Growing investment in the private sector must lead economic growth and boost exports with Government prepared to make informed decisions and robust polices that address challenges faced by industry, President Mnangagwa said yesterday.
Backing his words, the President yesterday toured two manufacturing companies, Twine and Cordage (Private) Limited in Southerton, Harare, and Saint Gobain Construction Products Zimbabwe in Msasa where German and French investors are tied into Zimbabwean industries, boosting manufacturing capacity and quality, and thus able to push exports into Africa and beyond.
Consequently, this fulfils both their own company visions and Government policy as Zimbabwe upgrades its manufacturing base.
The President noted the rising foreign investment in the two companies as a sign of growing confidence in Zimbabwe and national policies.
Saint Gobain manufactures lightweight building materials and rhino board for lining applications and tile adhesive, among other products.
The Zimbabwean operations were founded in 1959 as Gypsum Industries.
Twine and Cordage is a diversified company that produces value added cotton yarns, cords and synthetic polymer products, tobacco twines (used for hanging tobacco during curing), and fishing nets, among others.
Speaking after the tour at Twine and Cordage, President Mnangagwa said his administration remained committed to facilitating increased production, productivity and profitability of entities across all sectors of the economy.
“We equally envision more Zimbabwean companies creating top-notch goods and services that can successfully penetrate international markets and associated value chains,” he said.
The company exports to South Africa, the United Kingdom and Canada, among others.
President Mnangagwa said the African Continental Free Trade Area (AfCFTA) provides an opportunity for local companies to penetrate continental markets and challenged Twine and Cordage to increase its products range and take advantage of the treaty.
Measures adopted under the Transitional Stabilisation Programme and the foreign currency auctions had brought macro-economic and price stability and improved availability of locally produced goods.
President Mnangagwa said Government was already crafting the National Development Strategy-1, a successor programme to the TSP that will run from 2021 to 2025 and will consolidate the gains.
