CZI: Key sec­tors in econ­omy set to open

Chronicle (Zimbabwe) - - Business - Busi­ness Re­porter

ZIM­BABWE is on track to­wards un­lock­ing new busi­ness op­por­tu­ni­ties and in­vest­ment in key sec­tors of the econ­omy, the Con­fed­er­a­tion of Zim­babwe In­dus­tries (CZI) has said.

The in­dus­try lobby group’s head, Mr Bu­sisa Moyo, said progress has been done by the three com­mit­tees formed by the pri­vate sec­tor and the Gov­ern­ment to iden­tify new busi­ness op­por­tu­ni­ties.

The three com­mit­tees are fund­ing and in­vest­ment, agri-busi­ness and min­ing link­ages.

“The three com­mit­tees have been very suc­cess­ful in try­ing to achieve the set ob­jec­tives. We have held a meet­ing with the World Bank to try and de­velop the con­cept of agri­cul­tural prod­ucts across the value chains.

“We have also dis­cussed is­sues on how we can in­crease the hec­tarage for crops such as maize, and soya among oth­ers,” said Mr Moyo, a mem­ber of the agri-busi­ness com­mit­tee and chief ex­ec­u­tive of­fi­cer of United Re­finer­ies Lim­ited. He said the com­mit­tee on fund­ing and in­vest­ment was look­ing at un­lock­ing fund­ing op­por­tu­ni­ties with po­ten­tial in­vestors adding that dis­cus­sions in that re­gard have been held with in­vestors from Turkey, Rus­sia and Be­larus. Since 2009, fund­ing chal­lenges have been one of the hic­cups con­strain­ing eco­nomic re­cov­ery as com­pa­nies were strug­gling to se­cure work­ing cap­i­tal to re­tool their plants. “The min­ing link­age com­mit­tee is also mak­ing ef­forts to pro­mote lo­cal pro­cure­ment by min­ing houses. “We have noted that about $1 bil­lion was be­ing spent on pro­cure­ment with only 11 per­cent of that be­ing spent lo­cally,” he said. As part of ef­forts to pro­mote value ad­di­tion and ben­e­fi­ci­a­tion, CZI has iden­ti­fied 18 value chains in dif­fer­ent sec­tors of the econ­omy that should be tar­geted for in­vest­ment. Un­der its “Value Chain Map­ping” pro­gramme, the in­dus­trial body has hinted that in-depth stud­ies would be car­ried to es­tab­lish and ad­dress bot­tle­necks im­pact­ing on pro­duc­tiv­ity as well as pro­mote in­vest­ment in the pro­duc­tion value chains. Zim­babwe’s in­dus­try is fail­ing to op­er­ate at com­pet­i­tive lev­els due to a cock­tail of fac­tors in­clud­ing lack of af­ford­able cap­i­tal and an­ti­quated equip­ment that have seen busi­nesses fail­ing to fully ex­ploit op­por­tu­ni­ties for prod­uct ben­e­fi­ci­a­tion. Some of the value chains that have been tar­geted in­clude to­bacco-cig­a­rette man­u­fac­ture, as­bestos-roof­ing-con­struc­tion, gold and di­a­mond-jew­ellery­or­na­ments, chrome orechromi­umplated goods, cot­ton-cloth­ing, as well as iron ore-bil­lets­foundrys­teel prod­ucts — @okazunga.

Mr Bu­sisa Moyo

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