KEY POINTS
- Mnangagwa urges Zimbabwean industries to embrace global export opportunities.
- Zimbabwe’s exports increased to $4.56 billion, a 1.8 percent rise compared to last year.
- Government initiatives focus on fostering innovation and improving trade infrastructure.
In order to boost the country’s economy, Zimbabwean President Emmerson Mnangagwa has urged local businesses to take decisive action by exporting their products and looking into international trade prospects.
Mnangagwa stressed the value of diversifying markets and increasing exports while speaking at the ZimTrade-hosted Annual Exporters Conference in Bulawayo.
Encouraging export growth
Speaking to legislators and business executives, Mnangagwa emphasized that many local companies have not yet thoroughly investigated exporting and encouraged them to take advantage of the prospects presented by the global market.
“Our industries must take bold steps and begin exporting to tap into the numerous opportunities offered by global markets,” Mnangagwa stated.
According to New Zimbabwe, he gave ZimTrade high marks for its calculated attempts to group important economic sectors together, which have given Zimbabwean businesses access to both conventional and unconventional markets.
Between January and August of this year, he said, exports reached $4.56 billion, up 1.8 percent from the same time last year. Gains in horticulture and value-added exports, which increased by 5.2 and 2.3 percent, respectively, were the primary drivers of the growth.
Strengthening trade and innovation
Mnangagwa encouraged companies to increase their competitiveness and diversify their product offerings in response to worldwide technology breakthroughs.
Additionally, he emphasized how the government may support innovation by setting up Innovation Hubs at public colleges. The goal of these hubs is to increase Zimbabwe’s export potential by encouraging entrepreneurship, research, and development throughout the nation.
The President also emphasized how important the transportation industry is to commerce and reassured the audience that the government is dedicated to updating transportation infrastructure to facilitate the efficient flow of products and services.
“We have significantly transformed our road infrastructure in just five years,” Mnangagwa stated.
Tackling trade barriers
Mnangagwa underlined the need of promoting cross-border trade and restated his administration’s commitment to removing non-tariff trade barriers.
Additionally, he reaffirmed the need for regional economic blocs like the Common Market for Eastern and Southern Africa (COMESA) and the Southern African Development Community (SADC) to act as catalysts for economic expansion.
The Exporters Conference gave stakeholders a forum to talk about shared interests and difficulties in the export industry, drawing buyers from a number of regional and global markets.
