Speaking during the country's 41st Independence celebrations at State House in Harare, Mnangagwa said all the country's key economic sectors were showing good growth potential.
"Together, let us unite in our purpose, collate our potential and walk together hand-in-hand towards our common destiny.
"Through hard, honest work and our trust in God Almighty, there is no limit to what our country can achieve as we build the Zimbabwe we all want.
"My government continues to realise budget surpluses. Inflation, which had become a major source of macro-economic instability, is being contained.
"The foreign currency auction system has also enhanced transparency and accountability in the distribution and use of foreign currency," Mnangagwa said.
"I call upon Zimbabweans to exercise prudence and discipline towards the attainment of broader financial and economic stability in our country.
"With bolts and bars, brick upon brick and stone upon stone, we are rebuilding our great country.
"We are harnessing and effectively deploying our local resources and human capital to upgrade and modernise the country's infrastructure," Mnangagwa added.
This comes as Zimbabwe is beginning to enjoy relative economic stability, following the recent implementation of a basket of measures — including the introduction of the foreign currency auction system last year, which has reined in the once rampant forex parallel market.
Mnangagwa also said yesterday that the country's manufacturing sector was continuing to grow despite the effects of Covid-19.
"The manufacturing sector has remained resilient to the pertinent shocks presented by the imposition of illegal sanctions, natural disasters and now the Covid-19 pandemic.
"Locally produced goods and commodities now constitute a larger share of our country's market shelves.
"In line with the government's private sector-led development, we applaud industry for its positive response to the local content strategy.
"This is reflective of the positive national sentiments on our economic growth potential, anchored on the Second Republic's consistent and predictable policy environment," Mnangagwa said.
"The resuscitation of strategic industries such as fertiliser, iron and steel, pharmaceuticals, textiles and clothing, leather manufacturing, as well as food and beverages is being accelerated.
"In order for Zimbabwe to penetrate global value chains, efforts are underway to structurally transform the economy from an exporter of predominantly primary products to higher nodes of industrial development," he added.
Mnangagwa also said Zimbabwe would continue with its re-engagement efforts with the West.
"Under the National Development Strategy 1, our foreign policy remains deeply rooted and informed by our national interests and the engagement and re-engagement, as well as the Pan-African ethos.
"My government is pursuing economic diplomacy for the advancement and economic prosperity of our country.
"Our arms remain outstretched to be a friend to all and an enemy of none, as we strive towards the realisation of a more peaceful, united and prosperous world," Mnangagwa said.
This comes after the United States of America recently renewed its sanctions on Harare — nearly a month after the British government had imposed punitive measures against the country's security chiefs and a former military commander, over allegations of human rights violations.
Also recently, the European Union also renewed its restrictions on Harare after its meeting in Brussels.
Relations between Zimbabwe and western powers have been frosty since the country embarked on chaotic and widely criticised land reforms 20 years ago, which saw many commercial farmers losing their land at the height of the late former President Robert Mugabe's ruinous rule.
Meanwhile, Mnangagwa also said yesterday that 280 megawatts of electricity would be restored into the national grid when the overhaul of Hwange Power Station unit three and refurbishment of unit six were completed.
"Following the approval of a US$310 million facility from India Exim Bank, work to extend the lifespan of the power station is expected to commence in earnest.
"With regards to hydro power generation, the significant water inflows into Lake Kariba are set to guarantee adequate power availability from the Kariba Power Station.
"To this end, an independent power producer, Zimbabwe Zhongxin Electrical Energy, is working on a 50 MW thermal power plant in Hwange, which is now 97 percent complete.
"In addition, 11 renewable energy projects have been commissioned and are feeding power into the national grid, with eight others generating power for own consumption.
"The construction of a six million litre ethanol storage facility and a 500 metric tonne LPG depot in Mabvuku are under way," Mnangagwa said.
The president also said Zimbabwe was on the right track in terms of needed political and other reforms.
"The licensing of six privately-owned television stations and six language-based community radio stations is a demonstration of my government's commitment to uphold the constitutionally guaranteed right to freedom of expression and freedom of the media.
"It is my expectation that these new players will project the much-needed diversity and plurality in the broadcasting sector.
"I further urge the new entrants to always advance national identity, patriotism, peace, unity, production and productivity towards the prosperity of our great country.
"The signing of the Global Compensation Agreement on 29 July 2020 is a re-affirmation of the irreversibility of the land reform as well as a symbol of our commitment to constitutionalism, the respect of the rule of law and property rights.
"As Zimbabweans, we must now all work together for increased production, productivity and profitability of the agriculture sector," Mnangagwa said.
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