Category: Business

Call for business to embrace SI 122

Economist Chris Mugaga has urged the business community to embrace the Statutory Instrument (SI) 122 formerly SI 164 saying protectionism is the best way to develop and revive the local industry as the country seeks to achieve the 2030 middle income economy goal. Mugaga said the country should capitalise on the harsh stance of the statute on import products citing that it protects the manufacturing sector from unfair competitiveness on the local market. He added that the country should also adopt a strict approach with regards to entry and exist points to ensure all goods that pass through into the border posts are well accounted for and taxed to ensure fair competition with local producers. Mugaga said by containing imports the country will be able to produce locally and create employment, boost local production and generate the much needed foreign currency. He was responding to a suggestion by other economists that the statutory instrument was killing competitiveness in the...

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Unstable exchange rates a cause for concern

Economic analysts have allayed concerns around unstable exchange rates currently prevailing in the market describing the fluctuations as temporary as corrective measures are being undertaken to normalise the situation. An industrialist Mr Denford Mutashu said the fluctuations prevailing in the market with regards to exchange rate are a result of excess demand of forex emanating from a growing economy as many companies increased production capacity in the first half of the year due to an attractive business environment which subsequently increased demand of forex. He, however, reiterated that the pressure on forex demand will subside as the economy produces...

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Chrome miners benefit from smelting competition

Opening the country to the business world has seen an influx of players in chrome smelting which has in turn benefited chrome miners in Midlands through a raise of the price from $40 per tonne to $70. Previously the chrome smelting sector was monopolised leading to an unfair chrome price. The government of the second republic’s business mantra that Zimbabwe is open for business has recorded some positives with the chrome smelters witnessing an adjustment of chrome prices per tonne. “We have benefited from the plurality of chrome smelters,” said Shauke “B” Mining Syndicate director Mr Owen Mubhobho. Mr...

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Expedition of import substitution strategies critical

Economists have called on the responsible authorities to expedite import substitution strategies across all sectors of the economy to ease pressure on foreign currency demand. Import substitution can be described as a government strategy aimed at replacing some agricultural or industrial imports to encourage local production of goods for local consumption. As the country’s mordenisation and industrialisation agenda takes shape economists contend that there’s need to replace foreign imports with domestic production through the creation of an internal market. An economist Mr Paison Tazvivinga said the construction industry should be the first sector to benefit from import substitution by...

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Major boost for Zim’s renewable energy projects

Sweden has pledged more support for Zimbabwe’s renewable energy projects after unveiling a US$6.5 million funding programme for business projects within the sector. The programmes officer responsible for development corporation at the Embassy of Sweden in Zimbabwe Dr Gareth Horsfield told the ZBC News after unveiling of the funding programme in the capital that the provision of funds indicate renewed interest by the country in mending bilateral economic ties with Zimbabwe. “We are grateful over the facility which we hope shall go further in increasing cooperation with Zimbabwe in the future,” he said. The funding of renewable energy projects...

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