Domestication of industrial value chains to spur economic growth

By Davison Vandira

THE $US8 billion Industry and Commerce Transformation Strategy is set to revitalise the country’s industrial base for enhanced economic growth through domestication of value chains across all sectors.

The vibrancy of Zimbabwe’s industry has traditionally been through well-knit value chains that are driven by localised raw materials which were the economic citadel of the manufacturing sector.

Government in line with the aspirations of the National Development Strategy One is retracing its industrial footprint through the Industry and Commerce Transformative Agenda which is anchored on the local content policy.

The country’s local content steering secretariat, Buy Zimbabwe is upbeat about the country’s capacity to domesticate its value chains for sustainability and maximum output.

“As Buy Zimbabwe, we are very committed to superintendent the revitalisation of our industrial base driven by increasing local content in the production of goods and services as this will bring enormous economic spinoffs,” Buy Zimbabwe General Manager, Mr Alois Burutsa.

The desire to reduce the country’s huge import bill and create employment is driving the Ministry of Industry and Commerce through reverse technology by utilising vast idle capacity in the country.

Over the past year, economic analysts have welcomed government’s inward looking policy with respect to material support to local companies which is a precursor to sustainable economic development.

It is economists’ considered view that internalisation of investments is key to economic development and a sure way to eliminate externalisation of critical resources as experienced in the past.