Minister Ndlovu calls for collaboration to achieve rapid industrialisation

The Zimbabwean government is intensifying efforts to reduce the high cost of doing business and tackle the smuggling of counterfeit products, which have been negatively impacting the country's manufacturing sector.

Minister of Industry and Commerce, Nqobizitha Mangaliso Ndlovu, highlighted the government's commitment to addressing these challenges during his address on "The Role of Industrialisation in Strengthening Zimbabwe's Manufacturing Base" at the Zimbabwe International Trade Fair (ZITF) International Business Conference in Bulawayo.

Minister Ndlovu emphasized the government's continuous improvements aimed at creating a more business-friendly environment, which has led to increased production and sales. "We are seeing much progress in stabilising the economy and improving the ease of doing business for the private sector," said Minister Ndlovu.

He underscored the importance of the theme of the conference, "Revitalising Industrialisation for Zimbabwe's Economic Resurgence," noting that the government's efforts are focused on strengthening the country's local manufacturing capacity. Minister Ndlovu pointed out that President Emmerson Mnangagwa has laid the foundation for industry growth through the Education 5.0 initiative, which is centered around the Heritage-based philosophy aimed at shaping future technology through innovation and industrialisation.

The Minister highlighted that the government is actively implementing policies that ensure the manufacturing sector's growth and contribute positively to Zimbabwe's economic development. He also commended the launch of the Industrial Development Fund (IDF), a significant initiative designed to support companies in the manufacturing sector, as well as those involved in value addition and beneficiation of local raw materials.

"The IDF, managed by the Venture Capital Fund Corporation, will play a crucial role in identifying, developing, and implementing new and existing industries that promote the decentralisation of sustainable industrial development," said Minister Ndlovu.

Additionally, the Minister acknowledged the proactive measures taken by the Reserve Bank of Zimbabwe (RBZ) earlier this year, particularly the introduction of a targeted finance facility aimed at addressing liquidity challenges within the banking sector. He described the facility as a strategic move to provide vital support to the productive sectors of the economy, ensuring that they have adequate working capital.

Minister Ndlovu also called for collaboration among all stakeholders, including government agencies, private sector players, financial institutions, labour representatives, and the research community, to work together to achieve rapid industrialisation.

The government's focus on industrialisation and economic resurgence, particularly in manufacturing, underscores the critical role that this sector plays in Zimbabwe's overall economic recovery and long-term growth.