shloboe boe
Sikhulekelani Moyo, mskhulekelani16@gmail.com
THE Bulawayo business community has called for Government intervention to address localised challenges that negatively impact company operations and hinder the city’s economic growth.
Among the key issues raised are the need to establish a retooling fund, capacitate manufacturing industries, reduce the cost of doing business, and address water and energy supply gaps, among other concerns affecting business competitiveness.
The Ministry of Industry and Commerce Bulawayo Province Deputy Director, who also chairs the economic growth thematic group, Mrs Mary Chingonzoh, outlined these concerns during the Bulawayo Metropolitan Province Office of the President and Cabinet strategic plan review workshop held on Friday.
She emphasised that businesses require access to affordable and long-term financing to sustain their operations.
“We are facing challenges in terms of funding, particularly the lack of long-term finance, as well as high electricity costs, especially when compared to the region. We hope that, through the office of the responsible minister, we might secure targeted funding for Bulawayo industries,” said Mrs Chingonzoh.
She added that the Ministry of Industry and Commerce is working towards transforming the Industrial Development Corporation of Zimbabwe (IDCZ) into a development bank to assist industries in accessing long-term targeted funding.
Mrs Chingonzoh also highlighted that the shortage of skilled workers is negatively affecting industries in Bulawayo, as many skilled individuals have migrated to other regions and abroad.
Furthermore, she expressed concern over high regulatory costs, noting that the numerous levies businesses must pay make it difficult for them to operate profitably.
Despite the challenges faced in 2024, Mrs Chingonzoh acknowledged that some companies had managed to modernise their operations.
However, she pointed out that others continue to struggle due to reliance on outdated machinery.
The business community and the Government share a strong desire to restore Bulawayo to its former status as the country’s industrial hub.
Decades of deindustrialisation, primarily attributed to illegal sanctions, led to significant job losses and rising unemployment in the city.
The Second Republic is prioritising industrialisation and reindustrialisation as part of its strategy to create employment and achieve an upper-middle-income society by 2030.
