In a bid to champion the growth of competitive industrial and commercial enterprises in Zimbabwe, the Ministry of Industry and Commerce is set to collaborate once again with Buy Zimbabwe for the upcoming 13th Annual Awards. The prestigious event, scheduled for March, will recognize and honor companies that have excelled in promoting locally produced goods and services on both domestic and global platforms.
In a statement the Permanent Secretary in the Industry and Commerce ministry Dr Thomas Utete Ushe said the Ministry’s strategic partnership with Buy Zimbabwe aligns seamlessly with the objectives outlined in the National Development Strategy 1 (2021-2025), specifically the “Moving the Economy up the Value Chain and Structural Transformation” pillar.
He indicated that this initiative aims to foster industrialization by encouraging value addition, beneficiation, and the development of domestic value chains.
Buy Zimbabwe, a dedicated social enterprise, has been instrumental in actively promoting home-grown products, not only within Zimbabwe but also on the international stage. Their initiatives, including the annual awards, play a crucial role in identifying companies that contribute significantly to the country’s economic growth through primary, secondary, and tertiary value chains.
Dr Utete Wushe highlighted that under the Local Content Strategy implemented by the Ministry, strategic value chains such as sugar, steel, leather, and pharmaceuticals are being prioritized for domestication. The Permanent Secretary said this move is aimed at reducing the country’s reliance on imports and saving millions of dollars, reinforcing the Ministry’s commitment to self-sufficiency.
Dr Utete Wushe said the ratification of the Africa Continental Free Trade Area (AFCFTA) in 2019 has further emphasized the need for Zimbabwe’s industries to produce goods that are not only competitive domestically but also on the international market. He stated that the partnership between the Ministry and Buy Zimbabwe becomes paramount in ensuring that the nation doesn’t become overly reliant on imports, potentially jeopardizing local production.
According to the Industry and Commerce Ministry, the positive impact of this collaboration is already evident, with the local industry’s growth reflected in an impressive 75 percent shelf space occupied by locally manufactured products. Capacity utilization has also experienced a significant boost, rising from 54 percent in 2020 to an impressive 66 percent in 2023, attributed to a stable macro-economic environment.
The Permanent Secretary expressed pride in the tangible results achieved through partnerships with organizations like Buy Zimbabwe. As the nation gears up for the 13th Buy Zimbabwe Awards, the anticipation is high for another year of celebrating the strides made by companies contributing to the realization of the government’s Vision 2030.
The awards ceremony promises to be a showcase of excellence, celebrating the resilience and ingenuity of Zimbabwean businesses that have embraced the call to promote and prioritize locally produced goods and services.
