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Tuesday, June 6, 2023

Industry capacity utilisation at 63 per cent this year

Story by Stanley James, Business Editor

Zimbabwe’s productive sector has made strides in capacity utilisation after going up to 63 per cent this year from 47 per cent last year, a 2022 State of Industry and Commerce report released this Thursday reveals.

The growth has been spurred by business’ commitment to working with the government.          

In a survey that included more than 13 sectors of the economy, mining, transport, information and communication and real estate have high percentages in capacity utilisation.

For business, policy consistency will further boost the industry’s capacity utilisation in the future.

“Enhancing policy consistency and certainty was another way forward that 94 per cent of respondents implored the government to improve upon and in a significant way. Over the years the government has been instituting a number of business-related policies and the need for continuity is key to growth,” noted Zimbabwe National Chamber of Commerce President, Mr Mike Kamungeremu.

The government has also reaffirmed its commitment to continue engaging businesses on sustaining a conducive work environment.

The Permanent Secretary in the Ministry of Industry and Commerce, Mrs Mavis Sibanda said, “The business community is an important element in our growth trajectory matrix such that the need to continue working with them becomes ideal.”

Respondents in the survey highlighted energy supply constraints, limited credit, corruption, price fluctuations and complex taxation system as key issues that government needs to address for the industry to reach optimum production levels.

The state of industry and commerce survey also focused on the business sector situation, investment trends, access to credit, demand for goods and services, sales situation and profitability.       

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