The private sector needs to build on the Government commitment to creating and fostering a conducive environment for business to thrive and play its role in economic development and attain global competitiveness, Vice President Dr Constantino Chiwenga said yesterday.
Speaking while officially opening the hugely subscribed Zimbabwe International Trade Fair’s International Business Conference in Bulawayo yesterday, VP Chiwenga said business must take advantage of Government’s eagerness to see a succeeding and thriving private sector.
Businesses should innovate their operations to attain the much-needed global competitiveness in the face over an ever-converging global market place, he said.
The conference, a key fixture of the Zimbabwe International Trade Fair, is an interface between the private sector, international investors and Government and this year’s fair was held under the theme: “Transformative Innovation, Global Competitiveness”.
Zimbabwe is on an accelerated economic development trajectory as it paces towards an empowered upper-middle income economy as envisioned by President Mnangagwa.
Under the envisioned economic development, President Mnangagwa wants to see people’s lives transformed for the better.
To achieve this, Government seeks economic growth led by the private sector, with the authorities pulling all stops to foster this growth.
“Government, through the National Development Strategy 1, has put in place policies and programmes aimed at achieving private sector led economic transformation in an open and competitive market,” VP Chiwenga told the captains of industry.
“I, therefore, urge the private sector to take a leading and active role in growing the economy towards the attainment of Vision 2030. The world is changing at an unprecedented pace and both businesses and countries must adapt and innovate in order to stay competitive.
“We must be at the forefront of innovation and driving change if we are to succeed in achieving our national aspiration for an empowered and prosperous upper-middle income economy by 2030.
“Investment in innovation is, therefore, paramount as businesses and countries continue to seek ways to competitively stand out in the international markets. We must, therefore, focus our efforts on leveraging the latest technologies to meet the ever-changing demands of global economy.”
VP Chiwenga stressed the progress the economy has made under the Second Republic and highlighted that Government will continue to pull all stops to consolidate on these gains till the attainment of Vision 2030 as envisioned by the President.
He said the private sector should embrace the ethos of good corporate governance and shun corruption.
Turning to the recent exchange rate upheaval on the black market, VP Chiwenga said this was transitory and the market should not panic, but remain calm as the economy had enough economic fundamentals to contain exchange rate instability.
The official opening was attended by Finance and Economic Development Minister Mthuli Ncube, other Cabinet ministers, deputy ministers, captains of industry, investors and fair exhibitors. – The Herald
