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economic growth has stalled resulting in closure of companies and loss of jobs in the manufacturing industry since January this year. Speaking in Harare today at his maiden press briefing since taking over the reins at CZI Mr Msipa said industrial capacity utilisation also declined from an average of 57 percent in 2011 to an average of 40 percent in 2012.
The new CZI president attributed the stunted recovery, closure of companies and the drop in industrial output to constraints around access to medium term funding and its prohibitive cost among other factors affecting industry.
The Schweppes Zimbabwe chief executive, who took over from Nestle Zimbabwe managing director Mr Kumbirai Katsande as CZI president after an elective annual general meeting held last Thursday, said the situation in the manufacturing industry was very grim.
But Mr Msipa would not provide tangible examples of the companies that have closed shop since January or the number of jobs lost due to the company closures.
Online Reporter