VICE-PRESIDENT Constantino Chiwenga has called on Southern African Development Community (Sadc) member States to come up with investor-friendly policies to promote intra-Africa trade and agreements.
Speaking at the 7th Annual Sadc Industrialisation Week in Harare yesterday, Chiwenga said Sadc countries should enhance the region’s business environment to create value chains while improving investment efficiency.
“We aim to enhance the business environment for industrial development, improve investment efficiency and create regional value chains,” Chiwenga said.
“This conference seeks to expedite the implementation of the Sadc industrialisation strategy and roadmap, identifying projects for joint implementation by public and private sectors.”
He said Sadc member States should also improve the beneficiation and value addition of local resources to enhance foreign currency accessibility in the region.
“The Sadc region holds significant investment potential, contributing 27,78% of Africa’s GDP [gross domestic product] and attracting 55,10% of foreign direct investment inflows in 2021,” Chiwenga said.
“We have valuable minerals, offering opportunities in extraction, beneficiation and value addition. Recent discoveries of lithium in the DRC and Zimbabwe present opportunities for lithium beneficiation and electric vehicle manufacturing,
“Sadc member states should capitalise on these resources, invest in value addition and maximise foreign currency earnings. We must develop our skills and stop relying on external resources.”
Chiwenga said the region needed to prioritise competitive policies to attract incentives that stimulated economic development.
“Sadc adopted the Regional Infrastructure Development Master Plan in 2012, prioritising projects across six clusters: energy, water, transport, meteorology, tourism and ICT,” he said.
“The Sadc secretariat has developed a compendium of investment opportunities, highlighting 45 key regional projects.
“We need competitive policies to attract and protect investments, incentivise private sector investments, and stimulate economic growth.
“Since 2014, Sadc Industrialisation Week has promoted intra-regional trade and investment promotion.”
Chiwenga encouraged delegates to engage, establish contacts and take advantage of the conference to drive economic growth and partnerships between the private and public sectors.
“I urge you to come up with innovative ideas on improving the investment environment, promoting inter-regional investment and business environment.
“Implementing investment co-operation activities between the private sector and member States is crucial,” Chiwenga said.