Industry to register 3,7% growth in 2023

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.

National Development Strategy 1 (NDS1)
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Zimbabwe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.
   
AfCFTA
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.
-The Chronicle