Zimbabwe believes that in today's interconnected world, collaborations have become a necessity if countries wish to enhance their development, Industry and Commerce Minister Mangaliso Ndlovu has said.
Speaking on Tuesday at the BRICS Forum on partnership on New Industrial Revolution (PartNIR) 2024 in Fujian Province, China, Minister Ndlovu said the new round of scientific and technological revolution characterised by digitisation, networking and artificial intelligence (AI) will help to foster efficiencies and expand the production frontiers of traditional industries.
"This will enable us to achieve sustainable economic growth and development and ensure a prosperous and equitable future for our people," he said.
Zimbabwe is endowed with a wealth of natural resources that are critical to technology development, added Minister Ndlovu, citing the lithium, cobalt, and rare earth minerals.
But the significant challenge facing the country is a majority of the mineral resources are being exported in their raw or semi processed form, limiting Zimbabwe's ability to harness its full potential for value addition and technological advancement.
In that regard, Minister Ndlovu proposed the exploration of "mutually beneficial high quality partnerships that can transform this narrative".
This presents a unique opportunity for win-win partnerships, feeding into the transition from being commodity-driven to innovation-driven and knowledge-driven economies.
He said Zimbabwe is an example of China's win-win co-operation, as evidenced by the massive manufacturing sector investments by the latter over the past years.
"A good case is the US$1 billion investment in the iron and steel sector by a Chinese company, Dinson Iron and Steel Company, which is poised to be the largest steel company in Sub-Saharan Africa.
"I therefore invite you all to consider how we can work together to create a framework for these partnerships, focusing on technology transfer, standard and quality assurance in manufacturing, infrastructure development, capacity building, and sustainable development," he said.
By investing in Zimbabwe, BRICS countries and other emerging economies will have a gateway to supply products to the rest of Africa.
Zimbabwe is a member of the African Continental Free Trade Area (AfCFTA), which is expected to be the world's largest Free Trade Area with 55 countries, 1,3 billion people and a combined GDP of about US$3,5 trillion.
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In its drive to grow the economy, Zimbabwe has prioritised digitisation, innovation and AI as anchors of industrial development and key to this is the delivery of human capital that is up to the task. Closing the technology divide and embracing the Fourth Industrial Revolution (4IR) provides a rare opportunity for emerging economies to accelerate their economic growth and deliver high quality jobs and good standards of living for the people.
Minister Ndlovu applauded the government of China through the Ministry of Industry and Information Technology, for developing a proposed initiative for international co-operation on new industrialisation. The proposal aims to explore possible partnerships with emerging and developing economies such as Zimbabwe. "We fully pledge our support and wish to see this initiative materialising to enable our firms to walk the new path of industrialisation while strengthening our industrial landscape," said Minister Ndlovu.
