The Confederation of Zimbabwe Industries (CZI) says it has committed itself to working closely with regional counterparts as well as to engage regional financial institutions for the recapitalisation of the local industry in 2011.
The CZI, which has hailed the significant increase in capacity utilisation from the 2009 level of 32.3% to the current 43.7%, says there is need to continuously engage regional counterparts to ensure that the local industry remains viable and relevant.
The organisation’sÂ Chief Executive Officer, Mr. Clifford Sileya said the representative body will strive to lure capital into the local industry by engaging international financial institutions and regional counterparts.
In assisting the local industry increase production, Mr. Sileya expressed satisfaction at the ongoing business partnerships between local firms and regional counterparts and expressed optimism that the signing of the Bilateral Investment Promotion and Protection Agreement (BIPPA) with Botswana will help unlock investment opportunities between the two countries.
While the 60% capacity utilisation target by the end of this year might have been too optimistic for an economy still to on a recovery process the current 43.7% capacity utilisation rate has raised hope that with more financial support Zimbabwe can improve capacity utilisation to a higher level in the forthcoming year.