IDCZ should set up tailored financing for manufacturing-Presidential advisor  

Nqobile Bhebhe

 Zimpapers Business Hub

THERE is an urgent need to establish dedicated industrial funding support facilities under the Industrial Development Corporation of Zimbabwe (IDCZ) to finance transformative manufacturing projects across the economy, Special Advisor to the President Responsible for Monitoring and Implementation of Government Programmes, Dr Joram Gumbo, has said.

Speaking after touring the US$2,5 million Polyethylene Terephthalate (PET) packaging plant being implemented by the Bulawayo Municipal Commercial Undertaking-owned Ingwebu Breweries, on Wednesday, Dr Gumbo said scaling such industrial investments to optimal levels required targeted policy, fiscal and value-chain support measures.

“Industrial funding support through establishing dedicated facilities under the Industrial Development Corporation of Zimbabwe is critical to finance transformative projects,” said Dr Gumbo.

He said tax and import incentives could go a long way in easing the cost burden associated with importing specialised machinery and raw materials, while also encouraging further retooling and expansion investment in the manufacturing sector.

Dr Gumbo also stressed the importance of a national sustainability framework tailored to the fast-growing plastics and packaging value chain.

“This should entail promoting recycling and environmental sustainability by developing a national PET recycling policy in partnership with manufacturers to promote a circular economy,” he said.

Strengthening upstream agricultural supply chains is equally vital, Dr Gumbo added, noting that secure grain inputs underpin long-term viability for beverage and food producers.

He said there was a need for structured off-take agreements with farmers in Chikombedzi, Binga and Tsholotsho to ensure reliable sorghum supplies, adding that such arrangements support raw material security while deepening rural development.

In rallying industry players to build on emerging gains under the national re-industrialisation drive, Dr Gumbo urged the private sector to remain bold and forward-looking.

He implored business to continue unlocking its potential, strive for excellence, innovate, collaborate, industrialise and push boundaries to drive economic growth in Zimbabwe.