essar deal agreement.jpgCaptains of industry and commerce say the absence of export incentives has resulted in companies failing to penetrate international markets due to stiff competition.

Members of the business community have raised concern that the absence of export incentives to reduce production costs has resulted in the export industry failing to compete with regional and global partners.

It emerged at the Zim-Trade Economic Partnership Agreement meeting in the capital that lack of export incentives has resulted in locally produced commodities becoming expensive in the international markets compared to commodities from other competing trading nations.

Mashonaland Chamber of Industries Immediate Past President, Mr. Johannes Mudzengere questioned the commitment of the Ministry of Finance as well as that of Industry and Commerce as far as the recovery of the export sector is concerned saying loans should be available at concessionary rates.

The managing director for a local export insurance company, Mr. Lovemore Madawo says while industry expected the introduction of the multiple currency system to restore export confidence, the continuous depressed export volumes are hindering efforts to increase production.

Players in the export sector also bemoaned the failure by relevant authorities in ensuring that stringent borrowing conditions on loans from external multilateral banks in the form of credit lines are relaxed to revive production.