Chiwenga advises local firms

CLOUDINE MATOLA

Vice President Constantino Chiwenga   has urged local companies to make the most of the ongoing SADC Industrial Week   in order to create  partnerships and synergies  that would boost intra-trade and economic cooperation within the region.

Addressing delegates at the investment conferences Chiwenga said the government and the private sector should  take the investment conference seriously.

“Let me reiterate that all of you must play your part in ensuring that the policies, strategies and programmes we have formulated as a region are implemented.

“It is incumbent upon us as leaders both in Government and in the private sector to take charge and ensure that platforms such as this one do not just become mere talk shows. I urge you to engage and take advantage of this conference to establish contacts, synergies and partnerships that can help propel our region forward,” Chiwenga said.

In addition, Chiwenga stated that the 2006 adoption of the favorable laws and policies on the SADC protocol on finance and investment draws investors, and the SADC strategy and roadmap contribute in boosting the inflows of foreign direct investment.

Therefore, in order to attract investors, member states should  implement these measures .

 “In 2006, SADC adopted the Protocol on Finance and Investment to promote investment in the region. This Protocol encourages Member States to attract investors through favorable policies and legislation. The SADC Industrialization Strategy and Roadmap emphasize deeper integration to facilitate increased FDI inflows and integrate regional industries into global value chains. Member States are urged to implement these investment-friendly policies to attract FDI; increase production and productivity; and facilitate technology and skills transfers,” Chiwenga said.

He added that there was a need for policies that attract and protect investments as well as incentivize the private sector to stimulate economic growth.

Additionally, Chiwenga highlighted that the Africa Continental Free Trade Area (ACFTA) was an opportunity for the SADC region to be an investment destination in Africa. Therefore, countries should collaborate  so as to enhance productive capacity, competitiveness and attract foreign direct investments.