VP Chiwenga rallies Sadc to boost trade

Vice President Constantino Chiwenga, SADC Deputy Executive Secretary for Regional Integration Angele Makombo N’tumba (centre) and Secretary-General of the African Continental Free Trade Area (AfCFTA) Wamkele Mene (right) at the 7th SADC Industrialisation week Investment Conference in Harare yesterday – Picture: Kudakwashe Hunda

Mukudzei Chingwere, Herald Reporter

SADC countries must use their regional advantages such as peace and stability, an educated populace, natural resources, favourable climate and integrated transport infrastructure to boost productivity and seize trade opportunities under the Africa Continental Free Trade Area (AfCFTA).

The call was made by Vice President Dr Constantino Chiwenga yesterday when he opened the SADC Investment Conference taking place alongside the seventh SADC Industrialisation Week and Exhibition.

The theme for this year’s Industrialisation Week is: “Promoting innovation to unlock opportunities for sustainable economic growth and development towards an industrialised SADC.”

The Investment Conference aligns with the SADC Industrialisation Strategy and Roadmap which aims to enhance the policy environment for industrial development, improving investment efficiency and creating regional value chains.

VP Chiwenga said SADC’s 16 member States held significant investment potential contributing 27,78 percent of Africa’s gross domestic product and attracting 55,10 percent of foreign direct investment inflows to Africa in 2021. He also reiterated that Zimbabwe was a safe and attractive investment destination under the able leadership of President Mnangagwa who was committed to creating a business-friendly environment and attracting global investments.

“The objective of this investment conference is to expedite the implementation of the SADC Industrialisation Strategy and Roadmap and identify industrialisation projects for joint implementation by the public and private sectors in SADC member states.

“This conference offers a platform for local, regional and international investors to explore potential investment opportunities within the SADC region, network, establish collaborations, and showcase transformative investment projects.

“The Africa Continental Free Trade Area presents an opportunity for the SADC region to position itself as a premier investment destination in Africa,” said VP Chiwenga.

Collaboration to enhance productive capacities, competitiveness and attract foreign direct investments was crucial. The regions region boasted valuable minerals, offering investment opportunities in extraction, beneficiation, and value addition.

“Recent discoveries of lithium in the Democratic Republic of Congo and Zimbabwe present opportunities for lithium beneficiation and in the long term, the manufacturing of lithium batteries, and be a key player in the manufacturing of electric vehicles.

“SADC member states should capitalise on these resources, and invest in value addition and beneficiation to maximise foreign currency earnings,” said VP Chiwenga.

The conference should come up with innovative ideas and suggestions on how to improve the investment environment in SADC and promote intra-regional trade, he said.

“Let me assure you that Zimbabwe is a safe and attractive investment destination. The Government led by His Excellency the President, Cde Dr Emmerson Dambudzo Mnangagwa, is committed to creating a business-friendly environment and attracting global investments.”

“The Zimbabwe Development Investment Agency is a one-stop investment services centre that streamlines investment processes, reducing registration timelines.

“Harmonising investment laws, enhancing investment facilitation and prioritising commercially viable projects will catalyse investment and economic development in the whole region,” said the VP.

Zimbabwe’s infrastructure upgrades, energy sector opportunities and rich mineral resources offered diverse investment prospects for the SADC region and the world.

VP Chiwenga said Zimbabwe was open to new investments in the energy sector and investors could explore opportunities in solar power generation, coal-to-liquid, coal bed methane gas and gas-to-liquid production.

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