Africa-Press – Zimbabwe. THE Confederation of Zimbabwe Industries (CZI) has revealed plans to boost industry efficiency and productivity through innovation and technology adoption to support industrial development.
As Zimbabwe prepares to leverage the African Continental Free Trade Area, technology and innovation are increasingly being seen as enablers in achieving intra-African trade at scale.
In response to NewsDay Business inquiries, CZI said it was driving the technology agenda to help firms enhance production and competitiveness, adding that it had made significant strides in incorporating innovation and technology into its development strategies.
“CZI is deliberately positioning innovation and technology adoption at the centre of its industrial development strategy,” it said.
The recent CZI Business and Economic Outlook Symposium and launch of the 2024 Manufacturing Sector Survey featured experts in artificial intelligence (AI) and digital transformation to push forward innovation and technology adoption.
CZI said these discussions allowed members to explore the practical applications of emerging technologies and the necessary investment and policy changes required for successful adoption.
“You will notice an introduction to the subject matter in our conferences. This year’s CZI Business and Economic Outlook Symposium and the launch of the 2024 Manufacturing Sector Survey both featured AI and digital transformation experts, reflecting the growing importance of intelligent systems in enhancing production, efficiency, and competitiveness,” CZI said.
“On the innovation front, you will notice that our entrepreneurship development initiatives are focusing on innovation-driven start-ups where there is good potential for valuable intellectual property.”
Many companies and industries in Zimbabwe are struggling with outdated or inefficient machinery owing to the decline in capital and liquidity, affecting productivity and market competitiveness.
In response, CZI is advocating for improved access to retooling finance through public-private funding mechanisms, development partner engagement and tax incentives for machinery upgrades.
“CZI advocates for improved access to retooling finance through public-private funding mechanisms, development partner engagement, and tax incentives for machinery upgrades. We also lobby for the reduction of import duties on essential equipment,” CZI said.
“This model allows businesses to pool resources and meet the capital requirements for high-value projects that would otherwise be unattainable individually. Facilitating these types of investment dialogues also creates pathways for businesses to access funding that can be channelled toward retooling and upgrading outdated machinery.”
The organisation highlighted that current megatrends, largely driven by technology, have become central to its business and policy discussions.
CZI will host a technology platform under the Energy Efficiency Project, supported by the United Nations Industrial Development Organisation (UNIDO), as part of the Energy Efficiency for Sustainable Livelihoods in Africa country window.
The Energy Efficiency for Sustainable Livelihoods in Africa is an initiative that seeks to promote inclusive and sustainable economic growth through integrated energy efficiency interventions under UNIDO.
Its objectives include driving market transformation towards high-performing, affordable and energy-efficient appliances, increasing energy efficiency investments in the industrial sector, and promoting sustainable local value chains for energy-efficient products and services.
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