Exploit tax incentives in high-value sectors, investors challenged Deputy Minister of Finance, Economic Development and Investment Promotion David Mnangagwa

Michael Tome and Francis Gakanje

LOCAL investors should exploit opportunities in high-value sectors of the economy to benefit from attractive tax incentives being enjoyed mostly by foreign investors.

This was said by Deputy Minister of Finance, Economic Development and Investment Promotion David Mnangagwa at the BPL Africa Connect Business Summit held in collaboration with First Capital Bank Zimbabwe in Harare last week.

Themed “Strategic Agility in a Dynamic Environment” the business summit deliberated on ways to foster growth across various sectors of the economy.

According to the Deputy Minister, there exist several tax incentives spanning critical sectors encompassing mining, agriculture, energy, and manufacturing sectors.

The latest data indicates the dominance of Chinese, American, Australian, and other foreign investors in the mining and manufacturing space.

“My appeal to you, fellow Zimbabweans is to invest in high-value areas back home, especially in manufacturing, utilising Artificial Intelligence (AI) so that we value add our agriculture and mining primary products so that we create decent jobs for our people.

“We have a number of tax incentives and tax breaks that we offer to investors which I urge all Zimbabweans to take advantage of. Foreign nationals have already been participating and are benefiting from these incentives.

“Hence, my specific and direct appeal to Zimbabwean nationals to also participate in investing back home,” said Deputy Minister Mnangagwa.

The summit provided a platform for sharing ideas and exchanging insights and new approaches in navigating the dynamic business environment and he urged the local business community to adapt to innovative solutions to keep up with evolving business trends.

“Every country across the globe faces an ever-changing environment characterised by geopolitical tensions, disruptions arising from climate change, and technological services.

“In today’s rapidly evolving landscape, we must adapt quickly to stay ahead of the curve and find innovative solutions to the challenges we face, remembering that every challenge we encounter is a great opportunity for innovation.”

He added that strategic agility was no longer a choice but a necessity.

Coaching International chief executive officer, Mr Ahmed Hassan implored business leaders and captains of industries to come up with innovation hubs that allow them to monitor the ever changing trends and foster requisite solutions.

“As the saying goes, business should adapt or perish, qualifying agility is an essential factor for survival so businesses should be highly proficient and flexible.

“Agility in action is being adept and they say adapt or perish so agility is really key for survival,” said Mr Hassan.

BPL Africa Connect co-founder Lionel Marumahoko Snr said African companies particularly Zimbabwe should embrace technology as a catalyst to tap into the world economy, adding that opportunities are not only found in Africa but the world over, if technology is employed.

“We are seeing that technology is a phenomenon that we need to embrace as Africa, given the level of our population and the dynamics that are playing out in terms of global penetration.

“Technology helps us to scale up at no cost, and technology can allow us to permeate physical borders,” said Mr Marumahoko.

He gave the example of a Nigerian furniture company that has broken into the European market, as it tapped into and started making AI-generated designs and specifications.

“So using artificial intelligence minimised some of the costs, infrastructure and some of the essential skills that are required.

“They were able to create a formidable business, which is not only selling furniture in Nigeria and Africa but selling furniture in the United Kingdom, in Australia, in the US,” he said.

Dukka founder and chief executive officer, Miss Ketura Ovio from Nigeria said Africa was abundant with opportunities, and Africans should invest more time in trying to solve many challenges they face.

“There are more investment opportunities where you come from than where we opt for, especially in the tech front,” said Ms Ovio.

The meeting brought together influential leaders from Zimbabwe residents across Africa and the Middle East as they deliberated on ways to foster growth across various sectors of the economy.

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