Zimbabwe and Zambia are working on setting up industrial joint ventures riding on the recent signing of a memorandum of understanding (MoU) aimed at facilitating close collaboration between the two countries towards rejuvenating the manufacturing sector, including textiles, agriculture and agro-processing, petrochemicals, and forest-based industries.
Zimbabwe’s industry and commerce minister Sekai Nzenza told regional ministers at the 4th Common Market for Eastern and Southern Africa (COMESA) Committee of Ministers of Industry last week that the joint venture efforts would assist the two sides to unlock higher economic potential in line with regional industrialisation goals.Zimbabwe and Zambia are working on setting up industrial joint ventures riding on the recent signing of a memorandum of understanding (MoU) aimed at facilitating close collaboration between the two countries towards rejuvenating the manufacturing sector, including textiles, agriculture and agro-processing, petrochemicals, and forest-based industries. #
“So far, the governments of Zambia and Zimbabwe have signed a Memorandum of Understanding to form a Joint Industrialization Cooperation Programme, which will facilitate deeper collaboration by setting up joint ventures,” she said.
“Priority sectors include agriculture and agro-processing, mining and mineral beneficiation, petrochemicals, fertilizers and pharmaceuticals, capital goods industries, textiles, forest and timber-based industries, building materials and knowledge economy, among others,” she was quoted as saying by newspapers in Zimbabwe.
She said both the countries are well positioned to develop and facilitate regional value chains based on their comparative advantages. For instance, cotton from Zimbabwe could be ginned at Mulungushi Textiles in Kabwe, Zambia.
The 4th ministerial committee meeting deliberated on key regional integration issues and closed with adoption of the draft implementation strategy for the domestication of the COMESA Local Content Policy Framework.
The regional industry framework is anchored on management of special economic zones and industrial parks and seeks to enhance industrial production during and after the COVID-19 pandemic in an inclusive and sustainable way.
Fibre2Fashion News Desk (DS)
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