The 7th SADC Industrialisation Week commenced at the Harare International Conference Centre, focusing on “Financing Industrial Developments to Attract Private Investments into the SADC Region”. Hon. Prof. Mthuli Ncube, Zimbabwe’s Minister of Finance, Economic Development, and Investment Promotion, highlighted the critical role of investment in fostering regional growth and industrialisation.
Prof. Ncube welcomed delegates, emphasizing the importance of both domestic and international investment as engines of growth. He stressed the need for a favorable investment climate to leverage SADC’s rich natural resources, including minerals, fertile lands, and hydropower potential, to diversify economies and enhance regional value chains.
The Minister pointed out that SADC, accounting for 28% of Africa’s GDP and 30% of FDI inflows into Africa, faces significant challenges such as high public debt and climate change impacts. He called for increased FDI and intra-SADC investment to boost productive capacities and promote macroeconomic convergence.
Prof. Ncube also highlighted the importance of Development Finance Institutions (DFIs) and capital market reforms in mobilizing resources for industrial development. The operationalization of the Regional Development Fund (RDF) and the establishment of special economic zones with necessary tax incentives were identified as crucial steps.
Emphasizing climate financing, he noted the potential of leveraging carbon credits to support sustainable development. He also called for debt restructuring and global financial architecture reforms to alleviate fiscal pressures on developing countries.
The conference underscored SADC’s commitment to regional cooperation and investment climate improvement to achieve sustained economic growth and industrialisation.
