CZI hosts economic symposium, to release 2020 industry survey report

Business Reporter

THE Confederation of Zimbabwe Industries (CZI) would release its 2020 manufacturing sector survey results on Thursday during which it will hold a two-day virtual 2021 economic outlook symposium.

The symposium would see captains of industry discussing the state of the economy and a range of issues that affect production including the currency question, arguments and counter arguments and emerging scenarios.

It is hoped that the 2020 manufacturing sector report would bring into perspective both the impact of Covid-19 and the mitigation measures on local industry capacity utilisation.

“The 2020 manufacturing sector survey results will be presented this Thursday,” CZI chief executive officer, Ms Sekai Kuvarika, said.

The release of manufacturing sector survey results and the 2021 economic outlook come at a time when CZI and ZimTrade, the country’s trade development and promotion agency, have stressed the need for Zimbabwe to embark on an aggressive import substitution drive in view of Covid-19, as some countries are banning certain exports to supply their own local industries and domestic markets, especially essential raw materials and Covid-19 related products.

According to the Trade Dimensions of Covid-19 on Zimbabwean Industry – Import Reliance of the Sub Sectors and Opportunities for Local Production of Raw Materials survey jointly conducted by CZI and Zimtrade in May 2020 import substitution will ensure products are produced locally through a value chain approach, local content policy implementation as well as innovation and embracing new technology.