Mobilising the private sector for sustainable development in Zimbabwe

I had the opportunity to address the private sector at the Economic Policy Dialogue meeting organised by the Zimbabwe National Chamber of Commerce (ZNCC) on October 11 2023.

The meeting availed a platform for dialogue and collaboration on key economic policy issues in Zimbabwe.

This is an important topic, led by the Government of Zimbabwe, requires collaborative efforts from various stakeholders, the business community, civil society and other national and international development partners. The private sector has a crucial role to play in advancing sustainable development and driving progress towards the SDGs.

The 2030 Agenda and its 17 Sustainable Development Goals (SDGs) call for a universal commitment to end poverty, protect the planet, and ensure a prosperous and peaceful future for all. These goals are based on the principles of human rights and require the active involvement of all stakeholders, including the private sector.

One of the key goals, SDG 9, focuses on promoting inclusive and sustainable industrialisation, which aligns well with the private sector’s capabilities and potential to contribute to inclusive and sustainable industrialisation in Zimbabwe.

The private sector plays a crucial role in advancing the SDGs and driving sustainable growth. It is through the private sector that we can create employment opportunities, boost gross domestic product, and foster inclusive and sustainable industrialisation.

Riding on the relentless progressive efforts of the Government of Zimbabwe under “Zimbabwe is open for business” and adopting inclusive and sustainable industrialisation, the private sector can significantly raise employment rates, boost gross domestic product, and create opportunities for sustainable economic growth.

Moreover, businesses can align their strategies, goals, and activities with the national development strategy and the SDGs, generating new revenue streams, differentiating themselves in the market, and attracting top talent.

Investments in the SDGs are not only crucial for achieving sustainable development but also open new market opportunities for businesses.

There are extensive market opportunities in key economic systems, such as food and agriculture, cities, energy and materials, and health and well-being.

These sectors represent around 60 percent of the real economy and are critical for achieving the SDGs.

By focusing on these areas, the private sector can make a significant impact and contribute to the overall progress of the 2030 Agenda in Zimbabwe.

As we strive to accelerate progress towards the SDGs, the private sector in Zimbabwe can join forces with the Government of Zimbabwe, United Nations and other stakeholders to work on key transitions identified by the UN Secretary-General.

These transitions include transforming food systems, ensuring universal access to reliable and affordable energy, enhancing digital connectivity, improving access to quality education, creating decent job opportunities, and taking action to mitigate climate change and protect biodiversity.

To actively contribute to these transitions and the achievement of the SDGs, the private sector in Zimbabwe can undertake four important actions.

First, engage in policy advocacy to shape regulatory frameworks that support sustainable development goals.

This includes advocating for favorable business environments and promoting sustainable business practices.

Second, the private sector can identify and invest in bankable projects that have the potential to generate significant economic and social impact.

By participating in these projects, the private sector can contribute to the achievement of the sustainable development goals while also benefiting from profitable business ventures.

Third, the private sector can play a crucial role in mobilising financing for the implementation of the SDGs.

This includes leveraging traditional donors, development banks, capital markets, philanthropic foundations, and remittances to secure the necessary funding.

Fourth, supporting capacity-building efforts is vital for sustaining the investments made towards achieving the SDGs. The private sector can contribute to the strengthening of public institutions and civil society organisations by providing resources, expertise, and training opportunities.

Collaboration between the private sector and the United Nations is not new. However, considering the significant investment required to get the SDGs back on track and achieve the goals by 2030, scaling up this collaboration is crucial.

In Zimbabwe, we have witnessed successful partnerships between the Government, private sector, the United Nations, and development partners.

These collaborations leverage resources, expertise, and networks to achieve sustainable development and create a positive impact in the country.

Partnerships focused on supporting recent graduates, improving the productivity of small-scale farmers, enhancing access to clean water and sanitation, renewable energy and addressing childhood malnutrition and food insecurity, are just a few examples of these successful collaborations.

The United Nations in Zimbabwe remains committed to working with the Government of Zimbabwe and the private sector to support the country’s development through the United Nations Sustainable Development Framework (2022-2026).

By harnessing the combined efforts and expertise of various stakeholders, we can accelerate progress towards the SDGs and create a better future for all.