President Emmerson Mnangagwa has commended United Refineries Limited for its resilience in the face of economic challenges and commitment to the revival of the manufacturing sector in Bulawayo.
In his address during a tour of United Refineries this morning, President Mnangagwa said United Refineries is lauded for its continued expansion drive.
“This has involved both upstream activities such as contract and corporate farming as well as downstream linkages with livestock production,” he said.
“The prevailing stable and predictable macro-economic environment continues to encourage investments, production, increased productivity and profitability across the industrial value chains.
United Refineries Private Limited as one the country’s leading producers of strategic consumer products
“The aggregated capacity utilisation potential in stock feed production, vegetable oil refining and storage capacities, among others, are pointers to the extent to urge the manufacturing sector to take advantage of these initiatives and incentives. Already, the sector has shown an admirable capacity to grow, as reflected by increased industrial capacity utilisation and the number of locally produced goods on our shelves,” he added.
President Mnangagwa said the joint 2021 Manufacturing Survey by the Ministry of Industry and Commerce; and the Confederation of Zimbabwe Industries projects 61 percent industrial capacity utilisation in 2021, up from 47 percent in 2020.
He added, “This is indeed a bold and welcome rebound by the manufacturing sector. Going forward, the sector in its entirety must continue its collective resolve towards the deepening modernisation, industrialisation, growth and prosperity of this great country.
He said the country needs to consolidate the gains made to date “as we boldly journey to become an empowered, prosperous, upper middle income society, by 2030.
“In this regard, my Administration launched the Agriculture and Food Transformation Systems Strategy The Maize, Wheat and Soya-bean Production Recovery Plan continued therein, targets an agriculture sector which spurs sustainable and growth economic the development. It further complements the Zimbabwe National Industrial Development Policy and Zimbabwe Local Content Strategy. These seek to realise structural transformation as well as value chain and entrepreneurship development.”
President Mnangagwa said to propel the private sector led economic development strategy, Government has instituted measures to increase production and exports, as shown by the recent announcement of the different incentives for exports and investment.
Increased exports will earn the country more foreign currency, create quality and productive jobs, thus, improving the standards of living for our people, he said.