czi logo.jpgZimbabwe’s industry is pinning hopes of achieving a 70% productivity target this year on the Industrial Development Policy to be unveiled next week.

The much-awaited Industrial Development Policy is expected to be launched by government next week amid expectations from industrialists that it will set the tone for the recovery of manufacturing companies.

Confederation of Zimbabwe Industries Chief Executive Officer, Mr. Clifford Sileya, says while captains of industry and commerce have been anxiously waiting for the policy, the major concern is whether it will fulfill its aims which include restoring business confidence.

“We are just awaiting to see how this policy will enable companies to recover,” he said.

While official data shows that industrial productivity has increased to 57,2% as of December last year from an average of 47% in 2010, a business analyst, Mr. Trevor Jakachira, says the Ministry of Industry and Commerce faces a tough task in ensuring the growth of companies on the back of funding challenges.

“We hope it will not be another document that will just lose value in terms of implementation,” said Mr Jakachira.

The Industrial Development Policy is expected to provide measures aimed at increasing exports, create jobs and facilitate the importation of working capital and the mobilisation of new lines of credit from regional and international financiers.