By Kenias Chivuzhe
A call has been made for the government to review the industrialisation policy through enhancing resource mobilisation and providing incentives that promote the establishment of a vibrant manufacturing sector.
Statistics indicate that the country’s manufacturing sector only contributes 10 percent to the national gross domestic product (GDP), hence the move by the government to promote industrialisation.
The crafting of an action plan, which was done with the help of the United Nations Economic Commission for Africa in Mutare this Sunday, saw several stakeholders speaking on how the country can accelerate industrialisation.
“This action plan is going to assist industries in Zimbabwe as it tackled issues of resource mobilization to fund the industrialization drive and there is an issue of incentives to successful promote retooling of local industries. This workshop prepares Zimbabwe to participate in the African continental free trade area,” said Ndanatsiwa Tagwireyi CEO Roundtable spokesperson.
“There are a number of very good recommendations for instance the issue of improved data and statistics around manufacturing activities across the country. There are also recommendations on how to mobilize financial resources and technical know-how to improve manufacturing activities,” said Professor Albert Makochekamwa.
“Just looking at our export bucket we find that 90 percent of our total exports are coming from mining and agriculture and unfortunately in raw form. There is a need to intensify issues of getting investments both foreign and domestic investments. There is a need to encourage domestic resource mobilization as most countries that have developed have used their own saving.”
United Nations Economic Commission for Southern Africa Economic Affairs Officer, Fanwell Bakosi noted the need to review the industrial policy to be in line with the National Development Strategy One.
“One of the key proposals is to revisit the national industrial policy following the adoption of the national development strategy one and the effects of the covid-19 pandemic. The Industrial policy was crafted before the new strategy and before Covid-19 struck and there is a need to visit the industrialization policy to align to the demands and realities of the new situation,” said Fanwell Bokosi, United Nations economic commission for Southern Africa Economic Affairs Officer.
Meanwhile, a study by the Economic Commission for African that focuses on the adoption of the COMESA and SADC industrialisation frameworks and strategies is one of the new trajectories for regional member states hence the move to align national frameworks to regional policies.