Industry, Commerce and Enterprise Development Minister, Dr Mike Bimha says government is in the process of restructuring the Industrial Development Corporation (IDC) into the Development Finance Institute (DFI) to help industry access affordable finance to retool.

Dr Bimha said this during the third day of the Zimbabwe International Trade Fair (ZITF) at a Confederation of Zimbabwe Industries (CZI) Original Equipment Manufacturers breakfast meeting today.

He revealed that a local content policy is on the cards to create domestic economic linkages and development of local industry.

Dr Bimha said the new administration is committed to improving the business and investment environment in the country.

Minister Bimha implored equipment manufacturers to modernise so as to supply tools in line with international best practices, while also embracing new technology in terms of retooling.

He also challenged CZI to gather information on which firms or sectors need retooling so that it is accessible to investors or government.

There were also presentations on the importance of retooling for export development, the role of the central bank in supporting retooling efforts and mobilising resources to build industry export capacity.