Staff Reporter
Vice President Dr Constantino Chiwenga officially opened the 44th Summit Industrialization Week at the Harare International Conference Centre (HICC) today.
The summit serves as a crucial platform for local, regional, and international investors to delve into the investment prospects within the SADC region, form partnerships, and display transformative projects.
In his speech, VP Chiwenga emphasized that the summit aligns perfectly with the SADC industrialization strategy and roadmap, aiming to enhance the policy environment for industrial growth, improve investment efficacy, and create regional value chains.
Highlighting the substantial investment potential within the SADC region, Vice President Chiwenga noted, "According to SADC reports, its 16 member states contribute 27.78% of Africa's GDP and attracted 55.8% of total foreign direct investment inflows in Africa in 2021."
He pointed out the recent discoveries of lithium in the Democratic Republic of Congo and Zimbabwe, which he said could pave the way for the manufacturing of lithium batteries and electric vehicles.
"SADC member states should capitalize on these resources and invest in value addition and beneficiation to maximize foreign currency earnings and develop our own skills," he added.
VP Chiwenga called for a renewed sense of regional pride and self-sufficiency.
"I think it is now high time that we should be proud of ourselves and stop always going to shop in other countries but make our own in view of these other key resources."
Finance Minister Mthuli Ncube addressed the key challenges impeding regional industrialization, such as the lack of long-term finance, macroeconomic instabilities, and limited fiscal capacity to bridge economic gaps, along with a prolonged decline in official development support.
He emphasized, “It is important to create a favourable investment environment."
Minister Ncube also highlighted the urgency of tackling climate change and exploring the potential of carbon credits in international efforts to reduce greenhouse gas emissions.
“Climate change is one of the most pressing issues with far-reaching consequences for the planet and its inhabitants. It is essential to acknowledge the urgency and significance of climate change and to take collective action to address its causes and mitigate its effects,” he stated.
Permanent Secretary in the Ministry of Industry and Commerce, Dr Utete Wushe, encouraged the media and researchers present to focus on the positive developments of the SADC Industrialization Week.
“In this room, there are over 60 journalists, 400 researchers in different fields, and over 600 storytellers. I urge you to write about this historic moment in the SADC region, where the population of 365 million comes together with a combined GDP of $700 billion to say we are open for business,” said Dr Wushe.
The summit is expected to catalyse significant investment opportunities and partnerships, propelling economic growth and industrial development in the region with a focus on innovation and sustainability.
