The Sunday Mail
Leonard Ncube in VICTORIA FALLS
THERE is need to boost the performance of the manufacturing sector through value addition to ensure sustainable economic growth, a senior Government official has said.
Speaking during a ceremony to mark the listing of National Foods Limited (NFL) on the Victoria Falls Stock Exchange (VFEX) on Friday, Finance and Economic Development Deputy Minister Clemence Chiduwa said Government was banking on sustainable businesses to anchor economic growth.
National Foods became the eighth company to list on the foreign currency-denominated bourse, which was established in 2020 as a pioneering offshore financial services centre geared towards attracting global investment.
Seed Co International Limited, Caledonia Mining, Padenga Holdings, Bindura Nickel Corporation, Nedbank Zimbabwe, Simbisa Brands Limited and Karo Holdings Limited are also listed on the VFEX.
Deputy Minister Chiduwa said 2023 marks the midpoint in the implementation of the National Development Strategy 1 (NDS 1).
“As the Ministry of Finance, we are very happy when we see that the development trajectory that we are taking as a country is in sync with the policy that we have,” he said.
“As the (NFL board) chairman (Mr Godfrey Gwainda) was speaking, I was looking at how far National Foods is in sync with NDS 1.
“He mentioned economic growth, exports, foreign currency, employment generation, financial inclusion, crowding in the private sector, food and nutrition security, devolution agenda, and health and value addition.
“These are critical areas under NDS 1.
“Moving the economy up the value chain is a key economic area, where we say we want to localise value addition and production.”
Industrial development, he said, contributes to human capital development and, therefore, aligns with NDS 1 and Vision 2030.
He commended National Foods Limited for embracing the Second Republic’s development thrust.
“The successful implementation of NDS 1 is anchored in a number of factors, and one of the major ones is improving performance of the manufacturing sector through value addition. And we would like to applaud National Foods for their thrust in innovation and value addition, which is seen through the various additions to their product range, which has aided expansion.
“As Government, our thrust has been to enhance transparency and improve corporate governance, and listings coincide with our desire for sustainable business models,” he said.
Industry and Commerce Minister Dr Sekai Nzenza said: “In line with the NDS 1, National Foods has embarked on a strategy to move up the value chain through value addition in its portfolio of basic cereal products.
“The company’s ambition is in sync with the ministry agenda to make a wide range of quality food products available to all Zimbabweans at affordable prices.”
NFL employs more than 1 500 workers.
Twitter: @ncubeleon
