Govt Unveils Industrial Growth Plan to Boost Local Production and Formalize Informal Sector

Written by on October 16, 2024

The government has adopted the Zimbabwe Industrial Reconstruction and Growth Plan, a framework aligned with National Development Strategy 2, aimed at revitalizing the manufacturing and commercial sectors.

The plan seeks to address key challenges in these sectors, promoting industrial growth and accelerating overall economic development.

As part of the strategy, the government is focusing on formalizing the country’s significant informal sector. Simplified registration and licensing processes under the Shop Licences Act are being introduced to encourage informal businesses to operate legally, which is expected to boost economic activity.

Speaking during yesterday’s cabinet briefing, Minister of Information, Publicity, and Broadcasting Services, Dr. Jenfan Muswere, outlined plans to prioritize local products under the “Buy Zimbabwe” initiative, with a 70-30 ratio in favor of locally produced goods over imports.

Rural industrialization will be bolstered through the automation of existing industries, enhancing productivity and competition.

Meanwhile, export incentives are being reintroduced to attract investment in export-oriented sectors. To support these initiatives, funding options such as equity financing, private funding, and government financing are being explored to fuel industrial growth.

 


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