The manufacturing sector is on track to achieve 70% capacity utilisation target this year underpinned by the current pricing stability, outgoing Industry Minister Sekai Nzenza said.
Nzenza said shelf occupancy for locally produced products in retail shops increased from 70% in 2021 to about 80% in 2022. “We are targeting a capacity utilisation of 70% and a manufacturing growth rate of 2.5%.”
She said government will continue to offer the essential support mechanisms to guarantee the domestication of value chains for higher value addition and beneficiation. This demands close cooperation among stakeholders to accomplish these goals.
The ministry is in the process of reviewing the Zimbabwe Industrial Development Policy which will be expiring at the end of this year, adding that continued participation in the process is key in coming up with strategies and interventions that enhance the transformative agenda.
“We are now formulating local content thresholds for the packaging, fertilisers, and pharmaceutical industries in accordance with the Local Content Strategy. The approach will guarantee that some value chain components are localised, and should increase the benefits due to the multiplier effect. I would like to take this chance to thank everyone who contributed to the process,” Nzenza said.