Industrial Development Corporation of Zimbabwe keen to fund foundry sector 

Sikhulekelani Moyo, Business reporter

ZIMBABWE Institute of Foundries chief operations officer, Mr Dosman Mangisi has urged players in the sector to take advantage of retooling funding availed by the Industrial Development Corporation of Zimbabwe (IDCZ).

IDCZ’s mandate is to support value addition, capital formation, wealth and employment creation through industrial development.

The Government is funding a number of programmes aimed at reviving the manufacturing industry, to boost production in order to meet both local and export demand.

IDCZ wrote to FIZ inviting applications for funding to be channelled towards the manufacturing and value-adding sector.

“We would like to extend an invitation to members of the ZIF who would want to apply for funding under the industrial fund for the manufacturing and value-adding sector for either retooling or capital expenditure,” reads  part of the letter addressed to Mr Mangisi.

Mr Mangisi told Business Chronicle that the funding will promote the development of the foundry sector through retooling and quality control.

“The invitation is a positive move towards the development of the sector in retooling and accessing raw material to grow and improve quality control and assurance.

“We encourage all foundry players to take this opportunity that has been extended by the Government,” said Mr Mangisi.

“This is a great move by the Government in terms of recognition and is also a way of supporting value addition and beneficiation of metals.

“So, I encourage those who need to grow and develop into bigger projects such as automotive engineering, steel manufacturing and everybody to participate.”

The National Development Strategy (NDS1) prioritises value chain development where 10 priority value chains have been identified for industrial growth and structural transformation.

Leveraging local value chains will help the country increase the export of finished goods and exploit regional and international markets through trade agreements to which Zimbabwe is a signatory.

In the 2023 national budget statement, Finance and Economic Development Minister, Professor Mthuli Ncube, said as part of the thrust to strengthen domestic value chains and economic transformation, Government was capacitating IDCZ to support its subsidiaries to value-add raw minerals into compound fertilisers and other products that are being imported as part of the local content strategy.

IDCZ has an investment portfolio in the motor and transport sector (Willowvale Motor Industries and Deven Engineering), fertiliser and chemicals (Chemplex Corporation Ltd), cement production (Sino Zimbabwe Cement Company) and agro-processing (Olivine Industries Zimbabwe and Surface Wilmar Zimbabwe).

The unit also has investments in textiles (Afroran Spinners (Pvt) Ltd), packaging (Zimbabwe Grain Bag), insurance (Allied Insurance Company (Pvt) Ltd), and real estate (Sunway City (Pvt) Ltd).