PRESIDENT Emmerson Mnangagwa has urged the business community to remain ethical and shun unjustified price increases in the wake of emerging global inflationary pressures.
He was speaking at the official opening of the Highlands Park Shopping Mall in Harare this Wednesday.
The official opening of Highlands Park Shopping Mall in Harare saw President Emmerson Mnangagwa becoming the first customer to transact at the business centre using his locally-denominated ATM card.
The shopping experience by the first citizen, which comes five years after his last visit to a shopping mall, was exceptional considering that 80 percent of locally manufactured products are now dominating supermarket shelves, indicating increased industrial productivity.
President Mnangagwa urged the business community to remain ethical in the face of global inflationary pressures which have seen some manufacturers hiking prices without reasonable justification.
“My administration continues to engage all stakeholders in order to promote the ease of doing business in various forums.
“I wish at this juncture to urge the business community to remain ethical in their conduct in the wake of emerging global inflationary pressures affecting our economic environment. The unwarranted price increases we have witnessed from some manufacturers and retailers must stop,” he said.
Construction of the shopping mall, saw 450 jobs being created while a further 400 jobs will be created after completion of the entire project.
“The work ethic and commitment exhibited during the construction of Highland Park Shopping centre is unparalleled as works only commenced in July 2021. This dovetails with the Second Republic’s culture of timeously finishing all projects.
“I also note with satisfaction that the construction phase created employment for over 450 locals, while 60% of materials used were sourced locally in line with our local content strategy. Upon completion, 400 new jobs will be created at this shopping centre. Highland Park will aid in decongesting public spaces in the central business district of Harare,” he said.
President Mnangagwa said the Second Republic’s infrastructure development agenda has seen the completion of the phase two of the Beitbridge Border Post Modernisation Project which has improved efficiency in customs and clearance processes.
“Our efforts will see enhanced efficiency in customs and clearance processes and improved ease and cost of doing business as we move towards exploiting the benefits of the African Continental Free Trade Area.
“Relatedly, commercial entities operating on this site and those country-wide, stand to benefit immensely from the anticipated increase in intra-African trade through reduced turnover of cargo time and decreased demurrage costs,” he said.
The Highlands Park Shopping Mall is part of the first phase of the 20 million United States dollar project by Terrace Africa which is expected to list on the Zimbabwe Stock Exchange as Tigere Real Estate Investment Trust. – ZBC