czi logo.jpgThe Confederation of Zimbabwe Industries (CZI) says the industry failed to meet the projected 60% capacity utilisation target owing to the unavailability of long term funding.

However, they expressed optimism that there is room for growth next year.

The manufacturing industry missed the projected capacity utilisation target by almost three percent in 2011.

This has been attributed to the failure to access much needed affordable funding and challenges in the energy sector.

In an interview in the capital, CZI president, Dr Joseph Kanyekanye said despite the failure by the industry to meet the projected target there is room for improvement next year if challenges in the energy sector are addressed.

In 2011, the local industry has been heavily constrained as the financial services sector failed to avail long term loans, while government could not unlock funding from the signed Bilateral Investment Promotion and Protection Agreements.

Observers believe that the proposed expansion of Hwange thermal power station and Kariba hydro-power station will play a critical role towards boosting energy availability.