ZIMBABWE is set to surpass its earlier projected 3,8 percent economic growth on account of strong performance by the agriculture, industry and mining sectors Finance and Economic Development Minister Professor Mthuli Ncube has revealed.
This development comes as the Second Republic continues to score big in ensuring the country remains on its growth trajectory.
Speaking at the Zimbabwe International Trade Fair (ZITF)’s International Business Conference (IBC) yesterday, Prof Ncube said that plans were already underway to revise the growth figure upwards.
“We expected a growth this year of at least 3,8 percent. I am very pleased with what I am seeing in the agriculture sector that is going to give us a boom beyond what we had anticipated.
“And also a strong performance from industry as 70 percent of the goods on our shelves are domestic, that shows that real value addition is happening.
“The investments into the mining sector, inflows from lithium and other minerals so that will also push up our expected growth this year beyond 3,8 percent,” he said.
“So do not be surprised to hear me upgrade our GDP growth beyond the 3,8 percent that we thought.”
Prof Ncube said Government was making strides in directly supporting industry with resources through revolving funds.
“We are targeting the cotton sector, it doesn’t make sense for us to be producing cotton and then we import all the garment because there is no garment manufacturing.
“We are focusing on the leather value chain, pharmaceutical sector then the agro processing and fertiliser sector so that is additional support from Government to support industrialisation. “There is also the horticulture sector we are supporting with US$30 million of revolving funds,” he said.
In addition, he said there was US$7,5 million for the tourism sector while the mining industry would also be capacitated through revolving funds.
Speaking at the same IBC, Industry and Commerce Minister, Dr Sekai Nzenza said Government was focused on ensuring Zimbabwe becomes an exporter of high value goods.
To this end, she said the country was unlocking economic growth.
“To glocalise means to be global as well as be local, we have done that in terms of recognising the inter-connectedness and also the inter-dependency that we have.
“We had to refocus and review our strategies while focusing on local production and local consumption culture.
“His Excellency charged the Ministry to restrategise from being net importers of raw material to exporters of high quality goods,” she said.
Minister Nzenza said strategies to increase local manufacturing were being put in place as the country had the potential to satisfy the people’s wants and needs.
“We have therefore had to look sector by sector and develop strategies to increase local manufacturing and thus enabling the consumer to access locally made goods as opposed to consuming only those that are being imported.
“Our strategy has moved to value addition beneficiation and as a result we have created much stronger linkages with the Ministry of Agriculture through agro-processing and of course the Ministry of Mines looking at value addition of minerals,” she said. – The Herald
