Govt to craft new Industrial Development Policy

31 Oct, 2016 - 00:10 0 Views
Govt to craft new Industrial Development Policy

The Herald

stock-vector-grunge-rubber-stamp-with-text-gdp-gross-domestic-product-vector-illustration-352743683Business Reporter
Government is in the process of crafting a new five-year Industrial Development Policy to replace the current blueprint which expires in December this year. The drafting of the new policy is being driven by the Ministry of Industry and Commerce assisted by a consultant.

Deputy Director in the Ministry of Industry and Commerce Siphiwe Nyamatore said the new IDP seeks to achieve goals that were not achieved during the tenure of the 2012- 2016 policy.

“The policy is meant to achieve the goals that were not achieved during the 2012 /16 period such as industrial development and employment creation,” said Mrs Nyamatore. She added that a consultant was appointed to assist the ministry in coming up with a draft document.

“To date the consultant has made progress in coming up with a draft policy document that is still subject to interrogation,” said Mrs Nyamatore.

The 2012-2016 IDP targeted to restore the manufacturing sector’s contribution to Gross Domestic Product to 30 percent from 15 percent and its contribution to exports to 50 percent from 26 percent by the end of this year.

The manufacturing sector at its peak contributed 23 percent to GDP. Mrs Nyamatore said Government recognises the role industry plays in making contributions to the quick turnaround of the economy subject to availability of resources to retool industrial machinery and provision of working capital for the procurement of raw materials and other inputs in the short to medium term.

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