‘40pc Zim imports not productive’

Source: ‘40pc Zim imports not productive’ | The Herald October 24, 2016

Business Reporter
About 40 percent of the items that are imported to the country are consumer goods and not productive in nature, advocacy group Buy Zimbabwe has said. Buy Zimbabwe said against this background, it was critical that local manufacturers take advantage of Statutory Instrument 64 of 2016 to increase production. The legislative provision lists a total of 42 products, food and non-food items, which cannot be imported into Zimbabwe without a licence from Government.

The Ministry of Industry and Commerce says the restrictions, which are expected to remain in place for at least two years, have resulted in a massive in increase in production capacity of some firms.

Buy Zimbabwe said producers should restore the traditional economics where commerce supports industry in a system of interrelated and interdependent elements, as partners in business.

The existence of markets, Buy Zimbabwe contends, directly influences industrial performance while lack of markets has created serious internal economic challenges Zimbabwe is now grappling.

Zimbabwe’s manufacturing industry is struggling to increase output and attain viability due to a combination of factors that include old obsolete equipment, outdated technology, influx of imports, high cost of capital, labour and utilities among others.

Against this background, Buy Zimbabwe will host the 4th edition of its Retailers and Suppliers Conference and Expo on the 26th of this month to discuss issues besetting local industry.

“At the centre of this edition is the discussion on the emerging issues surrounding protecting the local industry as a response to crisis for markets underpinned by the realisation that economies survive by understanding that companies thrive only when their goods and services find a market.”

Buy Zimbabwe said it has lined up high profile speakers to spur new ideas, new strategies, new approaches and processes for flexibility, agility and efficiency into local businesses. This conference will tackle many other issues such as balancing consumer choices, profitability, local procurement as well as raising industrial production under the difficult conditions.