Cabinet has approved Zimbabwe national Industrial Development (ZNIDP) policy which is aimed at achieving an export based industrialization.
Addressing journalists during a post cabinet briefing, Information, Publicity and Broadcasting Minister Monica Mutsvangwa said the policy would promote sustainable industrial development.
“Cabinet considered and approved the Zimbabwe national Industrial Development as presented by the Minister of Industry and Commerce.
“The industrial policy is guided by the principles of value addition and beneficiation, export led industrialization, promotion of sustainable industrial development, gender mainstreaming and modernisation as well as upgrading of industrial equipment and machinery,” Mutsvangwa said.
She said the policy aims to achieve a 2% growth rate in the manufacturing sector.
“The policy aims to attain a manufacturing sector annual growth rate of at least 2% per annum,” She said.
Mutsvangwa said the policy also seeks to attain a 30% contribution to the National gross domestic savings.
“The policy also seeks to attain a 30% contribution to the National gross domestic savings.
“Manufacturing value added growth of 16% per year,” she said