PRIVATE sector players and government should work together to revitalise the country’s ailing industry, a senior Cabinet official has said.
Report by Business Reporter
Industry and Commerce minister Mike Bimha told delegates attending a Business Networking breakfast meeting yesterday that local industry had huge potential.
The manufacturing sector is facing a myriad of challenges that include illiquidity, old equipment, high utility bills and huge competition from imports.
“We are at a time where there is no industry to talk about, but we have the potential. We have to join hands with people like you (private sector) so that we can work together. We had consultations on the industrial policy and trade policy last year. But our biggest challenge was lack of implementation. Our thrust is we want to implement, we want action, not speeches,” Bimha said.
Bimha said with the new government in place, better and more effective teamwork would be established as that was not the case during the Government of National Unity.
“The GNU had its benefits and its downside effects that retarded decision-making. As politicians, we thwart each other for no apparent reason,” he said.
Responding to questions from business players on how the indigenisation law would be packaged since the country faced liquidity challenges, he said “We would want to solicit investment and promote industrialisation as a result we have to engage the Ministry of Indigenisation. Indigenisation is a law and it’s not unique to us. Our challenge is not to say it’s bad or good, but how to package it,” he said.
Small and Medium Enterprises minister Sithembiso Nyoni said in a move to address the liquidity challenges the ministry was encouraging its members to come up with savings and credit clubs as a way of pooling resources together.
She, however, said the country had a vibrant SME sector employing $2,8 million people and accounting for $7 billion outside the formal banking system.