Innocent Sibonginkosi Ncube<\/p>\n\n\n\n
<\/p>\n\n\n\n
The Treasury has significantly reduced the budget allocation for the Ministry of Industry and Commerce for the year 2025, capping it at ZiG 255,318,000.<\/p>\n\n\n\n
This amount is substantially lower than the ministry’s requested budget of ZiG 855,221,000, a decision that is anticipated to adversely impact the Ministry’s operations.<\/p>\n\n\n\n
Budget Allocation Details<\/p>\n\n\n\n
The Ministry’s bids for key events, such as the Zimbabwe International Trade Fair Company and the 2025 Osaka Expo, were set at ZiG 8,526,000 and ZiG 10,032,000, respectively.<\/p>\n\n\n\n
However, the Portfolio Committee on Industry and Commerce revealed during the 2015 Pre-Budget Seminar in Bulawayo that the Treasury has allocated only ZiG 3,893,000 to the Zimbabwe International Trade Fair Company and a mere ZiG 2,000,000 for the Osaka Expo.<\/p>\n\n\n\n
The total budget request from the Ministry, which outlines its strategic priorities and areas of focus for the upcoming financial year, amounts to ZiG 855,221,000. The Treasury’s allocation represents only 30 percent of this total bid.<\/p>\n\n\n\n
Importance of the Allocated Funds<\/p>\n\n\n\n
The committee emphasized the significance of the Zimbabwe International Trade Fair (ZITF), stating,<\/p>\n\n\n\n
\u201cZITF serves as a vital platform for promoting economic growth. It is also a strategic event that significantly contributes to the country\u2019s development.\u201d<\/p>\n\n\n\n
They noted that an additional ZiG 3,500,000 is required to adequately support this initiative.<\/p>\n\n\n\n
Regarding the 2025 Osaka Expo, the committee highlighted,<\/p>\n\n\n\n
\u201cThe Global Platform offers a unique opportunity to showcase Zimbabwe\u2019s industrial capabilities, attract foreign direct investment, and foster partnerships that can drive sustainable economic development.\u201d<\/p>\n\n\n\n
Zimbabwe will participate in the expo under the national theme \u201cBeyond the Limit,\u201d showcasing its cultural heritage and economic potential on an international stage.<\/p>\n\n\n\n
Challenges Ahead<\/p>\n\n\n\n
The committee pointed out that the Ministry of Industry and Commerce plays a crucial role in Zimbabwe\u2019s industrial growth and economic competitiveness. With 70 percent of the economy driven by the informal sector, strengthening formal enterprises is essential for enhancing tax revenue and economic stability.<\/p>\n\n\n\n
Despite achieving milestones in 2024, such as increasing export value for value-added products and hosting a record-breaking ZITF, the ministry faces challenges due to limited Treasury funding. With only 36 percent of the budget executed by September, the committee stressed that greater funding would empower the ministry to expand its impact across various industries, enhance employment opportunities, and contribute to Zimbabwe\u2019s Vision 2030 and National Development Strategy 1, particularly benefiting women, youth, and the broader economy.<\/p>\n\n\n\n
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