Govt measures key for industry: Bimha

via Govt measures key for industry: Bimha | The Herald December 14, 2015

Lovemore Mataire in Victoria Falls
Government has adopted measures that have so far seen key manufacturing companies investing close to $88 million in machinery and expansion of production levels, the Minister of Industry and Commerce Mike Bimha said last Friday.

In his presentation at the 15th Annual National People’s Conference, Cde Bimha said several achievements had been achieved this year with Delta Beverages commissioning a new Chibuku plant in Bulawayo worth $17 million.

“Nestle (Pvt) Ltd invested in an Egron Plant upgrade project worth $8 million while African Distillers Limited commissioned a new cider plant that improved output by 59 percent,’’ Cde Bimha said.

He said another key company, Dairibord Zimbabwe Limited Holdings had also commissioned a new sterilised milk plant valued at $4 million with a capacity to produce 24 million litres of sterilised milk per annum.

Cde Bimha said other companies that were on a resurgence included Alpha Omega Dairy Company, Star Africa Corporation, Olivine Industries, Trade Kings Zimbabwe, Quest Motors Corporation, Deven Engineering, Bata Shoe Company and SamZim — a Korean based telecommunication manufacturing giant signed a $10 million transaction with a local company, Cranbal Investments to set up a television and refrigerator assembly plant in 2016.

Cde Bimha said another local company Capri also launched a new refrigerator plant worth $12 million in June 2015 and is expected to increase from 5 000 units to 18 000 units per month.

He said Dorowa Minerals, which has been dormant had also secured $5 million from the Reserve Bank of Zimbabwe to boost its phosphate production, which is expected to rise to full capacity.

“The ministry has so far approved a number of investment projects worth about $152 million which include Blue Ribbon Industries which had a total injection of about $40 million by a Tanzania company to be spread out over 5 year period,’’ said Cde Bimha.

Several other companies like Anchor Yeast have had $8,4 million injected into their coffers through a merger with a French investor, Societe Industrelle Lesaffre.

He said Government had through the Distressed Marginalised Areas Fund and the Zimbabwe Economic and Trade Revival Facilities, continued to facilitate availability of financing to local companies at concessionary rates.

He said plans were at an advanced stage to establish Special Economic Zones in Zimbabwe.

The zones will be established in Harare and Bulawayo, with the later targeting the clothing and textile industries.