High levels of deindustrialisation worries CZI

BUSINESS REPORTER

The Confederation of Zimbabwe Industries (CZI) is worried about high levels of deindustrialisation in the economy as it will cast a dark cloud on transforming the economy to the envisioned upper middle economy status by 2030.

CZI president Kurai Matsheza said the de-industrialisation trend was reflective in other economic sectors such as agriculture, hunting, fishing, and forestry; mining; wholesale and retail trade; repair of motor vehicles and motorcycles as well as financial and insurance activities.

Matsheza said the de-industrialisation trend is also worrying because it was making the manufacturing sector a primary sector-driven economy contrary to the industrialisation agenda.

Industry and Commerce Minister Sithembiso Nyoni said to drive structural transformation, the government is reviewing the Zimbabwe National Industrial Development Policy.