New Zimbabwe.com

Manufacturing industry realises $340 million worth of investment

SOME US$340 million worth of investment was realised in the manufacturing sector with 30 investment proposals approved by the Zimbabwe Investment Authority in 2016, Industry and Commerce Minister Mike Bimha has revealed.
Speaking during a press conference in Harare Wednesday, Bimha his ministry is working on a procurement policy which aims at encouraging Zimbabweans to source from local manufacturers to boost industry capacity utilisation.
“The ministry has allowed importation of goods to fill the gap when local production does not meet the national demand,” he said.
“These measures have started to yield positive results in the local industry though the move faced some challenges from neighbouring countries such as South Africa.
According to the latest Confederation of Zimbabwe Industries survey (CZI), the weighted average capacity utilisation increased from 34.3 percent to 47.4 percent from 2015 to 2016.
The increase was experienced across various sub-sectors which include dairy manufacturing, furniture, baking, food processing, iron and steel making, battery manufacturing, pharmaceuticals, packaging, milling, label supplies, fast moving consumer goods and the bedding sector among others.
Bimha commended the synthetic fibre, plastic and personal care products sectors for creating employment of up to 760 jobs.
The figures are still way too way low compared to numbers of people who have been laid off or graduated from colleges and universities.
The minister urged the private sector to interact more with his ministry to achieve the country’s ZIMASSET objectives.Advertisement