Zimbabwe has potential to improve its rankings on the Global Business Competitiveness Index if it improves its ease of doing business and fight corruption, an internationally – acclaimed Singaporean economist, Dr Victor Koh has said.
Dr Koh said this at the Institute of Directors Zimbabwe (IoDZ) and Africa Leadership and Management (ALMA) seminar themed “The Evolution of Corporate Governance- Lessons from Singapore” held in Harare this week.
The seminar was aimed at disclosing strategies that can move Zimbabwe into a first world nation.
“Of all the African countries that have gained independence, not one of them has become a first world nation. There are three rankings that every investor looks at. Number one: ease of doing business. Singapore is always number two in the world. Number two: Global competitiveness index by the world economic forum, we are always in the top 10. Which means Singapore is the easiest place to do business. Singapore is one of the most competitive places for business. The last thing is the corruption perception index, also we are in the top 10,” he said
Speaking on the sidelines of the seminar, Dr Koh said at the moment the Competitive Index for Zimbabwe is at 124, meaning there are 123 countries more competitive than Zimbabwe and the Corruption perception index shows the country is at 157, Zambia at 96 and South Africa at 71.
Dr Koh said with the country’s readily available resources, there is more potential for increased economic growth and productivity to become a first world nation within a generation or less if both the Government and the public adopt the same management policies used by Singapore.
Singapore is home to 7 000 multinational corporations (MNCs) through concept planning, chief among them being industrialisation, affordable housing, foreign direct investment, orderly wage increase, trade and export.
Also presented were calculated possible advancements in the next 17 years (2035) if the given concept planning and policies are implemented
“By 2035, we want Zimbabwe to become a newly industrialised prosperous, middle-income, peaceful, harmonious, multi-ethnic, multi religious, corruption free and social democratic society.
“A nation led by God fearing leaders of integrity, leaders who are good stewards of the nation’s resources and patriotic, leaders that create employment for all, quality affordable and sustainable public housing for 90 percent of people. Reliable electricity, clean water, modern sanitation and drainage for all are other key deliverables,” added Dr Koh.
He is the Senior Leadership Consultant of the International Leadership Foundation (ILF) who has addressed seminars in over 125 countries in the last 40 years.
Dr Koh is also part of the “Pioneer Generation” that helped to build today’s Singapore into a first world nation in the last generation and believes that the same managerial processes can be infused into Zimbabwe to boost the economy.