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Wednesday, May 29, 2024

Industrial Policy draft report out

Story by Stanley James, Business Editor

A Zimbabwe National Industrial Development Policy draft report is being tabled for review as the government targets continuous growth in the manufacturing sector.

The review comes ahead of the expiry of the initial five-year document by December this year.

Buy Zimbabwe chairman, Mr Munyaradzi Hwengwere clarified the importance of the new industrialisation blueprint.

“The new policy blueprint should further reflect a commitment by related parties in identifying the shortcomings of the initial document and come to real terms on what can be done to further accelerate growth,” he said.

Consultant, Mr Lindani Ndlovu is upbeat that the government and private sector’s input will result in the fulfilment of intended objectives.

He said, “My research shows that under the first five years, there were notable successes however, the new blueprint is focusing on the shortfalls of the first document so that the growth trajectory is maintained.”

Permanent Secretary in the Ministry of Industry and Commerce, Dr Mavis Sibanda reaffirmed the government’s commitment to a private sector-led economy.

“The review will be rolled out to several parts of the country and the key thrust is on what can be done to sustain the growth of industries. However, the fact that the private sector is also being requested to offer submissions shows our commitment to the private sector to take a lead on economic issues,” said Dr Sibanda.

Zimbabwe has under the first five-year industrialisation blueprint recorded milestones such as increased capacity utilisation for the manufacturing sector, an over 80% local product stock, increased investments, and retooling, including expansion and resuscitation of ailing companies.

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