The setting up of governance structures for the Zimbabwe Information Technology Company (ZITCO) and its subsequent approval by Cabinet last week will pave way for the company to up its production volume of ICT gadgets to 200 000 by end of this year from current levels of 4 000.
ZITCO is the first-ever ICT plant in Zimbabwe involved in assembling laptops, iPads and prepaid electric metres, among other smart devices, which are critical in the digitalisation and innovation drive.
It was launched by President Emmerson Mnangagwa in March last year.
It was established as a joint venture company between TelOne and government-owned entities – Flushcord Enterprises and National Venture Capital.
“The company which has been operating has to date produced 4 000 ICT gadgets. Through funding contribution by TelOne and with the finalisation of governance structure, ZITCO is expected to now move towards full production with a target of 200 000 ICT devices set to be achieved in 2022,” reads part of the statement released by TelOne.
The Cabinet’s approval is a finalisation of the shareholding structure with TelOne being the major shareholder through a 100% owned subsidiary Telecommunication Infrastructure Gadgets Company (TIGC Pvt Ltd) at 58%, Flushcord 16% and National Venture Capital at 26%.
“As a legal entity, the company will have its own Board of Directors and will adhere to all corporate governance regulations. TelOne as a major shareholder will
continue to play a key role in ensuring the success of ZITCO as it moves into full operationalisation and production,” said TelOne.
The development is in line with the development agenda set by the Government of Zimbabwe on the National Development Strategy 1 (NDS1) which envisages digitalization and access to basic utilities as fundamental in the transformation of the economy.