Chronicle Editor
Sikhulekelani Moyo, [email protected]
GOVERNMENT has pledged to continue funding the Industrial Development Corporation of Zimbabwe (IDCZ) saying finance is a key element in the industrialisation of the economy.
The IDCZ is a strategic state entity whose role in the economy is to add value through industrial processes and capital formation (foreign direct investment) to create wealth, employment and industrial development in Zimbabwe.
Ministry of Industry and Commerce Permanent Secretary Dr Mavis Sibanda said this during the stakeholder validation workshop on the draft Zimbabwe National Industrial Development Policy (2024-2030) in Harare yesterday.
She said the manufacturing sector has vast investment opportunities, especially in the value addition of raw materials.
“Industrial finance is a key element in the industrialisation of our economy. Government will continue to support the Industrial Development Corporation of Zimbabwe (IDCZ) in its role as a Development Finance Institution.
“To complement these efforts, the Ministry will also seek funding opportunities from cooperation partners,” said Dr Sibanda.
She emphasised the need to revive closed industries to stimulate growth.
“There is a need to resuscitate closed companies or establish new ones. For instance, the country used to produce 17 million pairs of shoes a year, however, the leather sector fell into a number of challenges.
“Production has now started to increase and we are now at 1 million pairs a year. We need active participation in industry. This can be achieved by leveraging on our natural resources and strengthening our vibrant youth to be competitive and innovative in their entrepreneurial enterprises,” she said.
“Our youth should play a bigger role in employment creation and innovation by venturing into manufacturing.”
She said the draft Zimbabwe National Industrial Development Policy (2024-2030) will also advance the uptake of green industry initiatives that can drive sustainable economic growth and provide environmental benefits.
ends
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