Industry and Commerce Minister Professor Welshman Ncube said 60 per cent of manufactured goods in Zimbabwe were utilised in the mining and agriculture sectors.
“Without mining, manufacturing cannot survive and vice versa. We are encouraging synergies between local industries and mining houses in order to improve economic development in the country,” said Ncube.
The Ministry of Industry and Commerce’s Deputy Director for the Southern Region, Mary Chingonzoh, said there was a need for improvement in the provision of lines of credit to ensure that manufacturers stocked up on mining requirements.
“Mining houses are also encouraged to develop close linkages with local suppliers for quick turnaround of their projects. Mining companies should also assist with funding to improve the downstream industry supply chain,” she said.
The deputy director said the current challenges facing manufacturers included outdated equipment and machinery, the skilled worker flight and availability of long-term and cheaper sources of credit facilities.
“The government is putting in place initiatives to mitigate these challenges and there has been a proposal to set up the Zimbabwe Industrial Development Bank (ZIDB) under the Industrial Development Policy Capacity Building matrix as well as engagement of stakeholders such as the providers of utilities through the Tariff Commission and directly from the Ministry,” she said.
Post published in: Business