industries.jpgThe business community has engaged government in mobilizing funds from internal resources to recapitalise strategic companies.

 

Concerned with the limited cheap funds from the local financial sector and inadequate capital in the form of credit lines, industrialists are set to meet government Ministries of Finance, Industry and Commerce as well as Economic Planning and Investment Promotion on measures to solve financial challenges affecting the smooth operations of firms.

 

A local banker Mr. Nicky Moyo says it is in the interests of the private sector to complement government’s efforts in turning around the economy by mobilizing funds.

 

“We know what is happening and we just need more funding to increase industrial onfidence in the economy,” Mr Moyo.
 
Although figures from the latest manufacturing survey carried out by the Confederation of Zimbabwe Industries (CZI) shows that the industrial capacity utilisation has significantly improved from 30% to at least 43% Africa Enterprise Challenge Fund (AECF), analyst Mr.  Ben Hundermark believes the restoration of full scale production will create jobs in the economy.

 

“We are geared at increasing production and from such efforts we just hope that everything will be favorable to the local industry,” said Mr Hundermark.

An industrialist Mr. Francis Rwakonda says the private sector will assist government in mobilising funds through joint ventures with regional and external financiers.

He said: “We will always work for the betterment of industry so that whatever we do shall be in the interests of the economy.”

Government has this year targeted an overall economic growth rate of 8,1% but economic observers say such targets will be achieved through adequate  funds.