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BUSINESS tycoon Phillip Chiyangwa has urged owners of liquidated businesses in Bulawayo to work towards resuscitating them, saying it would take ages if they wait for the government to revive the industries in the city.
Chiyangwa, who is also the Zifa chairman, was in Bulawayo yesterday to assess progress on the revival of one of his companies, Zeco Holdings in Belmont.
The engineering company once supplied rail wagons to the National Railways of Zimbabwe (NRZ) locally as well as regionally to countries such as Ethiopia, Kenya, Mozambique, and Zambia.
Chiyangwa said business owners must resuscitate their companies to improve the economy, create employment and fight poverty.
“It must be everybody’s effort. Those that own those businesses must put up something like I’m doing with Zeco. Remember Zeco as well as G and D were liquidated companies. I put the assets together and revived them. Other company owners must do the same. Zeco is on the stock exchange and chances of restoration are high,” he said.
“Although it’s operating at very low capacity due to the underperforming economy, we’ve decided to find other avenues to promote our products. We’ve agreed that the company must seize opportunities and it’s something the management there is already working on. I visited the company to find out how far they’ve gone with taking it to higher levels and I’m impressed.”
Chiyangwa added that chances of the company’s performance improving rapidly were high, as it had no debts.
“I’m happy that Zeco is the only company that has no debts here in Bulawayo. The only debt it has is maybe electricity and tax. This, therefore, gives it a better chance to perform like it used to before the liquidity crunch,” he said.
Chiyangwa became a huge player in Bulawayo beginning 1998 when he bought Zeco Holdings, G & D Shoes as well as Belmont Leather.
Since 2009, numerous firms have closed shop, with more than 200,000 workers losing their jobs, despite government’s efforts to bail out struggling companies.
Bulawayo was once considered the country’s industrial hub due to its active industries and proximity to the key markets in South Africa, Botswana, Namibia and Zambia.
by Pamela Shumba.Source: Chronicle