Staff Reporter
The ‘Moving the Economy up the value Chain and Structural Transformation’ pillar of the National Development Strategy (NDS) 1 has yielded positive results, the Harare Post has learnt.
Speaking during the 19th Post Cabinet Brief yesterday, Minister of Information, Publicity and Broadcasting Services, Senator Monica Mutsvangwa, highlighted that Zimbabwe now has a diversified industry comprising of 94 sub-sectors producing about 6 000 products, a positive move which was made possible by the NDS 1.
“Cabinet is pleased to advise that Zimbabwe`s industrial sector remains highly diversified comprising 94 sub-sectors, producing about 6 000 products. The sector is also highly integrated with the rest of the economy, and Government`s concerted measures to support industry, including macro-economic stability, have resulted in positive performance being recorded in manufacturing,” said the Minister.
Furthermore, Minister Mutsvangwa pronounced the positive performance in the industrial sector.
“The contribution of the value of the manufacturing sector to the country`s total value-added products increased from 15.7% in 2019 to 18.4% in 2021, and is ranked third after agriculture and mining. Manufactured exports in value from US$324 million in 2021 to US$366 million in 2022, with most exported products being food, manufactured tobacco, textiles and packaging.
“Capacity utilization increased from 47% in 2020 to 66% in 2022, the volumes of locally produced goods in retail shops increased from 40% in 2017 to 85% in 2022,” the Minister said.
Moreover, Minister Mutsvangwa commended the ‘Zimbabwe is Open for Business’ mantra which Government has used to pursue strategies that include tax rebates, granting Special Economic Zones (SEZ) status, and introducing the domestic currency, among others, which have paid dividend as the economy is now on growth trajectory.
