welshman ncube 09-03-11.jpgGovernment will this week launch the industrial development and trade policies with a view to increase export earnings through promoting value-addition.

This comes at a time when the manufacturing sector is facing financial constraints and ageing equipment that are threatening to derail economic growth.

Briefing the media in Harare, Industry and Commerce Minister, Professor Welshman Ncube hailed the two policies as crucial towards the transformation of the country’s economy especially the manufacturing sector.

He said the target will be on increasing export earnings by at least 10% annually from last year’s US$4,3 billion to US$7 billion by 2016.

The industrial policy seeks to ensure availability of highly mechanised machinery for the local industry, after the realisation that most firms are unable to replace outdated machinery due to financial constraints.

Much emphasis has been placed on value addition which has been the missing link in the growth of the local economy.

Observers say close co-operation among all stakeholders, who include government, business and labour, is needed for the success of these policy documents.