ZWG550,9m for industrial reconstruction, growth plan
THE Ministry of Industry and Commerce has been allocated ZWG550,9 million to support the implementation of the Zimbabwe Industrial Reconstruction and Growth Plan (ZIRGP) 2024-2025.African safaris
The ZIRGP is set to address the immediate challenges hindering the growth of the manufacturing and commercial sectors. It also aims to address issues such as competitiveness, the cost of doing business, promotion of linkages with SMEs, innovation and research.
According to the Ministry of Industry and Commerce, the targeted sectors include pharmaceuticals, oil seeds, grains and cereals, dairy, clothing and textiles, leather and leather products, fertiliser and chemicals, rubber and articles thereof, soaps and detergents, articles of iron and steel, wood and timber, among others.
ZIRGP serves as a transitional framework for aligning industrial policy with National Development Strategy 2 (2026-2030), following the lapse of the Zimbabwe National Industrial Development Policy: 2019-2023 in December last year.
Finance, Economic, Development and Investment Promotion Minister, Professor Mthuli Ncube noted that the allocation also includes support for the Development Finance Fund in his 2025 National Budget.
African safaris
Zimbabwe Gold
“In view of the sector’s inability to access affordable long-term funding, Government has set aside ZWG100 million as industrial development finance under the Ministry of Industry and Commerce to support the tooling and working capital requirements for greenfield projects,” he said.
He further highlighted that the Government will also promote the growth of domestic value chains by prioritising the procurement of domestically produced goods.
Despite the potential of the local manufacturing sector, the country continues to spend significantly scarce foreign currency on imports.
African safaris
Recently, the Industry and Commerce Minister, Mangaliso Ndlovu, commissioned a 16-member Local Content Steering Committee for the Zimbabwe manufacturing sector as part of the implementation of the Zimbabwe Industrial Reconstruction and Growth Plan (ZIRGP) 2024-2025.
The committee is responsible for formulating, monitoring, implementing, reviewing and approving local content implementation plans, setting guidelines and minimum local content thresholds or levels for the prioritised sectors.
Furthermore, the committee is responsible for proposing incentives and penalties for specific local content thresholds, recommending local content incentives and Government interventions and or support measures and institutionalisation of Buy Zimbabwe.-chroncile
