industrial.jpgGovernment has been urged to engage local financial and multilateral institutions towards unlocking long term funding for the local manufacturing industry, which continues to face liquidity constraints to enhance production output.

Unavailability of long term funding has become the chief draw back in the economic growth matrix, with local industry performing below capacity hence the call by for the government to intensify its collaboration with the business community towards raising capital to fund the manufacturing industry.

Industrialist, Mr Domican Jairos said the country’s economic performance and production capacity will be boosted by government funding.

“The is need for government intervention by way of availing funding to the local industry, which is currently operating below 40% owing to unavailability of capital and competitive tariffs,” Mr Jairos said.

Economic commentator, Mr Rutendo Rutendo, said the local industry is yet to get adequate funding for revitalising the manufacturing sector so that the country will have a competitive edge against neighbouring countries, which are recording high revenue base through dumping their products in Zimbabwe.

Several credit facilities have been extended to the economy but they have taken long to materialise, while the local industry is becoming uncompetitive owing to high cost of production.

It is believed that the manufacturing sector is operating below 40% capacity, which is far below the expectations of industrialists.