Favourable policy framework spearheading industrialisation

By Davison Vandira

INDUSTRIALISTS and economic analysts have welcomed the government’s favourable policies that have given impetus to the industrialisation drive through tax holidays, duty waivers and financial support to local companies.

The US$8 billion Industry and Commerce Transformation Strategy, which is currently in motion, is seeking to revitalise the country’s industrial base for enhanced economic growth through massive domestication of value chains across industries.

Traditionally, the vibrancy of Zimbabwe’s industry has been through well-coordinated value chains driven by their symbiotic interdependence, hence the government’s all-encompassing policy interventions to stimulate the potential in the manufacturing sector.

It is against this background that economists have commended government efforts in retracing the country’s industrial prowess through timely, sufficient and necessary interventions.

“The country’s industrial capacity has always been there and only lacked a supporting policy framework which has since been availed and as such, all the significant progress we are witnessing is on account of such a correct policy position,” said Professor Albert Makochekanwa, an economist.

“It is encouraging to note that there is a positive correlation between the quality of imports in machinery and equipment corresponding with production and productivity on the ground and this speaks volumes that the policy stance is paying dividends,” said Batanai Matsika, an economic analyst.

Local industry is ecstatic with the level of government support through various means and is therefore committed to the superintendent of the re-industrialisation thrust confirmed by the improved availability of locally-manufactured goods.

“As an industry, we are very grateful for the support that we have harvested from the friendly policy stance extended by the government to industry and this has started to bear fruit. If sustained, it means we will continue with the current northwards trajectory with respect to economic growth,” said Zimbabwe National Chamber of Commerce chief executive officer, Christopher Mugaga, .

The desire to reduce the country’s huge import bill on unnecessary commodities and create employment is the motivation behind the government’s generosity in spearheading the country’s re-industrialisation agenda.