Amid the economic challenges that have gripped Zimbabwe, the Confederation of Zimbabwe Industries (CZI) has sounded a passionate call to the government, urging them to pave the way for a more conducive business environment. The country’s businesses are grappling with a range of issues, including foreign currency shortages, frequent power cuts, exchange rate disparities, high tax burdens, and recent declines in capital.
Speaking emphatically during the 2023 Confederation of Zimbabwe Industries (CZI) Annual Congress held in Harare, CZI President Kurai Matsheza stressed the urgency of adapting to the nation’s prevailing macroeconomic challenges. He implored authorities to proactively shape an environment that attracts both domestic and foreign investments, a critical step toward revitalizing the national economy.Â
Matsheza lauded the notable growth in Zimbabwe’s primary sectors of mining and agriculture, viewing this as an opportunity to reorient policies towards the audacious goal of achieving an upper-middle-income economy by 2030. He underscored the pivotal role of policy transformation in addressing challenges like power shortages and infrastructure development that have stymied progress in the business sector.
In an innovative move this year, CZI has invited three developmental financiers and six private equity firms to partake in a dynamic business-to-business (B2B) networking event during the congress. The B2B concept facilitates direct interactions between companies, enabling local businesses to engage with potential investors. This initiative aims to grant companies access to much-needed capital, a lifeline that has become elusive since most local banks discontinued foreign currency lending in 2025.
The success story from the 2022 annual congress cannot be overlooked, with CZI reporting the raising of at least US$10 million in equity funding, highlighting the importance of such initiatives in fortifying the business sector.
Sekai Kuvarika, the CEO of Confederation of Zimbabwe Industries (CZI), underscored the need for a more competitive, enabling, and less regulated business environment in Zimbabwe. She urged businesses to focus on intentional growth and to take proactive steps to accelerate progress, especially in the manufacturing sector, where there is a gap in the production of semi-processed goods used in manufacturing.
As the nation strives to achieve its goals, there is a growing consensus that fostering an enabling environment for businesses is key to its success. The collective efforts of the government, businesses, and investors can pave the way for a brighter economic future. In the face of adversity, Zimbabwe’s business community remains resilient and hopeful, ready to embrace change and work towards a more prosperous future.
Source:[Newsday Zimbabwe]
