In a resounding endorsement of efforts to bolster local industries, the Ministry of Industry and Commerce, represented by the Permanent Secretary, Dr. Thomas Utete Wushe, reaffirmed its commitment to promoting local content and industrialization during the 13th Annual Buy Zimbabwe Awards ceremony.
Minister Dr. Mangaliso Ndlovu, lauded the partnership between the Ministry and Buy Zimbabwe as a significant step towards advancing the local content and industrialization agenda. This collaboration, marking its first appearance at the Awards ceremony, signifies a joint approach between the government and the private sector to foster the growth of globally competitive and sustainable industrial and commercial enterprises within Zimbabwe.
Underlining the alignment of this partnership with the strategic objectives outlined in the National Development Strategy 1 (2021-2025), Dr. Wushe emphasized the focus on moving the economy up the value chain and promoting structural transformation. Central to this strategy is the implementation of the Local Content Strategy, aimed at stimulating the development of local industry, value chains, and supply networks across various sectors.
The Local Content Strategy, as outlined by the minister, seeks to domesticate strategic value chains such as sugar, steel, leather, and pharmaceuticals, among others. By prioritizing local production, the strategy aims to reduce the country’s reliance on imports, thereby saving millions of dollars and creating new job opportunities.
Furthermore, the Ministry emphasized the importance of Zimbabwe’s ratification of the Africa Continental Free Trade Area (AfCFTA) in driving the need for competitive local production. The Ministry, in partnership with Buy Zimbabwe, is actively preparing local companies to compete both domestically and internationally by enhancing their competitiveness and readiness for the AfCFTA.
The Minister also stressed the significance of consumer awareness and support for locally made products, citing the economic benefits of buying local, including job creation, entrepreneurship, and skills development. He urged manufacturers to adopt pricing models that are sensitive to consumers’ budgets while maintaining quality, thereby encouraging greater market responsiveness to locally made goods.
The Ministry’s speech at the Buy Zimbabwe Awards highlighted its dedication to promoting local content and industrialization as key drivers of economic development in Zimbabwe. The partnership with Buy Zimbabwe and other stakeholders underscores a concerted effort to strengthen local industries, stimulate economic growth, and enhance the country’s competitiveness on the global stage.
