Zimbabwe’s industry is proposing an export revolving facility to restore competitiveness of locally-produced goods in the global and regional markets.
Local industry has not been spared from the tough operating conditions on the back of the United States dollar dominating the multiple currency system that has seen the prices of locally manufactured goods being expensive in the export markets.
ZimTrade Board Chairman Mr Lance Jena says an export revolving facility that is being proposed in the 2019 national budget will among other factors restore business confidence and enable firms to access loans at affordable rates.
“There is a lot that needs to be done in order to harmonise the growth portfolio of firms,” said Mr Jena.
While tobacco, gold, diamonds, platinum and chrome are so far the key leading exporters in the country, the commitment by manufacturers to increase exports is being questioned with the Zimbabwe Textiles and Manufacturers Association President Mr Jeremy Youmans saying adequate funding will increase production.
“What we just need is the adequate funding to sustain the current inflows of funds in the country,” Mr Youmans said.
With the country’s huge import bill being a major cause for concern, Bankers Association of Zimbabwe President Mr Webster Rusere told industrialists the financial sector is still committed to the growth of exports.
“The banks still need more to do their best but they are still committed to the real cause of sustaining exports in the country,” said Mr Rusere.
According to the Confederation of Zimbabwe Industries, exports continue to be subdued due to failure to add value of products, high costs of production, low capacity utilisation, old machinery for some industries. among others.