Govt Promises To Revive Byo Industries
The closure of several companies in Bulawayo, owing to several sanctions induced operational challenges ranging from capital constraints, obsolete equipment and high production cost, has prompted the government to come up with strategies to protect industry.
In an interview on the sidelines of a one day Confederation of Zimbabwe Industries (CZI) Indigenisation Symposium held in Harare, Youth Development, Indigenisation and Economic Empowerment Minister, Cde Saviour Kasukuwere said the government is concerned with the current state of Bulawayo’s industries and is in the process of crafting strategies aimed at protecting indigenous businesses, which are facing closure due to viability challenges.
“During a similar symposium in Bulawayo, it came to our attention that the city’s industry is faced with several operational challenges and as government, we will certainly come up with mechanism to protect the local industry. Such strategies will involve introduction of a tariffs structure which protects the local industry,” said Cde Kasukuwere.
Bulawayo, which used to be the hub of the country’s industrial activities, has seen a wave of de-industrialisation of several companies in the manufacturing and construction industries.
Economic analysts say such a development is likely to negatively affect the economic resurgence efforts and scare away investors if the correct intervention measures are not taken.