Categories: Stories

Zimbabwe and UNIDO launch $23 million programme to revive industry

Zimbabwe today launched a €20.6 million ($22.6 million) industrialisation programme in partnership with the United Nations Industrial Development Organization (UNIDO) to revive the country’s collapsed pharmaceutical and manufacturing sectors.

UNIDO is a specialized agency of the United Nations that promotes industrial development for poverty reduction, inclusive globalization and environmental sustainability.

Zimbabwe’s manufacturing sector is comatose due to critical shortage of liquidity, power outages, smuggling, increased foreign competition and low consumer demand.

Most of the pharmaceutical companies have also collapsed and the country mainly imports medical drugs from India.

Zimbabwe’s medical drugs bill from that country rose from $14 million in 2008 to more than $50 million in 2013.

In December last year, Finance Minister Patrick Chinamasa told Parliament that government had taken over CAPS Holdings, the country’s largest pharmaceutical manufacturer which collapsed over four years ago, in a bid to revive its operations.

At its peak, CAPS accounted for 75 percent of the local healthcare products market and was involved in the manufacture, wholesale distribution, and retail of pharmaceutical, consumer, and veterinary products.

Industry and Trade Minister Mike Bimha said the programme would provide some imperatives for industrialisation and avail an enabling policy environment.

“Components of the programme include industrial upgrading for SMEs and revival of the pharmaceutical sector,” he said.

Other elements of the programme, which will run up to 2019, include support for the development of green industries and improving industrial energy efficiency.

The national statistics agency, Zimstat, is also set to benefit under a programme to enhance capacity in providing industrial intelligence.

Zimbabwe becomes the 11th country in Africa to have a country specific industrialisation programme.- The Source

(153 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024