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Thursday, July 18, 2024

Industry and Commerce reviews transformation strategy

Story by Davison Vandira, Business Reporter

Domestication of value chains across industries is expected to revitalise the country’s industrial base for enhanced economic growth under the US$8 billion Industry and Commerce Transformation Strategy.

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

Economists believe the internalisation of investments is a viable way for economic development and a sure way to eliminate the externalisation of key resources as experienced in the past.

In this regard, the Ministry of Industry and Commerce has reviewed the manufacturing sector growth targets owing to improved output driven by the domestication and synchronisation of value chains.

“The vibrancy of Zimbabwe’s industry traditionally has been through well-knit value chains that were driven by localised raw materials and became the anchor of the manufacturing sector and having realised this, we have retraced this working formula, hence we are targeting a 2.5% growth of the manufacturing sector which will lead us to an overall 20% contribution to the GDP,” said the Permanent Secretary in the Ministry of Industry and Commerce, Dr Mavis Sibanda.

Zimbabwe’s local content strategy has propelled the country’s economy post-COVID-19 by improving productivity and production, with the country now boasting 75 percent capacity utilisation.

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