New industry policy on the cards
THE Government is crafting the National Industry Development Policy which aims to promote inclusive, broad-based sustainable economic growth and transformation, a Cabinet Minister has said.
Industry and Commerce Minister Dr Sithembiso Nyoni said this when she toured the Manhize Steel Plant in Mvuma, the Midlands province on Friday.
“My responsibility as the Minister of Industry and Commerce is to promote the development of vibrant, sustainable, and globally competitive industrial and commercial enterprises. This can only be achieved through the provision of an enabling policy and regulatory framework.”
She said the industrial policy will also detail plans for reviving and resuscitating ailing industries, including support programmes, Government incentives and policies aimed at promoting competitiveness and sustainability.
“The Manhize Steel Plant represents a significant milestone for our nation’s industrial development and the entire iron and steel value chain. This state-of-the-art facility is not only capable of producing high-quality steel products, but it is also poised to have a profound impact on our economy.”
Minister Nyoni said the Manhize Steel plant shows Government commitment to strengthen the iron and steel value chain in the country and will play an important role in promoting iron ore production, processing into steel and manufacturing of different steel products.
The production of iron ore, processing it into steel and manufacturing will in turn promote an independent and sustainable steel industry.
“The impact of the Manhize Steel Plant on the economy cannot be overstated.
“The growth and development of the steel industry has a multiplier effect on other sectors, such as construction, infrastructure development, and manufacturing. The availability of high-quality steel products locally will reduce our reliance on imports, thereby saving foreign currency and boosting our balance of trade,” said Minister Nyoni.
“Furthermore, the Manhize Steel Plant will generate employment opportunities for our people. As the plant expands and reaches its full production capacity, it will create a significant number of direct and indirect jobs across the entire value chain. This not only improves the livelihoods of individuals and families but also contributes to poverty reduction and economic empowerment.”
Minister Nyoni said the plant brings latest technologies and practices that prioritise energy efficiency, waste reduction, and emissions control requisite in the quest to achieve an upper middle-income economy by 2030.
“As we continue to work towards achieving our industrialization goals, it is crucial that we embrace technological advancements, prioritise skills development, and foster a culture of innovation. We are committed to supporting initiatives that promote research and development, as well as collaboration between academia, industry, and government,” she said. - New Ziana.