Industry Needs To Retool: MINISTER

Minister of Industry and Commerce Nqobizitha Mangaliso Ndlovu says the country needs to retool its outdated industrial machinery as part of efforts to revive the industry.

He said this while officiating at the Confederation of Zimbabwe Industries (CZI) congress currently underway in Bulawayo.

The Congress is running under the theme “From Dialogue to Implementation – It’s Time to Act!”.

“The collective efforts of getting Zimbabwe working again come with the real challenges faced by business with regards to outdated equipment and machinery,” said Minister Ndlovu.

“This requires investment in accessing more modern and new equipment and technologies”.

Minister Ndlovu said the manufacturing sector is a key pillar in employment creation, foreign currency generation, and technological advancement hence it needs to be revived.

Hon Ndlovu said the government will deal with financial constraints faced by the industrial sector.

“Government will facilitate the utilisation of various financing models that include negotiating various crediting lines, joint venture financing among others to revive the sector,” he said.

Hon Ndlovu also stated that the government will promote the exportation of local products which have become less attractive to the international market.

The minister added that the government will also make sure that the manufacturing sector attains a 5% growth rate by 2028.

“The manufacturing sector should attain an average growth rate of 5% in the next 10 years,” he said.

“For that to be achieved, the government on its part will be implementing various policy measures, strategies and interventions to facilitate industrial development and refocus productive sectors of the economy”.

Hon Ndlovu said value chains will facilitate industrialisation in areas such as agro-based industries, mining, and tourism and construction sectors.

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