Economic experts have described the ongoing re-industrialisation of Zimbabwe’s economy as key to saving foreign currency lost through imports and overall economic growth.
Advancing Zimbabwe’s entry into the fourth industrial revolution which seeks to facilitate increased production and modernisation is a key thrust of the National Development Strategy One.
Economist Mr Luxon Zembe says the ongoing industrialisation is achievable.
“There is a lot that needs to be done, but going through what we are seeing on the ground then it becomes imperative to note the successes that are likely to translate into key positives for the nation,” Zembe said.
Another economist Dr Zack Murerwa believes Zimbabwe’s reindustrialisation drive is set to reduce the import bill.
“If the trajectory is maintained the way it is then we are likely to achieve more and ensure sustainability in the near future,” he said.
Parliamentary Portfolio Committee Chairman on Budget and Finance Honourable Dr Mathew Nyashanu spoke on the need for tax relief packages for industry to ensure growth in the manufacturing sector.
“As an indicator of government’s commitment to spur growth of industries more is being done by the Second Republic through tax incentives to attract more projects in the fields of productive sectors.”
The Confederation of Zimbabwe Industries says the economy experienced a 47 percent increase in manufacturing sector capacity utilisation last year, with predictions of a further rise to 61 percent by end of this year.