in Zimbabwe Artist Arts BCC Bulawayo Bulawayo City Council Bulawayo Drugs Bulawayo economy Bulawayo industry Bulawayo news Bulawayo Police Bulawayo Water Bulawayo Water Crisis Bulawayo Women entrepreneurship Business Women Community Culture Currency Drug Abuse Drugs Economy Farmer Farmers Farming Informal Sector Informal Traders MSMEs Music News in Bulawayo News in Zimbabwe Police Police in Bulawayo Vendor Vendors water Water Crisis Water Shortage water supply issue Women entrepreneurship ZESA Zimbabwean economy Zimbabwe news Zimbabwe water crisis ZITF ZRP
Our stories told by us!
Join us for all News in Bulawayo and Bulawayo News in Zimbabwe.
Comments 1