Industry retooling gains momentum 

Source: Industry retooling gains momentum -Newsday Zimbabwe

Mavis Sibanda

GOVERNMENT has outlined plans to assist industry’s retooling efforts to improve efficiencies and reduce the high cost of doing business in the country.

The manufacturing sector has been bogged down by obsolete equipment, negatively impacting on industrial capacity utilisation.

“We have submitted a request to the Finance ministry to see if we can get any funding,” she said.

“The reason Zimbabwe is a high cost country is because the equipment is old.”

“We are working as a government to have a good industry,” she said.

Sibanda pointed out that there is need to improve corporate governance in both the public and private sectors.

She said at a time when there had been challenges in the government’s procurement processes, governance and accountancy professionals were needed to help government account for its resources.

She said proper governance structures were pivotal to economic growth.

“There is no doubt that without proper governance systems and structures, we cannot have the transparency and accountability required for an economic growth trajectory,” she said.

She pointed out that governance and accountancy professionals should innovate to ensure that they remain relevant.

She said government was on course to achieve the objectives of the Smart Zimbabwe 2030 Master Plan.

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