Category: Business

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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Govt implored to deal with parallel market 

The Cross Border Traders Association (CBTA) has called on government to come up with interventions on parallel market transactions in the border town of Beitbridge. Parallel market rates operating outside fiscal confines have left memories which are not good for many people. While government grapples with giving the economy a new revival impetus, cash traders on the streets remain a visible national headache. President of the CBTA Dr Killer Zivhu said they will soon engage the Minister of Finance and Economic Development Professor Mthuli Ncube. “We will soon engage the finance minister on the matter as it is badly...

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Entrepreneurship fund launched

Zimbabwe National Co-operative Federation (ZNCF) Small and Medium Enterprises has launched an entrepreneurship fund to help small business owners boost their businesses. The launch of the fund, called the Federation Investment Entrepreneurship Fund (FIEF), is aimed at creating opportunities for entrepreneurs who lack finances to start or boost their projects. ZNCF SMEs President, Mr Mike Duru said the fund seeks to help business people secure funding for their projects. “We are responding to the President’s mantra that Zimbabwe is open for business, so we have targeted those in business. However, the most difficult part is where to get the funding. Yes they have skills they have been in business for a long time but they are not able to upscale their businesses,” he said. “What we have come in to do is to give them that window where they are going to access funding to upscale their businesses. We need everyone to be able to bring back something home. We need people to move away from poverty, we need people to do sustainable economic development projects that would assist them in their lives,” he added. ZNCF SMEs will be working with a local bank to assist local entrepreneurs upscale their business operations. Metbank Director Consumer Banking, Mrs Sarah Tembedzi said the main objective of the fund is to ensure that business people have access to loans. “As we come...

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Calls for stable pricing models

Retailers are in talks with manufacturers over stable pricing models in light of foreign currency challenges affecting production of basic commodities. The move comes in the wake of a 10 cents bread price increase by Innscor Africa Limited, owners of Bakers Inn with effect from Saturday. However, the ZBC News has established that bread is not in short supply and that other bakeries have not increased the price of the commodity. Confederation of Zimbabwe Retailers President, Mr Denford Mutashu said while manufacturers are attributing the price increases to foreign currency constraints, limited availability of raw materials and high costs,...

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