GOVERNMENT is set to accelerate the National Economic Empowerment strategy by localizing the 10 point plan as it seeks to create the promised 2,2 million jobs by 2018.
The minister of Youth Indigenisation and Economic Empowerment, Patrick Zhuwao, said with employment and wealth creation being the key result area of indigenisation, his ministry was working on localizing the ten point plan, taking each one of the months from February to November 2016, to have conversations with leaders from various sectors on how to implement this.
Minister Zhuwao was speaking at the Confederation of Zimbabwe Industries Economic Outlook Symposium.
“We are very clear on how we would want the ten point plan to be localized, at ward level, at district level, but what we need to do now is we need to go into much deeper conversations around it.”
“In February we will have conversations around issues to do with infrastructure and this will talk to issues to do with construction, water, power, industry.”
The conversations around mining have been set to coincide with the Mine Entra, Zimbabwe’s biggest exhibition on mining, engineering and transport and associated industries, which takes place in from July 20 to 22, whilst the conversations around the agricultural sector are set for August where the Agricultural show will be held.
Zhuwao added that Zimbabweans had to work hard to realise the economic turn around and not rely heavily on Foreign Direct Investment.
“No country was built by foreigners. I am carrying out my mandate as stipulated by my boss of creating 2 265 000 jobs. If foreign direct investment is going to bring jobs, brilliant, let it come to Zimbabwe.”
“When foreigners come in, they must come in to partner an existing business entity but if the business entities do not exist, then ladies and gentlemen, you will run around and say the indigenisation policy is hampering foreign direct investment.”
The Economic Outlook symposium had the highs and the lows of 2015 being reflected upon by Intellego Investment Consultant’s Welcome Mavingire. He drew lessons for the 2016 financial year as well as outlining what the year will bring for Zimbabwe. The lows include the continued El Nino- induced drought, which has affected the agricultural sector as well as the generation of power at the Kari Hydro Power Station.
Going into 2016, the captains of industry at the symposium agreed that they were looking forward to the fulfillment of the Lima Agreement and creating policies that were in harmony with the agreement: the implementation of the indigenization frameworks: monetary policy interventions as well as labour reforms.
The weak rand was said not to be viewed as a challenge for Zimbabwe but as an opportunity for the country to gain capital investments from South Africa.
In his closing remarks at the symposium, the Chairman of CZI Economics and Banking Committee, Jimmy Psillos also said that despite 2015 having been a tough year economically, Zimbabwe’s economy held its own in relation to other countries.
“The South African economy has gone backwards, devaluing by 40% yet Zimbabwe has managed to hold on,” he said.” This Rand-US situation is an opportunity for Zimbabwe.”
He added that Zimbabwe even managed to collect $4 billion in government revenue which it did not manage to do in the 90s when the economy was ‘stable’. FinX
Follow us on Twitter on @FingazLive and on Facebook – The Financial Gazette