24 May 2021
Zimbabwe’s economy is set to be structurally transformed by embracing the African Continental Free Trade Area (AfCFTA), Finance and Economic Development Minister, Professor Mthuli Ncube noted.
Speaking in a recent engagement with business leaders in Bulawayo, Prof Ncube said, “The AfCFTA project will contribute to building Zimbabwe's structural transformation and will redefine markets and economies right across the region. Let's strive to enhance regional value chains. The NDS1 is anchored on structural transformation and value chains through resuscitating and strengthening existing and developing new value chains.”
Zimbabwe is one of the countries that has been relying on production and exportation of primary commodities and global policy debates are pressuring it towards a structural economic transformation.
The private sector was urged by Prof Ncube to join the government and support the opportunities being availed under the AfCFTA. "We should tape into quick wins in terms of value chain support because they are looking at agro-based industries, pharmaceuticals, bus and truck assemble, iron and steel, plastic waste and this is all espoused in the NDS1."
"The first phase of the framework to be implemented between 2020 and 2030 is envisaged to unlock US$1 trillion in the Africa Free Trade area, certified and accredited investments. So, there would be resources to be unlocked and this period obviously coincides with Vision 2030.”
“The private sector should, thus, take advantage of the AfCFTA to not only trade but invest in infrastructure, set up the industries, add value to goods and services and increase intra-Africa trade."