zncc-logo.pngThe business community has called on government to solve the country’s widening trade balance deficit through mobilising capital to restore export viability in the regional and global markets.

 

Concerned with the subdued volumes of exports that have constrained the economy’s capacity to generate increased foreign exchange receipts, the country’s business community representative organisation, the Zimbabwe National Chamber of Commerce has recommended Government to provide cheap capital for the purchase of machinery by export oriented companies.

ZNCC Chairman, Mr. Davison Norupiri says the organization will soon engage government’s key ministries.

The Ministry of Industry and Commerce, Regional Integration and International Cooperation as well as the Ministry of Finance shall be included on possible strategies to unlock export receipts and reduce the country’s balance of trade deficit which is currently hovering at US$1,3 billion .

“We hope that our wishes will be taken into consideration because this is now a real cause for concern mainly to industry,” said Norupiri.

Zimbabwe has been experiencing a trade deficit in the regional and international markets as local industry is battling to increase capacity on the back of limited funding.

However, concern is also being raised on delays by the Ministry of Industry and Commerce in introducing an export revival facility amid revelations that financial challenges are hindering efforts to ensure that the plan becomes a reality.