Steel giant revolutionises provincial economy

14 Jun, 2024 - 00:06 0 Views
Steel giant revolutionises provincial economy Invictus Steel Africa chairman, Mr Munyaradzi Shadaya (right) explains how they manufacture IBR roofing sheets, doorframes, window frames and brick force to Minister of State for Manicaland Provincial Affairs and Devolution, Advocate Misheck Mugadza (second from right) and other Government officials during a tour of the company warehouse last Friday. — Picture: Tinai Nyadzayo

 

Tendai Gukutikwa
Post Reporter

LOCAL steel giant, Invictus Steel Africa, is poised to revolutionise Manicaland’s economy by contributing US$50 million towards the provincial Gross Domestic Product (GDP) in a few years to come.

The Business Post has learnt that the company, a leading manufacturer and supplier of door frames, window frames, brick force, and IBR roofing sheets, is poised to expand its operations to meet the growing demand in the market through rural industrialisation.

This strategic move aims to increase its production capacity to supply a wider range of customers across the country and abroad.

This will resultantly increase the province’s GDP per capita which, according to ZimStat statistics stood at US$1 522 in 2022.

Minister of State for Manicaland Provincial Affairs and Devolution, Advocate Misheck Mugadza toured the company last week, and said the move aligns to the National Development Strategy (NDS1) goals, prioritising economic growth and development.

He praised Invictus Steel Africa for its contributions to the economic growth and development of Manicaland.

Minister Mugadza said the province is on course to attain the Gross Domestic Product per capita of US$3 200 by 2025 set in NDS1.

“Manicaland is on the rebound, and what is being done here is a clear sign that with pure hard work and determination, the sky is the limit. The company’s investment in the region is expected to have a significant impact on the local economy, creating jobs and stimulating economic growth. With companies like Invictus Steel Africa, we can achieve the President’s Vision 2030 by 2028, making 2030 actually a bonus.

“NDS1 is a plan aimed at transforming Zimbabwe’s economy and achieving upper-middle-income status by 2030, and since that strategy prioritises economic growth and development, Invictus Steel Africa’s contributions are a key component of achieving this goal. With its aim to contribute US$50 million to Manicaland’s GDP, Invictus Steel Africa is poised to play a significant role in the province’s economic rebirth,” he said.

Minister Mugadza said businesses like Invictus Steel Africa are the backbone of the economy and must be supported.

He also commended the company for its commitment to rural industrialisation and job creation.

“These businesses are growing our province’s GDP, creating jobs and stimulating economic activity. As Government, we will continue to create an enabling environment for them to thrive, and we are committed to doing just that. Their alignment with NDS1 and the President’s vision is commendable. We will work together to ensure they get the necessary support and land to expand their operations,” he said.

Minister Mugadza said rural industrialisation is key to unlocking economic growth and job creation in the province.

The company’s founder and chairman, Mr Munyaradzi Shadaya said they are producing thousands of their products per month and still failing to satisfy demand on the market due to limited industrial space.

“We are very excited to launch out different innovations, express ourselves and our ingenuity in terms of the steel value chain in the country. We have gravitated into a more integrated steel solutions company offering different products. However, we continue to fail to meet the growing market demand due to lack of enough industrial space,” he said.

Mr Shadaya appealed for 10 hectares of land to expand their operations.

“We are eager to contribute to the growth of Manicaland’s economy, but our current industrial area is constraining us. With additional land, we can increase production, create jobs, and supply our products to more markets. We believe in the President’s thrust on rural industrialisation, and we want to be part of it. We are confident that we can create not less than 500 jobs and raise the province’s GDP by US$50 million,” he said.

Mr Shadaya said they are passionate about empowering local communities and contribute to the country’s economic growth.

 

He said the expansion of Invictus Steel Africa’s operations will have a ripple effect on the local economy, creating a multiplier effect on job creation and economic growth.

Mr Shadaya said the company was cleared to export their products.

 

Share This:

Sponsored Links