Business - Economic Updates - December 17, 2020

Zim’s economy turn around

President Emmerson Mnangagwa has applauded economic players for driving success towards the turning around of the economy.

These will drive to the attainment of vision 2030 despite the unprecedented disruptions by the outbreak of the COVID-19 pandemic.

Speaking at the Final cabinet meeting on Wednesday President Mnangagwa said besides causing challenges to development, COVID-19 has also provided opportunities for growth towards self-reliance particularly in the health sector.

“COVID-19 has brought to the fore us in-born ingenuity which was demonstrated by our capacity to be self-reliant and there have been timely decisions, including the introduction of the ZW$18 billion Stimulus and Recovery Package to help avert a possible crisis,” President Mnangagwa said.

Other notable economic achievements realised that made business sustainable this year include power supplies that have been relatively stabilised and completion of projects to further improve the situation.

“Among the projects being implemented are the following, Zambezi Coal and Gas, 750 MW; Jinan 600MW; Tsingshan 100MW; and Zimbabwe-Zhongxin Electrical Energy 430MW.

“As a result of the power generation projects being implemented, the country should be self-sufficient and become a net exporter of power by 2023,” President Mnangagwa said.

The outbreak of the COVID-19 pandemic saw the country adopting the new normal through the use of technologies in convening meetings, both locally and internationally.

“While virtual meetings have largely been successful, there is still a need to deepen and broaden the deployment of technology in the public sector.”

“Some of the notable achievements recorded in the ICT/Digital economy include the virtual network for Cabinet Meetings, the launch of the national switch for electronic banking transactions, the e-learning platform for universities and schools, the e-procurement for Government and the roll-out of ICT kiosks and Community Information Centres across provinces,” President Mnangagwa said.

Other strategies formulated in the wake of COVID-19 include the, US$12 Billion Mining Industry by 2023 Strategy and US$ 8 Billion Industrial and Commercial sector strategy the operationalization of these should help attract more foreign investment as registration process have been streamlined and under one roof.

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