Minister calls for collaboration to achieve rapid industrialisation
THE government is working on addressing the high cost of doing business, smuggling of counterfeit products, which was affecting the manufacturing sector in the country.
Speaking on the Role of Industrialisation in Strengthening Zimbabwe’s Manufacturing Base at the ZITF International Business Conference, Minister of Industry and Commerce Nqobizitha Mangaliso Ndlovu also revealed that the Government has made much progress to ensure stability in the economy.
He said there was improved production and increased sales as Government was continuously improving the ease of doing business for the private sector.
Minister Ndlovu said the theme of the conference, “Revitalising Industrialisation for Zimbabwe’s Economic Resurgence” states the importance of the efforts being done by the Government to promote local manufacturing.
He said President Mnangagwa has laid the foundation for industry growth with Education 5.0, centred on the Heritage-based philosophy in shaping future technology through innovation and industrialisation.
The Minister said the Government has been active, implementing policies to ensure the manufacturing sector’s growth to positively contribute to economic development.
He commended the launch of the Industrial Development Fund for companies in the manufacturing sector and those into value addition and beneficiation of local raw materials.
The Minister said the fund that will be handled by the Venture Capital Fund Corporation will go a long way to identify, develop and implement new and existing industries and industrial undertakings that promote decentralisation of sustainable industrial development.
He acknowledged the recent proactive measures being undertaken by the Central Bank earlier this year, specifically the introduction of a targeted finance facility, which represents a significant step towards addressing the liquidity challenges that have been affecting the banking sector.
“This initiative is strategically designed to provide crucial support to the productive sectors of the economy through providing adequate working capital.”
Minister Ndlovu called upon all stakeholders, Government agencies, private sector players, finance institutions, labour representatives and research community at large to work together to achieve rapid Industrialisation.-chroncile
