Shelf occupancy of locally manufactured goods rises to 80pc
SHELF occupancy of locally manufactured goods has increased to 80 percent, a development which is set to continue bolstering Zimbabwe’s comparative, competitive and adaptability advantages to move the economy up the value chains.
This was revealed by Industry and Commerce Minister, Dr Sekai Nzenza, at the justended Zimbabwe International Trade Fair (ZITF) in Bulawayo.
Dr Nzenza said the country continued to witness increases in investments, exports, production and capacity utilisation, which have all contributed invaluably towards the country’s economic growth trajectory.
“This month, according to the recent CZI Manufacturing Sector Survey, we were informed that at least US$101 million was invested into the country in 2022 alone,” she said.
“Resultantly, capacity utilisation has increased from 56 percent in 2021 to about 63 percent, shelf occupancy of our locally manufactured goods has increased to about 80 percent.
“The dividend declared from the convergence in the mutual aspirations between Government and the private sector is the increase in investment, exports, production and capacity utilization.”
President Mnangagwa’s clarion call for a private sector-led economy, said Dr Nzenza, continued to benefit the country’s productive sector, while buttressing the “Zimbabwe is open for business” mantra.
“In the discourse which has ensued during the ZITF, including Connect Africa and the International Business Conference, what has emerged is that the productive sector continues to benefit from His Excellency’s call for a private sector-led growth,” said Dr Nzenza. “In closing, Your Excellency, we are indeed leveraging the gains that have been sustained under your stewardship to bolster Zimbabwe’s comparative, competitive and adaptability advantages to move the economy up the value chains.”
Dr Nzenza said Zimbabwe was defining itself as a conducive investment opportunity, evidenced by new international, regional and local investors’ participation at the trade fair.
In addition, she said the emergence of the African Continental Free Trade Area (AfCFTA) was a game changer for the country’s trade prospects.
“Ladies and gentlemen, the growth momentum which was created at ZITF 2022, is intrinsic in this year’s event, the ZITF Company has had to be innovative in its space management to accommodate new international, regional and local investors,” said Dr Nzenza.
“What we have value created sets the stage for Zimbabwe’s regional and international trade through innovation and competitiveness under Your Export Strategy.”
Vision 2030, she said, was not only aligned to international discourse but also a true reflection of Zimbabwe’s current economic growth.
“We have been challenged not only as Zimbabwe but as a continent to leverage our increasing interconnectedness and interdependence into intra-Africa trade focusing on changing our local markets and consumption culture,” she said. “This challenge we have taken up through our collaboration to merge the nation’s innovation strategy with our local content strategy through ZIDA.”