Manufacturing Industry and Export Prospects

Abstract

The tremendous growth of Rhodesian secondary industry over the past seven years has brought important benefits to our economy by way of increased levels of economic activity and employment. Industrial growth has also contributed to our development both by the saving of foreign currency through import substitution and by the earning of foreign currency by exports. From being something of a stepchild of the economy, from a previous position when we had little protection against foreign imports with a small domestic base from which to compete with manufacturers in more developed countries, secondary industry has now reached a point where it accounts for the largest single sectoral share of our national income. Today it contributes as much as either Agriculture or Mining to the credit of Rhodesia’s balance of payments. The very rapid growth of recent years has led to occasional complaints from the other sectors that Industry is given too large a share of scarce import allocations to their detriment, also that their own claims to foreign exchange have a degree of priority which is not always afforded sufficient recognition by Government.