Youths want big role in economic growth

Source: The Herald – Breaking news. Bulawayo Bureau YOUNG people are determined to contribute more to the country’s economic development and have lobbied the Government and private sector to scale up support towards growing young businesses including a quota system that accommodates the youths in the awarding of big tenders. With thousands of youths taking […]

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Source: The Herald – Breaking news.

Youths want big role in economic growth

Bulawayo Bureau

YOUNG people are determined to contribute more to the country’s economic development and have lobbied the Government and private sector to scale up support towards growing young businesses including a quota system that accommodates the youths in the awarding of big tenders.

With thousands of youths taking advantage of numerous opportunities created under the Second Republic led by President Mnangagwa, Zimbabwe is steadily growing its domestic economic base with strides mainly in mining, manufacturing, farming, transport and logistics, tourism and ICTs, among other sectors.

While huge opportunities exist for the youths to start their businesses and generate income, many believe they could do more for the economy if given adequate support to grow their business.

Mr Bukhosi Ncube, who runs Bit Bag Zimbabwe Mining and Agriculture Packaging, said the youth have shown capacity to contribute to economic growth, but still face hurdles that limit their potential.

“I think given more support, young people are more innovative, and they contribute immensely to economic growth and even employ other young people,” he said.

“The Government should create through Parliament quota systems on awarding of tenders for youths. Many times, young people led companies try to tender for certain jobs but they are left out mainly because they don’t have the capacity compared to some multi-million dollar companies.”

Mr Ncube had been lucky that the Ministry of Industry and Commerce supported his business, which has enabled him to win a tender with one of the giant cement producers in the country.

He said more needed to be done to mainstream youth lead business into the economy, and that would have more benefits downstream.

Ahead of Wednesday’s commemorations of the National Youth Day in Masvingo, Mr Ncube said the Government should take deliberate steps to educate young people on business and career opportunities.

Farai Pyro Energy Zimbabwe chief executive, Mr Farai Musendo, whose company is involved in the use of green energy, said young people are highly versatile and are active players in the economic growth.

Some of the young people had contributed to import substitution as they were manufacturing products that were previously imported from South Africa or other countries.

But despite their intellectual capacity and being highly productive, financial constraints still inhibit their full potential.

“Young people can produce products of high quality but when it comes to the awarding of tenders, most of the time we don’t make it. Bigger companies win tenders and maybe to include young people and their expertise in some of the projects, the Government should consider a quota system in awarding tenders,” he said.

“There should be a youth quota and a women’s quota. It would go a long way in promoting inclusive economic development.”

Mr Musendo challenged youthful entrepreneurs to mainstream their economic activities saying there is a misconception among young people about running businesses professionally. For instance, Mr Musendo said, registering a company can be done online.

Pusheka Girl, a women-led youth organisation advocating the empowerment of young women has said more collaboration is needed in the empowerment of youths.

Pusheka Girl spokesperson Ms Lungile Ngwenya said there was a need to provide vocational skills, especially for the less academically gifted youths.

“So, that is where we come in to provide skills development training for young women in areas such as beauty therapy courses. At the same time, we teach about financial literacy. However, we believe more needs to be done to support the girl child,” she said.

“As a women-led organisation, we endeavour to create more opportunities for young people but we need the Government’s support. We might be a Bulawayo-based organisation but we want to have a partnership so that we can even support rural girls and provide them with skills,”

Ms Ngwenya said the National Youth Day needed to be taken seriously considering that a majority of the country’s citizens are young people.

Matabeleland South National Assembly youth quota representative Cde Tinashe Mushipe said there is a lot that the youths had to celebrate as the country marked this year’s National Youth Day.

Youths had significantly benefited from development that had been rolled out by the Second Republic.

“As a youth from Matabeleland South and a representative of the youth, I would like to thank the Second Republic for the work it has done to empower the youths. The youth have remained on the top of the agenda for the Government’s development drive,” he said.

“Our youth have benefited from mining with some mining projects being set aside specifically for the youths.

“We have youths who have benefited from the agricultural sector. Some have been allocated heifers and some have been given land and this has helped to ensure that the youths are empowered and have a source of livelihood.

“There are a number of income-generating projects that the youths are benefiting from in their communities. Government has also set deliberate policies to ensure that youths are not left out.”

Cde Mushipe said under the Second Republic, finance schemes had been set up, which had enabled youths to access funding to start their own companies either as individuals or consortiums.

Gwanda Rural District Council member under the women’s quota Cde Linda Moyo the Second Republic has empowered youths to occupy key positions in governance.

She said numerous opportunities were open for young women as well as young men. As such, Cde Moyo said the Second Republic’s inclusive development drive was a clear indication that the Government values the input of youths and is concerned about their welfare as part of efforts to leave no one and no place behind.

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ZIDA to double down to drive investments

Source: The Herald – Breaking news.   Mr Chinamo Nelson Gahadza The Zimbabwe Investment and Development Agency (ZIDA) says it will continue to foster strong partnerships with key stakeholders to promote investment processes and ease of doing business. ZIDA is the Government’s investment promotion agency, responsible for promoting and facilitating domestic and foreign investment in […]

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Source: The Herald – Breaking news.

ZIDA to double down to drive investments 
Mr Chinamo

Nelson Gahadza

The Zimbabwe Investment and Development Agency (ZIDA) says it will continue to foster strong partnerships with key stakeholders to promote investment processes and ease of doing business.

ZIDA is the Government’s investment promotion agency, responsible for promoting and facilitating domestic and foreign investment in the country.

In addition to various partnerships, ZIDA last December entered into a collaboration with the Zimbabwe Revenue Authority (Zimra) to enhance the ease of doing business and facilitate domestic and foreign investments in Zimbabwe.

Zimra is the Government’s revenue collection arm, mandated to assess and collect revenue, facilitate trade and enforce the payment of taxes, levies, royalties, and duties for the country.

ZIDA chief executive officer, Mr Tafadzwa Chinamo, said in the agency’s fourth quarter 2023 investments report that two collaboration agreements were signed with Nedbank and Ecobank.

“These collaborations will play a vital role in promoting Zimbabwe as an attractive investment destination and facilitating both foreign and domestic direct investments,” he said.

He said that the tax agency remained committed to driving investments and fostering growth and embracing innovation and technology will be central to success in the future.

“We recognise the importance of sustainable developments through responsible investments, hence a renewed emphasis on attracting socially responsible investors in line with regional and global trends,” said Mr Chinamo.

In terms of the collaboration agreement with Nedbank, the partnership is aimed at promoting investment opportunities in Zimbabwe and facilitating domestic direct investments.

“Through the collaboration, parties will endeavour to ease doing business in Zimbabwe for investors and prospective investors,” reads the report.

During the period under review, the agency negotiated a Memorandum of Understanding (MOU) with Ecobank Zimbabwe aimed at promoting Zimbabwe as an attractive investment destination and facilitating both foreign and domestic direct investments.

Investment experts believe expediting investments will result in increased investments in the country’s various sectors.

They argue that investments play a key role in injecting fresh capital and new projects that will have a positive bearing on the economy.

According to Mr Chinamo, Zimbabwe is participating in the negotiations between the European Union (EU) and the Eastern and Southern Africa Group of Five (ESA5—Comoros, Madagascar, Mauritius, the Seychelles, and Zimbabwe) on the deepening of the interim Economic Partnership Agreement.

Mr Chinamo said ZIDA is responsible for advising on the Chapter on Trade in Services, Investment Liberalisation and Digital Trade.

“During the fourth quarter, the agency participated in intersessions that were held virtually to discuss issues on investment liberalisation and digital trade. The intersessions are a forerunner for the 13th Round of Negotiations to be held in March 2024, where negotiations are anticipated to be concluded,” he said.

Meanwhile, Mr Chinamo said the major highlight of the quarter under review was the promulgation of the Special Economic Zones and General Investments Regulations on November 14, 2024. The Special Economic Zones Regulations, SI 226 of 2023, provide for the application procedure for Special Economic Zones, and the General Investments Regulations, SI 227 of 2023, provide for the licencing procedure for general investment licences.

“Many thanks to the Attorney General’s Office and the Ministry of Finance, Economic Development, and Investment Promotion for facilitation of the processes.

“In Special Economic Zones, it is upon us to make it clear what they mean, but the main issue is tax incentives, and we hope this is the beginning of good things ahead,” he said.

Mr Chinamo noted that during the quarter, the agency recorded significant progress through increased inquiries and follow-through on its mining matchmaking platform, which gave the agency impetus to launch the second phase of the matchmaking platform initiative.

In the partnership with ZIMRA, the parties agreed to collaborate on three main areas: ease of doing business, investor-related services and integration of electronic systems.

ZIDA shall be providing ZIMRA with information on registered investors, including but not limited to details of any expatriate employees of the investors and details of local partners, if any.

On the ease of doing business, the parties shall undertake discussion on the implications of the fiscal policies that affect investors licensed under the ZIDA Act and collaborate on possible strategies to address such implications and enhance the ease of doing business for investors whenever such may be required.

In terms of investor-related services, the parties shall collaborate and exchange information on investor-related services, including queries on taxation and tax registration services for companies and the tax treatment of expatriate employees. The integration of electronic systems will ensure collaboration on ease of doing business through the integration of the parties’ electronic systems (E-Systems) to be identified to ensure real-time logging in of investor information and processing of issues that affect the promotion, protection and facilitation of investments in the country.

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Zim-Belarus Joint Commission starts

Source: The Herald – Breaking news.   Foreign Affairs and International Trade Minister Ambassador Frederick Shava Gloria Muruva Herald Correspondent The first Zimbabwe-Belarus Joint Permanent Commission on Cooperation begins today, with Foreign Affairs and International Trade Minister Ambassador Frederick Shava hosting his counterpart, Belarusian Foreign Minister Sergei Aleinik. The JPCC runs for three days with […]

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Source: The Herald – Breaking news.

Zim-Belarus joint commission starts 
Foreign Affairs and International Trade Minister Ambassador Frederick Shava

Gloria Muruva

Herald Correspondent

The first Zimbabwe-Belarus Joint Permanent Commission on Cooperation begins today, with Foreign Affairs and International Trade Minister Ambassador Frederick Shava hosting his counterpart, Belarusian Foreign Minister Sergei Aleinik.

The JPCC runs for three days with the main focus on economic issues.

Zimbabwe and Belarus enjoy strong bonds of friendship and excellent bilateral relations founded on shared historical and socio-economic ties.

The two countries established diplomatic relations on April 16, 1992.

In a statement over the weekend, Ministry of Foreign Affairs and International Trade spokesperson Mr Michael Mukura said: “The JPCC will become the key bilateral mechanism that facilitates cooperation between Zimbabwe and Belarus in areas such as agriculture, mining, trade and investment, tourism and transport.”

The JPCC followed the State visit by Belarusian President Aleksandr  Lukashenko to Zimbabwe in January 2023, which was the first of its kind in Sub-Saharan Africa.

“The operationalisation of the JPCC is a culmination of a memorandum of understanding that was signed during that State visit,” said Mr Mukura.

He said the JPCC will afford the two countries an opportunity to establish bilateral cooperation commitments, as well as explore ways of broadening the scope of collaboration between the two countries.

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