malvernmugadzikwa
Online Reporter
THE Zimbabwe National Industrial Development Policy will focus on resuscitating ailing industries through Government support programmes to enhance competitiveness, Industry and Commerce Minister Dr Sithembiso Nyoni has said.
The policy is premised on driving the country’s industrialisation agenda.
Treasury recently allocated US$30 million to the Horticulture Export Revolving Fund to support sustenance and innovation in the sector.
In 2022, Government also launched a US$22,5 million fund to support the manufacturing sector, with fertiliser and other agro-processing activities receiving US$7,5 million, while cotton, leather and pharmaceutical were given US$5 million apiece.
The manufacturing sector has been witnessing steady growth since 2019, with capacity utilisation growing to levels above 60 percent.
Speaking during the recent familiarisation tour of Manhize Steel Project, Dr Nyoni said the new industrial policy will be informed by Vision 2030, the National Development Strategy 1 (NDS1), as well as regional and international policies on industrialisation.
“The industrial policy will also present plans for reviving and resuscitating ailing industries, including support programmes, Government incentives and policies aimed at promoting competitiveness and sustainability,” she said.
“My responsibility as the Minister of Industry and Commerce is to promote the development of vibrant, sustainable and globally competitive industrial and commercial enterprises.
“This can only be achieved through the provision of an enabling policy and regulatory framework.
“Government is enhancing engagements with the private sector to create an environment that nurtures innovation, fosters growth and facilitates the success of local businesses.”
The 2024-2030 policy also intends to facilitate growth, productivity, transformation and competitiveness through accelerating investment in the industrial sector.
Online Reporter