Published: 10 April 2018

The Reserve Bank of Zimbabwe will soon unveil a number of monetary packages to capacitate the local industry so that it can compete with international companies set to open shop in the country ahead of the much anticipated economic boom.

Addressing delegates during an Engineering, Iron and Steel Association of Zimbabwe (EISAZ) business breakfast meeting held in Bulawayo, Dr Kupukile Mlambo said they are coming up with a cocktail of measures to capacitate the local industry on top of the loan facilities the institution has since extended to various stakeholders so far.

"I must say while others talk of the new dispensation, we are talking of a new economic dispensation. We want to ensure that our country attains the middle income status by year 2030. We are in the process of creating an economy that attracts economy. The country has a lot of talent and we are creating funds that will capacitate our local companies to compete with those companies that are coming," said Dr Mlambo.

Visiting business development projects manager for Botswana Chamber of Mines Mr Joseph Ramotshabi said companies operating in Zimbabwe should form strategic synergies with companies in his country as Botswana is poised to have a massive boom especially in the mining sector.

"There is a big opportunity coming up in Botswana. Botswana is not looking for suppliers but partners who will be able to supply proper products for a specific sector. We want people who will be able to set up companies and we help each other in openness," he said.

EISAZ vice president Mr Bheki Mangena said Zimbabwe has the capacity to supply the region with steel products in the event the challenges affecting the local industry are addressed.

"We would like to assure you that Zimbabwean engineering companies have enough capacity to supply the Botswana mining industry with engineering spares and equipment, pumps, boilers, grinding media as well as refurbishment of gearboxes and spares," highlighted Mr Mangena.

The business breakfast meeting which was attended by various stakeholders in mining and labour was running under the theme, "Unlocking Business Opportunities in Botswana's Mining Industry".
- zbc