Manufacturing industries to bolster economic growth

GOVERNMENT has taken steps to grow the manufacturing sector in the mineral-rich Masvingo province, which is essential to the country’s industrialisation drive and is key to achieving an Empowered and Prosperous upper middle-income society by 2030.

Masvingo boasts of diversified industrial resources and some of the largest manufacturing companies in the country.

According to the director of industrial development in the Ministry of Industry and Commerce, Mr Dayford Nhema, the ministry places a high priority on industrialisation and decentralisation.

He said because Masvingo’s vast resources were required for industrialisation, the Government will introduce manufacturing sectors in the different localities.

“The ministry is prioritising decentralisation and industrialisation initiatives in line with the policy of devolution.

“Manufacturing of finished products will be located in specific provinces and districts where the endowments are located. We are quite excited that Masvingo province is endowed with various minerals,” said Mr Nhema.

In his remarks at the Masvingo Business Expo last week, Mr Nhema said the province’s resources have the potential to attract prospective investors and foster transformation in the country.

“The province has mineral deposits such as lithium, iron stone, asbestos, iron ore, chrome, aluminium and the biggest cattle ranch in the country. These are the endowments which we need to use to industrialise our country,” he said.

“This is the right platform to market Masvingo to potential investors who have graced this occasion and encouraged value addition of those resources for the benefit of the province and the country at large.”

The Business Expo is a networking and marketing platform for investment, where various enterprises showcase their products and sell their services to potential buyers and investors. It is also a platform of growth for entrepreneurs and emerging businesses.

The Zimbabwe Industrial Development Policy (ZIDP) which was introduced in 2019 was meant to anchor investment and innovation led industrialisation and growth in international trade for economic expansion.

The Government together with other stakeholders had great input to the successes achieved through the policy.

“The ministry is implementing the Zimbabwe Industrial Development Policy (ZIDP) which is expiring this year. The current policy has made considerable strides in strengthening the industrial sector, addressing key challenges and leveraging on emerging opportunities.

“Further, the ministry values the collective efforts by the private sector, government and its stakeholders during the current tenure of this ZIDP,” he said.

Mr Nhema said the policy will facilitate the modernisation and upgrade of systems for industrial companies by compelling the Government to evaluate the lowered thresholds on raw materials

“Government is implementing supportive measures to industrialise such as leveraging of duty on capital equipment, leverage on importation of specified raw materials,” he said.

“These measures assist companies in the manufacturing sector to retool, modernise and expand their production equipment and plants.”-chronicle