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Govt pledges to revive industry

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INDUSTRY and Commerce minister Mike Bimha has reassured captains of industry and other stakeholders that the crippled industrial sector will be revived.

OBEY MANAYITI

Bimha, who was responding to questions during the Confederation of Zimbabwe Industries (CZI) annual congress in Mutare yesterday, said President Robert Mugabe and his government were committed in dealing with the economic meltdown that has seen the closure of the industries.

Some industrialists challenged Bimha to prove that government was working towards the revival of the sector at a time the economy was facing numerous challenges.

Captains of industry have been accusing the government of not doing enough to save the struggling economy.

“We were tasked by the President to present the state of the industry, the constraints facing the industry and what government should do to assist different areas in the sector,” Bimha said.

“That is the exercise we are doing and there is keenness from the President to know the state of the various industries and what can be done by the government. In some cases it might not be money that is needed, but the policy so as to create an enabling environment.”

He said the revival of the industrial sector was key to the success of the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset) blueprint.

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said the economy was in its infancy and should be allowed to grow.

“This economy was born again in 2009 because all savings were lost during the hyper-inflationary era. Unfortunately, Zimbabweans expect a five-year economy to be like a 34-year economy,” he said.

Mangudya highlighted the challenges facing the economy among them underproduction leading to high imports.

Mangudya said the country needed foreign direct investment at the moment to revive the industrial sector because it was cheaper than loans.

He said soon the RBZ would clean up the banking sector to remove the “bad apples” among the good ones.

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