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Tuesday, May 21, 2024
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Domestication of industrial value chains to spur economic development

Story by Davison Vandira

ZIMBABWE’S private sector is embracing the industrialisation agenda to achieve economic growth by retooling and injecting fresh capital in operations.

Traditionally, the vibrancy of Zimbabwe’s industry was punctuated by well knit industrial value chains that became the country’s hub for economic development.

The Minister of Industry and Commerce, Dr Sekai Nzenza told business delegates this Friday that the retooling exercise has been made possible through private sector participation and government support in the economy.

Government in line with the aspirations of the National Development Strategy One has also set in motion an ambitious 2023 programme to retrace the country’s industrial footprint in line with Vision 2030 objectives.

“The retooling exercise that has happened over the past two years has put our industry on a firm position to be the key driver of the economy next year and our aim is to move up all our industrial value chains such that we bring efficiency and effectiveness towards a fully industrialised economy,” she said.

She added, “We have got a lot of idle capacity in our country hence we have engaged on a robust programme to create economic value out of this capacity for the benefit of Zimbabweans as such 2023 will be busy year for our industry,”.

Government is focusing on increasing industrial productivity to boost availability of local goods, ease imports, stabilise prices and create jobs.

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