HARARE – The Zimbabwean government is in the process of reviewing the Zimbabwe National Industrial Development Policy (ZNIDP), with the new policy set to run from next year to 2030.
This policy aims to promote broad-based economic empowerment and create employment opportunities, according to Industry and Commerce minister Sithembiso Nyoni.
This new policy is designed to replace the existing five-year industrial policy, which is set to expire at the end of the year.
Addressing delegates at the Confederation of Zimbabwe Industries (CZI) annual congress in Harare, minister Nyoni outlined the government’s intentions behind the new policy.
Nyoni stated, “The successor policy is premised upon the deliberate decision taken by the government to open the country for business, modernize, industrialize, and promote investment, with the ultimate goal of attaining broad-based economic empowerment, inclusive economic growth, and employment creation.”
The minister stressed that Zimbabwe’s economic recovery hinges on structural transformation towards industrialization, which is vital for sustainable economic growth and development.
To achieve this, the government aims to develop and implement policies, strategies, and interventions that support industrial development and drive the sector towards sustained growth.
“The draft (ZNIDP 2024-2030) is aligned with Vision 2030 and our industrialization commitments within the region and on the continent. In this regard, the ZNDIP is seeking to grow and strengthen the manufacturing sector to tap into opportunities presented within the region, on the continent, and beyond,” she added.
Zimbabwe to incentivize industrialisation
In support of industrialization, the government is offering fiscal incentives, access to foreign currency, and is working on enhancing the energy sector through the rehabilitation of power stations.
Additionally, key infrastructure projects, such as the modernization of the Beitbridge Border Post and the rehabilitation of the Harare-Masvingo-Beitbridge highway, have been initiated to improve the ease of doing business and facilitate trade both domestically and across borders.
Nyoni emphasized the importance of strengthening the commercial sector, which contributes significantly to the national Gross Domestic Product (GDP) and employment in Zimbabwe.
By strengthening this sector, Zimbabwe is better poised to take full advantage of trade opportunities within the African Continental Free Trade Area (AfCFTA).
The introduction of the new ZNIDP aims to foster economic growth, improve the business environment, and promote investment and industrial development in Zimbabwe.
It reflects the government’s commitment to creating a conducive environment for businesses and driving the country’s economy towards a brighter future.
