Story by Davison Vandira
THE US$eight billion Industry and Commerce Transformation Policy set in motion in 2019 to revitalise the country’s industrial base is bearing fruit through massive domestication of value chains across industries.
Supported by the National Development Strategy One, the manufacturing sector has started to retrace its industrial footprint through the Industry and Commerce Transformative Agenda anchored on domestication of value chains.
Over the past four years, the country’s industrial structural transformation has been underpinned on value chain enhancement particularly fertiliser, food and beverages.
It also includes soya, cotton, leather, dairy, sugar, engineering iron and steel as well as pharmaceuticals.
Permanent Secretary in the Ministry of Industry and Commerce, Dr Mavis Sibanda says the manufacturing sector is now contributing a massive 18.4% to the GDP, with capacity utilisation now above 70%, “As Industry and Commerce we are very happy with the way the country’s industrialisation is going on and significant progress success has been registered through Industrial Development Corporation of Zimbabwe as we now have our own tick grease to protect our livestock, water treating chemicals from Chemplex which we used to import as well as grain protectant chemicals to enhance food security.”
The vision to reduce the country’s huge import bill and create employment is driving the Ministry of Industry and Commerce to vigorously pursue the local content strategy.
“We are looking at internalisation of investments into the country because we have realised that this is a sustainable way to economic development and a sure way to eliminate externalisation of key resources as experienced in the past and we are very committed to see that this comes to fruition,” she added.
Government’s drive towards full industrialisation has been given a war chest of US$22.5 million from the International Monetary Fund Special Drawing Rights, money which is being committed to creating sustainable industrial value chains.
