Businesses advised to uphold integrity
THE business sector must abandon unethical practices, including profiteering, which make life difficult for the people, Vice President Kembo Mohadi has said.
He was speaking at the second edition of the Zimbabwe Business Expo held in Bulawayo yesterday, which follows the inaugural event initiated by President Mnangagwa in 2016.
The expo serves as a meeting ground for various industry players to forge networks that align with national development policies.
Vice President Mohadi stressed that while Zimbabwe operates a free market economy, the nation’s values necessitate that businesses honour the principle of Ubuntu/Hunhu in their dealings.
“Our people’s expectations from you are a social contract of sorts. I therefore encourage the business community to be responsible in their transactions. Businesses are implored to desist from profiteering tendencies.
“Such practices are exploitative and they alienate businesses from the very citizens they wish to serve. As a business we are encouraged to adopt cultural literacy and good corporate governance measures that pay an eye to social obligations,” he said.
The Government has allocated resources under the Ministry of Industry and Commerce to shield consumers from unethical business conduct, leading to the establishment of the Consumer Protection Commission to safeguard consumer rights.
Accompanied by a delegation of officials, Vice President Mohadi commenced his visit by exploring the expo’s diverse exhibition stands. He highlighted the need for a robust business philosophy in Zimbabwe that reflects the core values of Vision 2030, aiming for an inclusive upper middle-income economy and society. He said President Mnangagwa has repeatedly put it on record that the liberation of people from poverty and their welfare was a responsibility.
In her address, Bulawayo Minister of State for Provincial Affairs and Devolution Judith Ncube noted the expo’s evolution into a nationally esteemed event, indicative of the new administration’s commitment to business and economic growth.
“President ED Mnangagwa is serious about driving Zimbabwe towards economic progress and growth. And that growth trajectory is driven in part by Government but largely by the business community as you help in the implementation of Government policies and initiatives.
“It is my fervent hope that the financial sector chips in to support small businesses and avail funding to enable business expansion and sustainable growth. Honourable Vice President, your very presence here today is an indication that the Government takes business very seriously,” she said.
Financial institutions and universities were among the exhibitors, with ZB bank chairman Luckson Zembe advocating for the circulation of money within the economy to spur growth, encouraging deposits in local banks to facilitate lending to businesses.
University of Zimbabwe Vice Chancellor Professor Paul Mapfumo also spoke about the importance of academia in economic growth, where he said a lot is being done by local universities especially on research and innovation.
He said the introduction of innovation hubs is bearing fruit, with them helping sustain the country during Covid-19 with sanitizers and personal protective equipment.
Universities like Chinhoyi University of Technology, National University of Science and Technology and University of Zimbabwe were at the Business Expo exhibiting different innovative initiatives done under Education 5.0.