Source: Govt policies bearing fruit: President – herald Zvamaida Murwira Senior Reporter Government’s economic policies continue to bear fruit after it successfully achieved its goals under the National Development Strategy 1, which laid the foundation for the modernisation and industrialisation of the economy, towards an upper-middle-class economy by 2030, President Mnangagwa has said. The NDS1 […]
Government’s economic policies continue to bear fruit after it successfully achieved its goals under the National Development Strategy 1, which laid the foundation for the modernisation and industrialisation of the economy, towards an upper-middle-class economy by 2030, President Mnangagwa has said.
The NDS1 successor blueprint, NDS2, is set to consolidate the gains attained in the past few years with the Second Republic’s doors open to welcome investors to take up opportunities in all sectors of the economy across the country under the mantra, “Zimbabwe is Open for Business”.
Delivering a keynote address at the commissioning of Green Fields Retail Centre, a retail hub established at the Zimbabwe Agricultural Showgrounds, in Harare yesterday, President Mnangagwa said the policies of the Second Republic continue to bear fruit.
“My Government successfully achieved the goals we set for ourselves under the National Development Strategy 1, with regards to laying the requisite foundation for industrialisation and modernisation of our economy.
“Under National Development Strategy 2, we are consolidating those gains and accelerating the implementation of programmes and projects to improve the quality of life of our people,” he said.
“Zimbabwe is Open for Business, hence, we stand ready to welcome both local and foreign investors, inclusive of global brands, to take up investment opportunities across our country’s provinces and districts.”
President Mnangagwa proposes a toast during a tour of the SPAR Supermarket liquor section at the commissioning of the Greenfields Retail Centre at the Showgrounds in Harare yesterday, accompanied by senior Government officials
President Mnangagwa urged investors to tap into local skills from the youthful talent drawn from the country’s institutions of higher learning.
“As you do so, it is critically important that you incorporate contemporary, climate-smart, resilient and post-modern architectural designs when establishing shopping malls, office parks, homes and industrial buildings.
“In this regard, investors are urged to tap into our country’s hard-working and diversely skilled people along with the technical innovations and creativity of our youthful talent in institutions of higher learning,” he said.
President Mnangagwa said the Second Republic adopted a ‘Whole of Government and Society Approach to developing the country.
“Under this thrust, mutually beneficial collaboration between the public and private sectors has seen the transformation of long-standing strategic national institutions into dynamic and multi-functional zones.”
President Mnangagwa directed the Ministry of Industry and Commerce to complete its Wholesale and Retail Sector Policy, which he said must be inclusive as part of initiatives to sustain the significant progress that has been registered in that area.
“To sustain progress in this sector, the Ministry of Industry and Commerce is directed to complete the Wholesale and Retail Sector Policy. I exhort business leaders, entrepreneurs and consumers alike to participate during the stakeholder consultations.”
The President, accompanied by Industry and Commerce Minister Mangaliso Ndlovu (right) and Tigere Fund board member Mr Michael Craft, pushes a trolley with groceries he purchased at SPAR Supermarket at the Showgrounds yesterday. — Pictures: Believe Nyakudjara
The President commended the retail sector in the country, describing it as one of the reliable sources of employment.
“The retail sector is applauded for being a reliable source of employment, wealth creation and investment. Development of entities such as this Greenfields Retail Centre should inspire many more entrepreneurs to create jobs, stimulate demand for local manufacturing and provide platforms for formalised business activity,” said President Mnangagwa.
He said there was a need to ensure retail malls are stocked with locally produced goods.
“My Government is intensifying our economic sovereignty. Under the NDS2, with regards to this specific sub-sector, our goal entails that malls should not be simply full of imported goods, but with quality ‘Made in Zimbabwe’ products, reflective of our nation’s industrial capacity,” said President Mnangagwa.
He commended the retail sector for its contribution to the economy.
“It is pertinent to note that the wholesale and retail sector is not a mere beneficiary, but one of the key drivers of sustainable economic growth. Despite the various shocks faced by the economy, such as climate change-induced weather phenomena and illegal sanctions, in 2024, the sector contributed over 11 percent to the country’s GDP, thereby placing the sector among the largest contributors to our economy. Well done,” President Mnangagwa said.
Projections under NDS2, he said, show continued expansion, with growth expected to reach 7.4 percent in 2026.
“Investments of this nature will, therefore, help augment growth and positively impact the ongoing trajectory towards urban regeneration and revitalisation as well as rural modernisation and industrialisation,” President Mnangagwa said.
President Mnangagwa cuts the ribbon to officially commission the Greenfields Retail Centre at the Showgrounds in Harare yesterday
He said the establishment of the modern Greenfields Retail Centre shopping complex, at the Zimbabwe Agricultural Show, was an honour to the rich legacy of the country’s agriculture sector.
In that regard, the President congratulated the investors, Tigere Real Estate Investment Trust, Terrace Africa and the Zimbabwe Agricultural Society under a Public-Private Partnership.
President Mnangagwa commended ZAS for its vision towards unlocking the intrinsic value of the land through the implementation of its new spatial land development masterplan.
“As far back as 2021, my Administration took the bold decision to create a legal framework to facilitate the establishment of Real Estate Investment Trusts.
“Tigere REIT, which incorporates shareholding from NSSA and the Public Service Commission, among other institutional investors, committed capital and took the well-calculated risk to make massive investments towards growing our country’s real estate portfolio,” he said.
“The company’s confidence was not misplaced, because today, Tigere REIT is listed on the Zimbabwe Stock Exchange and stands as Zimbabwe’s largest Real Estate Investment Trust. It is further commendable that Tigere’s trajectory to 2030 will see 12 new additional projects and infrastructure similar to this Greenfields Retail Centre, which we are unveiling today.”
Earlier on, President Mnangagwa toured the mall and paid for some groceries he bought at Spar supermarket using the new and upgraded ZiG notes.
Industry and Commerce Minister Mangaliso Ndlovu said the commissioning of Greenfields Retail Centre was a show of confidence in the economy and resilience of the private sector.
“Your Excellency, across the world, economies that thrive are those anchored on vibrant, well-structured and forward-looking commercial sectors.
“The wholesale and retail industry is more than a conduit of trade; it is a cornerstone of economic activity, linking production to consumption, enabling value chains, entrenchment and creating livelihoods for millions,” he said.
Terrace Africa managing director, Mr Brett Abrahmse, said the real estate sector was the barometer of the health of any economy.
He said his firm’s investment in the country demonstrated the confidence they had in Government policies.
“Your Excellency, when your administration declared that Zimbabwe is open for business, many hesitated and some remained on the sidelines. But Terrace Africa did not wait around. This is now our 12th project in Zimbabwe. In a short period of time, we have been able to deliver on a successful retail centre. New development is a catalyst to driving support for businesses to expand and flourish,” he said.
The commissioning of Greenfields Retail Centre marks another significant milestone in the growth of Zimbabwe’s retail, real estate and commercial sector in line with National Development Strategy 2.
The new mall is expected to enhance convenience for residents, create employment opportunities and stimulate local economic activity and growth, thus contributing to the country’s Gross Domestic Product.
The mall has retail outlets, fast foods shops, banking facilities and mobile service providers, among other facilities.
