jokonya.jpgIndustrialists say the forthcoming mid-term budget review statement should focus on improving industrial capacity through promoting the importation of raw materials and advanced machinery for less tax, if the economy is to achieve the envisaged growth of 9.3%.

 

The call by industrialists comes amid anxiety within the business community on the forthcoming mid-term budget review statement to be presented mid-July.

The mid-term fiscal review statement usually focuses on areas that have failed to achieve the envisaged targets to seek ways of addressing such constraints for the benefit of the economy.

Industrialist, Mr. Callisto Jokonya said protection of the local industry is critical towards improving economic activity, adding that the prevailing situation is promoting foreign economies through increased imports.

With the local industry looking for a waiver of the importation of raw materials, another industrialist, Mr. Dominic Jairos said the waiver should also extend to the importation of industrial equipment to ensure that the local economy has advanced machinery.

In terms of increasing investment inflows, the 2011 national budget has made a tremendous improvement as the economy has recorded 75 projects worth US$906 million in the first half compared to last year’s 73 projects during the same period.