adminutilisation from 45 percent to 80 percent between 2011 and 2015, a cabinet minister said on Saturday.
The ZIDP is also aimed at increasing the manufacturing sector contribution to the GDP from 15 percent to 30 percent.
In the policy, the Government identified four priority sectors as the policy’s pillars namely, agro-processing, fertiliser industry, metals and electrical and pharmaceuticals.
Industry and Commerce Minister Professor Welshman Ncube said the policy would go a long way in facilitating growth of the country’s economy.
“I can confirm the Industrial Development Policy was approved by cabinet,” he said.
The policy also seeks to enhance production capabilities and firm competitiveness in diverse and non-traditional sectors of the Zimbabwean economy that are considered both niche and high growth.
The ZIDP will also force the Government to review downwards import duty on raw materials while a council for technologies upgrades will be put in place to co-ordinate the modernisation of obsolete industrial equipment.
The council will among other things craft ways to upgrade systems and quality of products in line with international best practice.
Analysts have cited challenges for the success of the policy as inconsistent and inadequate power supplies, high tariffs and utility charges, the lack of long-term finance at reasonable interest rates, and unjustifiable wage demands.
Analysts have also questioned why the authorities left out sectors such as agriculture and mining, which are traditional significant contributors to the country’s Gross Domestic Product.
Zimbabwe’s manufacturing sector that has historically contributed significantly to the economy in terms of the GDP has, however, lagged behind of recent due to a number of inherent structural weaknesses that are dogging the economy. – New Ziana.
Online Reporter