Mnangagwa's Cabinet approves Industrial, Local content policies

Mnangagwa's Cabinet approves Industrial, Local content policies
Published: 12 June 2019 (134 Views)
ZIMBABWE is set for rapid economic growth following the approval of by Cabinet yesterday of two key policies, the Zimbabwe National Industrial Development Policy (ZNIDP) and the Zimbabwe Local Content Strategy.

The policies are expected to result in massive jobs creation, especially in the value addition and beneficiation sectors, while also generating the much-needed foreign currency. Both policies run from this year to 2023.

Addressing journalists during yesterday's post-Cabinet briefing, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said Cabinet approved both the ZNIDP and the Zimbabwe Local Content Strategy.

"Cabinet considered and approved the Zimbabwe National Industrial Development Policy (ZNIDP) (2019-2023) as presented by the Minister of Industry and Commerce (Nqobizitha Mangaliso Ndlovu)," said Minister Mutsvangwa.  

"The Industrial Policy is guided by the principles of value addition and beneficiation; export-led industrialisation; promotion of sustainable industrial development; gender mainstreaming; and modernisation as well as upgrading of industrial equipment and machinery.

"The policy aims to attain the following: a manufacturing sector annual growth rate of at least 2 percent per annum; a 30 percent contribution to the national gross domestic savings; a manufacturing value added growth of 16 percent per year; a merchandise export growth rate of 10 percent per year; and increased employment in the manufacturing sector to 20 percent by 2023."

Minister Mutsvangwa said attainment of the Industrial Policy's goals would be predicated upon facilitation of financing for industrial development; embracing the fourth industrial revolution; establishment of industrial clusters; pursuing the concept of Specific Economic Zones; mainstreaming the devolution agenda into industrialisation; fostering industrial competitiveness; provision of fiscal incentives for the manufacturing sector; and providing industrial skills training.

Minister Mutsvangwa also said Cabinet considered and approved the Zimbabwe Local Content Strategy, which was also presented by Minister Ndlovu.

She said the Strategy, which is a component of the country's Industrialisation Policy, aims to promote local value addition and linkages through utilisation of domestic resources.  

"The critical strategic actions will include preferential local procurement, capacitation of local suppliers and capacitating research and development institutions; establishment of plants for the transfer of technological know-how.

"More specifically, the Zimbabwe Local Content Strategy will help to increase local content levels in prioritised sectors from the current levels of approximately 25 percent to around 80 percent by 2023; increase capacity utilisation in prioritised sectors from the current levels of about 40 percent to around 75 percent by 2023; and; increase manufactured exports in prioritised sectors by 5 percent per annum.

President Mnangagwa is driving the export and beneficiation agenda to ensure more revenue is generated while decent jobs are also created in live with Vision 2030 of an Upper Middle Income economy.

The move is also in line with the Transitional Stabilisation Policy (TSP), the country's economic blueprint that runs from October 2018 to December next year.

- chronicle

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Zimbabwe's success inevitable, says Mnangagwa

by Staff reporter | 15 September 2019 | 161 Views

Mugabe died a sad man

by newzimbabwe | 15 September 2019 | 184 Views

Zinara looters put on notice

by Staff reporter | 15 September 2019 | 159 Views

Ramaphosa apologises for xenophobia

by Staff reporter | 15 September 2019 | 112 Views

Mugabe funeral programme shifts to Zvimba

by Staff reporter | 15 September 2019 | 201 Views

Zimbabwe nears SA industry loans deal

by Staff reporter | 15 September 2019 | 117 Views

Crafty Bob is not just history but our history

by Bishop Lazi | 15 September 2019 | 122 Views

G40's ahistorical narrative

by Ranga Mataire | 15 September 2019 | 111 Views

A too-comfortable end for Mugabe

by Jason L Riley | 15 September 2019 | 134 Views

Mnangagwa may not revenge against Grace Mugabe

by newzimbabwe | 15 September 2019 | 107 Views

Final salute for Robert Mugabe

by Staff reporter | 15 September 2019 | 75 Views

'The West is upset about Zimbabwean land'

by Prof Arthur Mutambara | 15 September 2019 | 126 Views

South Africans need a history lesson

by Mtandazo Dube | 15 September 2019 | 117 Views

'Foreigners can now invest in Zimbabwe's restricted sectors'

by Staff reporter | 15 September 2019 | 132 Views

Grace Mugabe praised

by Staff reporter | 15 September 2019 | 116 Views

Zesa, BCC agree on compensation for power station use

by Staff reporter | 15 September 2019 | 106 Views

The 'Zimbabwean' mogul in SA police's crosshairs

by Staff reporter | 15 September 2019 | 139 Views

Can Bosso stand Colliery heat?

by Staff reporter | 15 September 2019 | 83 Views

ZB Bank introduces WhatsApp banking

by Staff reporter | 15 September 2019 | 77 Views

Sables beat Zambia, win Victoria Cup

by Staff reporter | 15 September 2019 | 62 Views

College charges extra on EcoCash

by Staff reporter | 15 September 2019 | 37 Views

Concern over sharp increase in armed robbery cases

by Staff reportetr | 15 September 2019 | 43 Views

'18 people living in one room'

by Staff reporter | 15 September 2019 | 58 Views

Zimbabwe stuck with expired medical drugs, says committee

by Staff reporter | 15 September 2019 | 46 Views

Mugabe: The socio-genesis, posterity of Pan-Africanism

by Richard Runyararo Mahomva | 15 September 2019 | 100 Views

Bulawayo City Council workers demand housing stands

by Staff reporter | 15 September 2019 | 30 Views

The installation of the Lozwi King at Emawabeni

by Pathisa Nyathi | 15 September 2019 | 98 Views

Graca Machel: Appreciate Mugabe's role in Zimbabwe

by Staff reporter | 15 September 2019 | 37 Views

Gukurahundi victims react to Mugabe death

by Staff reporter | 15 September 2019 | 39 Views

The other side of Mugabe

by Nqaba Matshazi | 15 September 2019 | 68 Views

Did Mugabe propose to marry Barack Obama?

by Staff reporter | 15 September 2019 | 39 Views

Cop jailed for shooting suspect

by Stafg reporter | 15 September 2019 | 40 Views

Stop mourning Mugabe, family says

by Staff reporter | 15 September 2019 | 53 Views

Robert Mugabe: Lessons to be learnt

by Kenneth Mufuka | 15 September 2019 | 77 Views

Inside the fight over Robert Mugabe's body

by Staff reporter | 15 September 2019 | 42 Views

'Mugabe was unrepentant'

by Staff reporter | 15 September 2019 | 37 Views

Mnangagwa's police refuse to charge Mutodi with hate crimes

by Staff reporter | 15 September 2019 | 46 Views

Jealous hubby kills neighbour

by Staff reporter | 15 September 2019 | 48 Views