The business community is expecting confidence building measures to restore production in key sectors of an economy which had gone for more than two decades with limited progress or growth.
Industrialists contend reduction in budget deficit, achievement of a yearly gross domestic product rates of seven percent, rebuilding of gold reserves, increased exports and generation of foreign exchange receipts will underpin recovery of businesses and attract more foreign direct investments.
Zimbabwe’s economy needs investment inflows that can create jobs, facilitate viability for businesses and generate revenue to the fiscus.
While recovery of key sectors of the economy is being noted since January, a lot still however needs to be done as the economy had lost growth potential opportunities since 2000.
An industrialist Mr Mark Tunmer says currency stability measures coupled with tax incentives can facilitate growth of firms.
“We still have a lot to be done and we anticipate a lot in terms of growth facilities to attract more capital,” said Mr Tunmer.
Judicial Manager Dr Wesley Sibanda says with currency reforms being a key element taking into account foreign currency constraints threatening viability of firms, consistent exports across all sectors and rebuilding of gold reserves can also play an important role in increasing the nation’s import cover to more than a year.
“This economy has all the potential but what is lacking is the political will to unlock value on returns,” said Dr Sibanda.
Zimbabwe National Chamber of Commerce past President Mr Luxon Zembe noted that Zimbabwe needs business confidence measures at a time when global lending institutions have revised upwards economic growth forecast for this year.
“The pace is there and the commitment is there. What is just lacking is that ability to increase confidence in the future,” said Mr Zembe.
While treasury and the central bank say the economy is expanding, the commitment by the business community to work with government in solving macro-economic challenges is a key element that can be the real solution to problems affecting firms.