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Michael Tome
The Ministry of Industry and Commerce says the Treasury’s allocation of ZiG$550, 9 million in the 2025 National Budget highlights the Government’s unwavering commitment to local industrial reconstruction and implementing the Zimbabwe Industrial Reconstruction and Growth Plan (ZIRGP).
Industry and Commerce Minister Mangaliso Ndlovu said this while addressing a workshop to disseminate ZIRGP to stakeholders in Harare Metropolitan Province.
“An allocation of ZiG$550,9 million has been dedicated to supporting the implementation of the ZIRGP, demonstrating the Government’s commitment to industrial reconstruction and growth. ZiG$100 million has been earmarked for industrial development finance, enabling retooling and working capital for Greenfield projects.
“These resources will provide critical support to key sectors, fostering innovation and capacity building in our industries,” said Minister Ndlovu.
This financial commitment sets a robust foundation for the successful execution of ZIRGP, which aims to revitalise the industrial sector.
According to the Minister, this targeted funding will be instrumental in stimulating innovation and fostering capacity building within critical local industries, ultimately strengthening their competitive edge.
He emphasised that his office will adopt a whole-of-Government approach to ensure the effective implementation of ZIRGP.
This collaborative effort will build strong partnerships between the Government and the private sector.
The conclusion of the Zimbabwe Industrial Development Policy (2019-2023) in December 2023 prompted the development of ZIRGP, an updated Industrial Development Policy that aligns with the National Development Strategy 2 (NDS2) for the period 2026-2030.
Implementation of the ZIRGP has already commenced, with various value chains actively developing their implementation strategies.
A significant milestone in this process has been the establishment of the Local Content Strategy Steering Committee for Manufacturing, which will oversee the adherence to local content policies to ensure that domestic production is prioritised.
This comes as the Government has introduced several measures to bolster local production.
Notably, the suspension of duty on inputs necessary for motor vehicle assembly is expected to breathe new life into the local automotive industry, allowing it to thrive in a more favourable economic environment.
Furthermore, the Government is implementing rigorous anti-smuggling measures designed to safeguard domestic industries from unfair competition resulting from the influx of illegal imports, thus ensuring a level playing field for local manufacturers.
The ongoing development of value chains also remains a key priority for the Government, particularly in promoting the procurement of locally produced goods and enhancing mineral beneficiation.
This strategic focus seeks to guard against the export of unprocessed raw minerals, thereby maximising the value derived from Zimbabwe’s rich natural resources and contributing to overall economic stability.
Online Reporter