New technology drives expansion in manufacturing sector CZI

Nqobile Bhebhe in Victoria Falls

THERE is high optimism for expansion in the manufacturing sector due to expanding capacity utilisation and investment in new technology, Confederation of Zimbabwe Industries economist, Ms Perpetua Muzonda has said.

Addressing delegates at the ongoing second edition of  Zimbabwe Economic Development Conference (ZEDCON) in Victoria Falls on Monday, she said there is need for polices that encourage investment in manufacturing sector.

“About 46 percent of the players in the manufacturing sector recorded growth in output in 2022.

About 39 percent of firms created more permanent jobs in 2022

“Small scale players are satisfied with their level of technology. This was a suprise to us.

“They are optimistic hence they are hiring permanent workers to increase production,” she said.

Ms Muzonda noted that 76 percent of firms that invested in 2022  have an increase in output.

She added that as CZI, they recommend to Government  to enact policies that encourage high usage of local currency to enhance competitiveness in the export front.