The Statutory Instrument 64 (SI 64) of 2016 has achieved its targets with plans underway to introduce a local content policy anchored on subscribing a quota of goods to be purchased by companies operating locally.

The successes of the SI 64 of 2016 came under the spotlight at the ZIM ASSET conference which was attended by state owned firms and the private sector with a view to assess the projects implemented so far.

Briefing stakeholders, Minister of Industry and Commerce, Dr Mike Bimha said the statutory instrument has achieved its targets and wide consultations are set to be rolled out to create buy-in for the introduction of local content policy.

“Despite the success of the statutory instrument there are a number of challenges regarding the implementation though a number of firms have managed to create employment opportunities” said Dr Bimha.

The introduction of SI 64 has reduced the country’s import bill from US$6.3 billion in 2015 to US$5.2 billion last year while revenue collection also increased by 6 percent.

Industrial capacity utilisation also increased from 34.3 percent in 2015 to 47.4 last year.