By Elishamai A Ziumbwa
The Government has officially launched a ZiG$100 million venture capital fund aimed at boosting innovation and entrepreneurship across key industrial sectors a move officials say is critical to driving sustainable economic growth.
Announcing the development at the launch of the 2024 Competitiveness Report in Harare, the Ministry of Industry and Commerce confirmed that the fund will initially target three strategic sectors—iron and steel, pharmaceuticals and the automotive industry.
“The Ministry of Finance and the Ministry of Business and Commerce have allocated about Z$100 million, which is going to be advanced into three sectors—iron and steel, pharmaceuticals, and the auto industry through venture capital,” said Angela Makombe, Chief Director in the Ministry of Industry and Commerce.
She said the fund is part of a broader push to promote inclusive and competitive industrial development, underpinned by the Zimbabwe Reconstruction Growth and Investment Plan (ZGRIP 2024–2025) and Vision 2030.
“Under innovation and finance, the government is skilled with the operationalisation of the Future Capital Fund to actually fund the spread of innovations, particularly in manufacturing and the industry,” she said.
Makombe said there is need for collaboration between government, private sector players, academia and communities to ensure the country’s industrialisation agenda is realised.
“We cannot industrialise without competition. We cannot export without industrialisation. This is not a job for government alone. It requires collaboration with the private sector, academia, development partners, and communities,” she said.
She added that the new venture capital initiative is designed not only to rebuild the country’s industrial base but also to help close infrastructure gaps and strengthen the integration of local enterprises into regional and global value chains.
“As the ministry responsible for international commerce, we reaffirm our commitment to structure the International Committee to do this agenda,” she added.
Makombe concluded with a rallying call to citizens and stakeholders.
“Let us remain committed to promoting an environment where innovation thrives, inclusivity is prioritised, sustainability is championed, and readiness is our national priority. Let us rise together for the betterment of our beloved country.” Makombe said
