Industry to register 3,7% growth in 2023

Business Reporter

INDUSTRY and Commerce Minister, Dr Sekai Nzenza, says the positive growth trajectory in the manufacturing sector will continue into 2023 riding on milestones achieved so far in response to Government support measures.

She told delegates during the hybrid 2022 ZimTrade Annual Exporters Conference last week that economic reforms under the Second Republic led by President Mnangagwa have brought significant transformation to the productive sector.

In line with the National Development (NDS1) and the drive to attain the aspirations of Vision 2030, Dr Nzenza said the Government has put in place various measures to stabilise the economy and create a conducive business environment.

Driven by the value addition focus, she said manufacturing industries have increased capacity utilisation resulting in the growth of exports and increased investment attraction.

“Cognisant of the prevailing macro-economic environment, I am advised that the manufacturing sector is projected to grow at an average of 3,7 percent during 2023, on the back of value addition and beneficiation activities in the industrial, mining and agricultural sector,” said Minister Nzenza.

Citing recent surveys, Dr Nzenza said the jump in domestic industry output has pushed the percentage of locally produced goods on the supermarket shelves to about 80 percent as Zimbabwe makes strides in substituting imports.

“We applaud industry for the impactful response to the Local Content Strategy. My key message is that we should build a resilient and globally competitive manufacturing sector through value addition for export-led growth. We cannot build a sustainable manufacturing sector or a secure export network without value addition. Not only does this allow us to collectively safeguard the progress, which has been registered so far but it positions the local manufacturers to participate competitively in the global value chains,” she said.

As the country consolidates domestic growth strategies, Dr Nzenza also urged the productive sector to position itself for the Africa Continental Free Trade Area (AfCFTA) and other market access opportunities in the Sadc and Comesa region by increasing capacity across the local industries to enhance competitiveness in the export markets.

This year’s Annual Exporters’ Conference was held under the theme “Inclusive, Diversified, Connected” and buttresses NDS1’s focus on creating a globally competitive industrial and commercial sector through export-led growth.