Minister of Industry and Commerce Calls for Innovation-Driven Industrialization to Unlock Economic Potential and Global Competitiveness
Minister of Industry and Commerce, Nqobizitha Mangaliso Ndhlovu has stressed the need for strategic investment and policy frameworks for innovation-driven industrialization and trade to unlock Zimbabwe’s potential, diversify its economy, and position itself as a global player in the ever-evolving landscape of the global economy.
In his address, at the 64th edition of the Zimbabwe International Trade Fair (ZITF) Business Conference on 24 April. Minister Ndhlovu highlighted the significance of innovation in today’s global economy.
He stated, “Economies that have enjoyed sustained growth have leveraged mainly on innovation, particularly in the technology space.”
Innovation
He urged Zimbabwe to understand and harness the power of innovation to drive growth and prosperity, especially considering the volatility of markets reliant on natural resources.
The minister emphasised the government’s efforts to develop a national industrialization policy that focuses on facilitating the growth of sustainable, innovative, and globally competitive enterprises. He expressed optimism in transforming Zimbabwe into a country capable of providing goods and services to the global market efficiently and effectively.
Minister Ndhlovu stated, “We have a diverse range of minerals that, with enhanced research and value addition, can position us as a global supplier of cutting-edge products and technologies.”
Hub Collaboration
Minister Ndhlovu commended the establishment of innovation hubs in universities as collaborative spaces for entrepreneurs, startups, and researchers to exchange ideas and develop innovative solutions. He also challenged the industry to tap into these spaces and identify inventions with commercial potential, fostering stronger links between academia and industry.
The minister also highlighted the government’s support for research and development (R&D) by the private sector. Incentives such as fiscal incentives, the Research and Development Fund, and intellectual property protection were mentioned as measures to encourage businesses to invest in R&D and promote innovation.
Education and skills development, particularly in STEM (Science, Technology, Engineering, and Mathematics) fields, were underscored as vital for preparing the workforce for the changing landscape. Minister Ndhlovu stressed the importance of equipping schools with modern technology labs and fostering a culture of curiosity and problem-solving. He advocated for continuous skills development and the creation of innovative startups through a culture of lifelong learning and entrepreneurship.
Global Collaboration
Trade integration was another key aspect emphasized by the minister. He highlighted the importance of free trade agreements that facilitate the movement of innovative products and services across borders, creating a larger market for Zimbabwean industries. Collaboration with international partners on research and development was seen as a way to leverage global expertise and resources to tackle complex challenges.
In conclusion, Minister Ndhlovu emphasised that investing in innovation is not merely about the next big invention; it is about building a sustainable future for Zimbabwe’s economy. By implementing strategic investment frameworks and fostering a supportive policy environment, the country can create an ecosystem that thrives on innovation. This, in turn, will lead to a thriving industrial and trade sector, propelling Zimbabwe towards global competitiveness and long-term prosperity.
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