Chronicle Editor
Patrick Chitumba, [email protected]
The revival of the country’s iron and steel industry will drive economic growth, create jobs and enhance regional competitiveness, Industry and Commerce Minister, Nqobizitha Ndlovu, has said.
The industry’s resurgence is crucial for transforming the country into a middle-income economy by 2030. The Government has launched initiatives to promote high-growth sectors, import substitution and local production.
Addressing a gathering of industry leaders and policymakers attending an Iron and Steel Indaba in Kwekwe on Thursday last week, Minister Ndlovu said the iron and steel industry’s resurgence holds significant promise for the nation’s future prosperity.
The Indaba was held under the theme, “Leveraging the resurgence of Zimbabwe’s Iron and Steel Industry”.
“The resurgence of our iron and steel industry is not merely a possibility but an urgent necessity for economic growth, job creation and enhancing our competitiveness as a regional manufacturing hub.
“This Indaba is coming at a time when we just recently launched our Zimbabwe Industrial Reconstruction and Growth Plan (2024-2025), in November 2024 in Mutare, following Cabinet’s approval. Through this plan, which was developed following a wide stakeholder consultative process, we will ensure that implementation is an indispensable virtue, “he said.
Minister Ndlovu said the plan’s key focus is on promoting high-growth sectors with great potential for promoting import substitution and reducing the perennial trade deficit, of which the iron and steel value chain is among them.
He said the iron and steel sector is the third highest import bill for Zimbabwe after oils and fuel and motor vehicles.
“Utilisation of iron and steel products is, of course, a demonstration of a growing economy. However, we need to use the right approach as we grow and that’s localising production as much as possible, “said Minister Ndlovu.
The Minister said the gathering sought to identify the synergies that can be created between Dinson Iron and Steel Company, Ziscosteel, Steelmakers and all players in the industry.
“The gathering seeks to consult on the critical elements to be included in the principles of the new Iron and Steel Act, which principles we will be bringing to Cabinet in the New Year
“Identify low-hanging fruits, policy support areas and opportunities for new investments and develop a comprehensive strategic roadmap for the revival of the iron and steel industry, “he said.
Online Reporter