President Mnangagwa yesterday commissioned a $3,5 million Splash Paints and Plastics plant in Harare and challenged all sectors of the economy to be active contributors to foreign currency generation.
In a speech read on his behalf by Vice President Constantino Chiwenga, the President said businesses should play their part in economic revival.
The investment by Splash Paints and Plastics, the President said, was in line with the country’s economic revival strategy which prioritised modernisation and expansion of all sectors of the economy.
“The company has embraced latest production technology by installing these new machines which are more efficient and have bigger production capacity which will undoubtedly increase your ability to adequately supply both the domestic and export markets,” he said.
“In this regard, I exhort the Splash Paints and Plastics to continue pursuing an export-led growth strategy, as this will not only result in increased foreign currency availability for the purchase of raw materials for your business, but will equally contribute to the country’s overall foreign currency earnings.”
President Mnangagwa said Government was on a vigorous drive to attract investment in line with the national vision for Zimbabwe to become a middle-income country by 2030.
The President urged industry to think in the context of the bigger national vision and dovetail their business models accordingly.
“It is through such focused, cooperative and team efforts that our nation will achieve sustainable economic growth. I, however, exhort business to be alive to converging global trading environment and development business strategies that recognise country’s trade obligations and commitments.”
Splash Paints and Plastics managing director Mr Anis Patel said the paint and plastic industry was a crucial sector for economic development of any country.
“As a growing company, Splash has enjoyed a fast growth of about 8 to 10 percent annually in recent years,” he said.
“Against this backdrop, the demand for paint and plastic products by the Zimbabwean and regional markets is on steady rise. Therefore, this project of ours is very timely. The whole project will be implemented in a phased manner. We are happy to see that the first phase of $3,5 million plant has been successfully completed and commissioned today. In the next phases we will witness the winding up of a tile and adhesive factory in Graniteside, with a production capacity of 85 000 tonnes annually and the completion of DPC plant in Marondera.”