'Industry revival top priority'

'Industry revival top priority'
Published: 12 September 2018 (250 Views)
THE new Minister of Industry and Commerce, Nqobizitha Mangaliso Ndlovu, says the revival of industries will be a top priority during his tenure as the new political dispensation moves to transform the country's economy and create jobs.

The youthful minister acknowledged that the demise of several industries in recent years has not only reduced manufacturing contribution to Gross Domestic Product but has crippled livelihoods as it resulted in loss of jobs. He said Bulawayo, once the pride of the manufacturing sector in Zimbabwe, would be turned around, as well as other key industries countrywide.

Minister Ndlovu said his ministry would also push to facilitate opening of new factories.

"Of course, Bulawayo is a priority for us to revive industries and restore the city to its status as the industrial hub of this country. Having done that we will also look at other industries operating and solve issues affecting them," he said in an interview yesterday.

The Minister pledged to be seriously pre-occupied with making industry across the country viable through implementation of a "robust" industrialisation policy and removing investment bottlenecks.

On Monday, Minister Ndlovu told our Harare Bureau immediately after taking the oath of office at State House that transforming the living standards of citizens and providing them with decent jobs was critical towards attaining President Mnangagwa's dream of a middle income economy by 2030.

"I cannot really disclose my plans for now but I am looking forward to having a robust industrialisation policy. I will review what's there," said Minister Ndlovu.

"I am looking forward to coming up with policies that are investor friendly, that are friendly to industry, (and) that are friendly to the economy because our focus is really that even in the manufacturing sector, we need to see capacity utilisation going upwards of 50 (percent), 60 (percent).

"If you are north of 65 (percent) then you know that even those companies are profitable."

The 2017 Confederation of Zimbabwe Industries (CZI) manufacturing sector survey indicated that capacity utilisation in the manufacturing sector was 45,1 percent compared to 47,4 percent in 2016. High costs of production, shortage of foreign currency, cash and raw materials top major constraints.

Capacity utilisation peaked at 57,2 percent in 2011, before retreating to 44,2 percent in 2012, 39,6 percent in 2013 and 36,3 percent in 2014.

The decline continued in 2015 when it hit 34,3 percent on the back of unrestrained imports, among others. This prompted the promulgation of Statutory Instrument 64 of 2018, which sought to restrict the importation of products that can be produced locally. An industrialist and academic in his own right, Minister Ndlovu said Government would do everything in its power to address all bottlenecks hindering growth of industrial capacity.


- chronicle

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Knox Mutizwa wins August Goal of the Month award

by kickoff | 05 November 2018 | 1049 Views

BREAKING: Gandawa on the run

by Staff reporter | 05 November 2018 | 2028 Views

Econet cannot distribute Kwese TV content to Zimbabwean viewers

by Staff reporter | 05 November 2018 | 1540 Views

Shoot-out robbers arrested

by Staff reporter | 05 November 2018 | 1568 Views

Mnangagwa ally warns economic saboteurs

by Staff reporter | 05 November 2018 | 1499 Views

Chamisa mobilises supporters for mass protests

by Staff reporter | 05 November 2018 | 1282 Views

LISTEN: Acie Lumumba speaks on how he got paid

by Staff Reporter | 05 November 2018 | 1062 Views

Dzamara speak on Zanu-PF fights

by Mandla Ndlovu | 05 November 2018 | 1028 Views

Minister Raj Modi Modi donates salary

by Mandla Ndlovu | 05 November 2018 | 881 Views

'I am a Trillionaire' Magaya says

by Mandla Ndlovu | 05 November 2018 | 1421 Views

Supermarkets to be blacklisted over cooking oil

by Mandla Ndlovu | 05 November 2018 | 843 Views

UK army to recruit from Commonwealth

by BBC | 05 November 2018 | 938 Views

Magaya opens up on arrest

by Mandla Ndlovu | 05 November 2018 | 951 Views

Kambarami is still 'Deputy Mayor'

by Mandla Ndlovu | 05 November 2018 | 786 Views

'Import ban must not go beyond December 21'

by Staff reporter | 05 November 2018 | 869 Views

Prophet Magaya puts fresh spin to arrest

by Staff reporter | 05 November 2018 | 897 Views

Chamisa's sign language interpreters get thumps up

by Staff reporter | 05 November 2018 | 883 Views

Mnangagwa to review Mthuli Ncube's 2% tax again

by Staff reporter | 05 November 2018 | 847 Views

Lumumba to be probed by ZAAC?

by Staff reporter | 05 November 2018 | 625 Views

Dzamara speak on ZANU PF fights

by Mandla Ndlovu | 05 November 2018 | 588 Views

Zimbabwe as a new gateway into Africa

by Minister of Finance Prof Mthuli Ncube | 05 November 2018 | 868 Views

Chiwenga's ex-wife looted millions

by Mandla Ndlovu | 05 November 2018 | 1258 Views

We are our own worst enemies

by Mapozho Saruchera | 05 November 2018 | 913 Views

Mnangagwa to deal with unexplained wealth and bank deposits

by Staff reporter | 05 November 2018 | 825 Views

WATCH: Chiwenga talks about Prophet Walter Magaya's lipstick

by Staff reporter | 05 November 2018 | 818 Views

Lumumba Saga takes new twist....War vets bay for Mutsvangwa's blood

by Mandla Ndlovu | 05 November 2018 | 883 Views

Chamisa demands Presidency

by Mandla Ndlovu | 05 November 2018 | 774 Views

Zimbabwean teachers miss out on New Zealand opportunity

by Staff Writer | 05 November 2018 | 721 Views

Zimbabwe to introduce e-provisional driver's exams

by Staff reporter | 05 November 2018 | 767 Views

Zimbabwe to supply water to South Africa

by Staff reporter | 05 November 2018 | 761 Views

Mnangagwa claims that 'good times will soon roll'

by Staff reporter | 05 November 2018 | 726 Views

Zimbabwe as a new gateway into Africa

by Hon. Prof Mthuli Ncube | 05 November 2018 | 863 Views

Chiyangwa appoint Karikoga Kaseke

by Staff reporter | 05 November 2018 | 727 Views

ZCTU demo: Ruling today

by Staff reporter | 05 November 2018 | 677 Views

Missing cop found dead

by Staff reporter | 05 November 2018 | 821 Views

Tagwirei marries long-time girlfriend

by Staff reporter | 05 November 2018 | 1283 Views

Zimbabwe relaxes maternity leave entitlement

by Staff reporter | 05 November 2018 | 793 Views

Zimbabwe to receive drugs, ambulances from India

by Staff reporter | 05 November 2018 | 711 Views