10.4 C
Wednesday, May 29, 2024

Industrialists back Zimbabwe’s private sector-led economy thrust

Story by Stanley James

Captains of industry have described Zimbabwe’s thrust to have a private sector-led economy as key to the growth of firms and restoring viability.

Over the last decade, Zimbabwe’s industry has been reeling under severe production challenges.

However, with the coming of the Second Republic, a private sector-led economy is being identified as a key pillar of growth.

The move has created notable achievements since 2018 that include a record high capacity utilisation of 56,52 percent in 2021, an 80 percent growth in local product stock, a rise in import substitution, installation of the latest machinery, production of high-quality products, and revival of exports by manufacturing entities.

There are also expectations of capacity utilisation to reach 70 percent by year-end as more firms shift attention to solar energy systems.

Dairibord Zimbabwe Holdings Finance Director Mr. Believe Dirorimwe says, “The potential for the industry to grow is there and what is just needed is an adaptation to alternative sources of power to hedge against any shocks otherwise the stats show industry is in the right direction in terms of growth.”

Crystal Candy Managing Director Mr. Jimmy Pscillos stated, “For some time it was all about challenges but if you look at the current reforms you can also see for yourself how the industry is defying expectations and being resilient in spite of some shocks.”

Industrialist Dr. Abel Mubango noted, “Commitment to production entirely depends on the ability by firms to focus on relevant systems and innovative mechanisms that add value to products and enhance ability by firms to accrue more profits.”

Zimbabwe’s industry is also targeting further increase the country’s local product stock to levels above 80 percent.

Related Articles

[td_block_social_counter facebook="tagdiv" twitter="tagdivofficial" youtube="tagdiv" style="style8 td-social-boxed td-social-font-icons" tdc_css="eyJhbGwiOnsibWFyZ2luLWJvdHRvbSI6IjM4IiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3Njh9" custom_title="Stay Connected" block_template_id="td_block_template_8" f_header_font_family="712" f_header_font_transform="uppercase" f_header_font_weight="500" f_header_font_size="17" border_color="#dd3333"]
- Advertisement -spot_img

Latest Articles