The minister of Finance and Economic Development in Zimbabwe, Professor Mthuli Ncube has said that the government is targeting to increase manufacturing capacity utilization from an average of 40 percent in 2019 to 75 percent by 2023, while US$2 billion will be required to retool industry.

The Confederation of Zimbabwe Industries (CZI) in its 2019 Manufacturing Sector Survey Report found that capacity utilisation levels had fallen to 36,4 percent for 2019, which signifies an 11,8 percentage drop compared to the 2018 figure of 42,8 percent.

Giving an update of progress by the new dispensation in the implementation of the Transitional Stabilisation Programme (TSP) Minister Ncube said this week the first target was export led sector industrialisation, guided by the National Industrialisation Development Policy 2019-2023.

Further, he said the Government was focused on interventions for “attaining growth rate of at least 2 percent per annum and manufacturing value-added growth of 16 percent per year (and) Increasing merchandise export growth rate of 10 percent per year.”

Key pillars of the set targets include development and strengthening of industrial value chains and Import Substitution, agro-based industrialisation, mineral beneficiation, export-led industrialisation and commercialising intellectual property.

Further, the strategy encapsulates heritage/natural advantage based industrialisation, ICT-led industrialisation, emerging industries and start-ups, backward linkages with SMES, anchor and cluster industries, industrial parks and innovation hubs and services-driven industrialisation.