BULAWAYO, Zimbabwe, April 29 — Zimbabwean President Emmerson Mnangagwa on Friday urged local industry and businesses to adopt new business models and innovative strategies to raise productivity and boost competitiveness.
Mnangagwa made the remarks while officially opening the 62nd edition of the Zimbabwe International Trade Fair (ZITF) in the second-largest city, Bulawayo.
“Zimbabwe’s economy has moved from stabilization to growth, hence must go beyond merely staying afloat. The industry is challenged to adopt new structures and craft new innovative strategies.
“We must manage risks, reduce costs and improve competitiveness. Innovation is the development and in the future,” he said. “If you do not innovate you will be left behind and we do not wish to be left behind.”
“New business models, practices and processes should also result in increased productivity and growth,” Mnangagwa said.
This year’s edition of the ZITF is running under the theme “Rethink, Reimagine, and Reinvent Value Chains for Economic Development.”
Organizers say more than 500 exhibitors are participating in this year’s trade expo.
Mnangagwa urged businesses and communities to work with the government to ensure increased local production of goods in light of the impact of supply chain disruptions caused by global disasters such as the COVID-19 pandemic.
In addition, Mnangagwa expressed concern over the rising costs of basic goods and the spiraling exchange rate.
“My government is currently focusing on the challenges of the spike of prices and the unacceptable exchange rate. Businesses must cooperate. I like to welcome foreign companies and countries who have re-engaged with Zimbabwe, who had dis-engaged. We welcome you back,” he said.
Local and international companies are exhibiting their products and services at the trade fair.
Zhu Wei, leader of the Chinese medical team in Zimbabwe, showcased Chinese traditional medicine to local and international visitors.
“We are here to show the Chinese traditional medicine and acupuncture. We are providing free acupuncture treatment to local people,” Zhu, who also heads the Zimbabwe-China Traditional Chinese Medicine and Acupuncture Center in Harare, told Xinhua.
Sikhangezomuhle Somali, co-founder, and administrator of Millennium Footwear, a local company that specializes in exotic leather footwear, said she expects to benefit from participating at the trade fair.
“By attending ZITF we are very confident that we have met our target market, and also we have had feedback from the end-users,” she said. “We are very happy with coming here. We have established our growth.” (Xinhua)
