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Monday, May 27, 2024

Zimbabwe’s National Industrial Development Policy to be unveiled by June

Story by Stanley James, Business Editor

The Zimbabwe National Industrial Development Policy (2024- 2030) consultations are in motion ahead of its launch by June this year.

Giving an update on the new policy this Tuesday, the Permanent Secretary in the Ministry of Industry and Commerce, Dr Thomas Utete Wushe said consultations involving the government, business and development partners are in motion.

He disclosed that the industrial blueprint will be launched in June this year as government is consulting widely with stakeholders.

“The policy has attracted a lot of interests from people across the ten provinces, the diaspora community has also shown interest so, there are a number of stakeholders who want to take part, a move that has seen the government taking a major step in extending the launch to pave way for input from different sectors of this economy. Therefore, the ministry has saw it fit to extend the consultation phase to this month, this policy is very important so we cannot afford to rush it.”

The government has hinted that the new policy which is replacing the initial five-year phase that expired in 2023 seeks to increase production.

“Our main objective is to industrialise and modernise our manufacturing sector and thereby attracting enough investments in the sector and consolidate production. Basically, we need a policy that will facilitate more projects, increase exports and consolidate the current gains being experienced within the manufacturing sector value chains across the country,” he added.

The Zimbabwe National Industrial Development Policy is also expected to grow the manufacturing industry projects by over three percent per year, expand Manufacturing Value Added (MVA) in Gross Domestic Product (GDP) to 20%, increase exports by 10% yearly and boost the share of manufacturing employment to 20% by 2030.

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