'Bulawayo can achieve $9.4 billion GDP'

'Bulawayo can achieve $9.4 billion GDP'
Published: 26 March 2018
BULAWAYO has the potential to achieve $9.4 billion Gross Domestic Product (GDP) alone by 2030 if captains of industry and other stakeholders engage each other and implement resolutions aimed at boosting productivity in the city, prominent industrialist Mr Busisa Moyo has said.

This dream is possible if industry revival efforts are complemented by a vibrant financial services sector with some banks being headquartered in Bulawayo, he said.

Speaking at the Bulawayo provincial investment conference on Friday, Mr Moyo who is the United Refineries chief executive and Confederation of Zimbabwe Industries (CZI) immediate past president, said Bulawayo still presents abundant economic opportunities.

"Zimbabwe has per Capita Income of $940 (Nigeria $2 450, Zambia $1 300) and in order to become a Middle Income Developing Country, we need to multiply our income and productivity by 10. To simplify this, it means that we need to multiply our productive efforts by at least 10 in the next 12 years.

"In 2030, a Bulawayo citizen should earn $9 400 that means the city should have a Gross Domestic Product of $9.4 billion," he said.

He called on Government and banks to decentralise decision making to support industry revival efforts.

"In Bulawayo there are certain anchor projects that have high multiplier effect and affect downstream industries and related industries.

"On that list we have, the National Railways of Zimbabwe, which we are glad that work has already begun on its resuscitation because it affects our business," said Mr Moyo.

"We also have the Cold Storage Company, which impacts heavily on companies in the agro-based value chains."

Mr Moyo said efforts to restore Bulawayo's industrial hub status requires participation of local banks.

"In order to succeed in reviving industries, we must have a vibrant financial services sector, we need financial services that are focused on Bulawayo. It is time we have a bank that is at least headquartered in Bulawayo," he said. 
- chronicle
Tags: Bulawayo, GDP,


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