Ladies and Gentlemen,
The mining sector continues to be one of the leading sources of investment and export earnings, with a huge impact on employment opportunities and the economy. To stimulate growth, and send a clear message of the new Government, which has a new way of doing things, we have amended the Indigenisation and Empowerment Policy, limiting the 51:49 percent investment ratios to diamond and platinum mining only. As a result, we have opened up vast areas of our economy to international investment.
Gold mining, a key contributor to our economy, continues to recover, while platinum, lithium and other minerals have equally experienced increased investments to date. We, however, appeal to all stakeholders to ensure sustainable mining practices which recognise the need to protect and preserve the environment for posterity.
A comprehensive diamond policy will be formulated to guide operations, development and sustainability in the diamond industry. Related thereto; the Zimbabwe Consolidated Diamond Company will commence full commercial production of conglomerate diamonds during this second quarter, following the installation of a conglomerate processing plant.
The opening of Liberation Mine in Matabeleland North and the reopening of Eureka Mine in Mashonaland Central, as well as the multimillion-dollar Arcadia lithium mining development operations in Goromonzi, Mashonaland East, will create thousands of jobs for our people. In the same vein, the implementation of the recently signed US$4.2 billion investment agreement by Karo Resources, to create an integrated platinum project, the largest investment in our mining sector to date, will directly create 15 000 jobs, and downstream additional employment opportunities.
To facilitate the modernisation and retooling of our manufacturing industry, Government will continue its multi-pronged efforts to access lines of credit and affordable long-term financing for this sector.
Following definitive local and foreign investment commitments, increased value addition and beneficiation of our primary products should soon commence in earnest.
The anticipated increased growth in the manufacturing sector further gives impetus to the revival of National Railways of Zimbabwe, which is key to our economic recovery strategy. Equally, the revival of ZISCOSTEEL and the iron, steel and chrome industries will further stimulate the manufacturing sector as a whole, creating yet more jobs.
Industry and the manufacturing sector have witnessed a steady increase in capacity utilisation and notable expansion of some manufacturing concerns, such as Nestle Zimbabwe and the establishment of new operations, including Willowton in Mutare.
My Government is attending to various production factors, and in this spirit, has cut excise duty on diesel and petrol to bring down prices for consumers, and at the same time, enhance competitiveness.
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