Tourism Minister Mangaliso Ndlovu told the media at a briefing yesterday that the cabinet approved a roadmap to a US$8 billion Industrial and Commercial Sector by 2023.
Ndlovu said the Roadmap outlines the plan to raise the manufacturing and commercial sector contribution to GDP from the current US$7.16 billion to US$8.03 billion by 2023, through the sector’s diversified 94 sub-sectors.
“Investment and growth in the manufacturing and commercial sector will be spurred by the Ease of Doing Business reforms, and the implementation of the Special Economic Zones and the One Stop Shop concept,” he said.
“Furthermore, the country is already implementing the SADC Industrialisation Strategy and Roadmap (2015-2063); and the COMESA Industrialisation Strategy (2017-2025), which strategies are anchored on value chain development and beneficiation.”
The Minister went on to say that Community Share Ownership Trusts (CSOTs) will continue to be used as vehicles for accelerated rural industrialisation in general.
“Emphasis will be given to corporate social responsibility in order to ensure that the Community Share Ownership Trusts are funded and operational,” Ndlovu said.
“Meanwhile, the commercial sector is expected to grow into a US$5.2 billion sector compared to the current US$4.1 billion, on the backdrop of increased branch networks by the major wholesale and retail outlets.”
“In order to enhance productivity, key enablers shall be put in place, including the following: provision of water supply and the relevant infrastructure; and investment in the development and manufacture of information communication technology products.”
The industrial sector contribution to GDP is projected to grow to US$7.4 billion in 2021 and US$7.7 billion in 2022.
“Government calls upon the financial services sector and other domestic investors to mobilise and avail the required investment capital to support the Roadmap and other development programmes,” Ndlovu said.