THE Zimbabwe National Chamber of Commerce (ZNCC) says the severe economic climate experienced last year did not deter firms from embracing artificial intelligence, purchasing new machinery and doubling production.
The economy last year experienced a volatile exchange rate, high inflation, power cuts and El Niño weather phenomenon among other ills. As such, Zimbabwe’s economic growth in 2023 was projected to slow down to 5,5% from 6,5% in 2022.
Speaking on the sidelines of the ZNCC Mashonaland region annual business awards dinner in Harare on Friday, the organisation’s president, Mike Kamungeremu, said the businesses remained resilient amid economic headwinds.
“What is most critical is that in as much as people say the economic situation affected us, there are businesses that are doing very well. They have excelled and some innovated by introducing new ways of doing things,” he told NewsDay Business.
“They have adopted artificial intelligence, some have bought new machinery, doubled production, reduced their costs and some reduced their energy consumption. So you find that despite people complaining that there is inflation, we have seen business doing very well.”
Charles Tawengwa, minister of State for Provincial Affairs and Devolution, Harare Metropolitan province, emphasised on the need for businesses to foster best practices that only drive economic growth, but also promote environmental sustainability.
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“It is high time we embrace sustainable industrialisation, sustainable capitalisation and climate-smart business goals at the stage of our economic agenda,” Tawengwa, who was guest of honour, said.
He said the realities of climate change were becoming increasingly evident in Zimbabwe, with the country experiencing the El Nino-induced drought this year.
“The impact of this drought is projected to have a noticeable impact on our economy. The business community also has a significant role to play by acting responsibly to provide food products,” Tawengwa said.
“This is a time for business to prioritise ensuring that food remains accessible and affordable, for all by demonstrating ethical business practices and avoiding unwarranted price increases.
“This drought is just one of the many manifestations of the far reaching consequences of our actions on the environment and highlights the necessity for sustainable practices and the adoption of climate resilient strategies.”
Tawengwa urged the businesses to adopt climate-smart practices that mitigate environmental risks and promote resilience, while also actively supporting and participating in green finance initiatives.
“It is further crucial for businesses to embrace digitisation and advanced technologies that drive productivity and efficiency, especially those that seek to participate in the African Continental Free Trade Area,” he said.
“Leveraging on these technologies can enhance business competitiveness and contribute to the transformation of a technologically advanced economy.”
Jesimen Chipika, deputy governor of the Reserve Bank of Zimbabwe, said it was crucial for business to embrace digitalisation and advanced technologies to drive productivity and efficiency as the country seeks to participate in the African Continental Free Trade Area.
‘’Leveraging on these technologies can enhance business competitiveness and contribute to the transformation to a technologically advanced economy,” she said.
The chamber recognised and honoured individuals and organisations, who displayed exceptional dedication, leadership and achievement in their various industries.