Staff Reporter
Minister of Finance, Economic Development, and Investment Promotion, Prof. Mthuli Ncube addressed an audience, at the 7th SADC Industrialisation Week in Harare, today, where he underscored the critical role of private investment in driving sustainable economic growth across the Southern African Development Community (SADC).
Minister Ncube’s remarks were part of the inaugural SADC Investment Conference, a precursor to the 44th Ordinary SADC Summit of Heads of State and Government.
Running under the theme “Promoting Innovation to unlock opportunities for sustained economic growth and development towards an Industrialised SADC,” the conference brought together key stakeholders including policymakers, industry leaders, and international investors.
“The SADC region is a beacon of potential, endowed with vast natural resources and a young, dynamic population eager for development. However, to transform these assets into sustainable development, we need robust investment in our industrial sectors,” Minister Ncube stated.
Highlighting the importance of creating a conducive investment environment, Minister Ncube detailed the various initiatives underway to make SADC a more attractive destination for global capital.
These include simplifying business registration processes, enhancing infrastructure, and fostering financial market integrations.
“Our vision is clear. We aim to transition from an economy reliant on raw materials to one characterized by robust industrial sectors that add value locally, generate employment, and reduce poverty,” the Minister asserted.
Minister Ncube also touched upon the challenges facing the region, such as the high public debt burden which constrains public investment in crucial areas.
The Minister called for the operationalization of the Regional Development Fund (RDF), a critical mechanism intended to bolster infrastructure development and attract private sector investments.
“The establishment of the RDF will be a game-changer, providing the necessary financial support to elevate our industrial capacities,” he noted.
Amidst his economic discourse, Minister Ncube did not shy away from the pressing issue of climate change. He emphasized the region’s rich biodiversity and natural landscapes, proposing sustainable practices that align economic growth with environmental conservation.
The Minister’s speech not only outlined the vast opportunities within SADC but also set the tone for a collaborative approach to overcoming the economic challenges ahead.
“The path to industrialization is complex and fraught with challenges, but with concerted effort and strategic investment, we can achieve a prosperous future for all SADC nations,” added Minister Ncube.
As the conference continues, the eyes of the world, and particularly those of potential investors, will undoubtedly be on SADC, watching to see how these ambitious plans unfold into tangible progress.
