Industrialists have distanced themselves from price hikes being effected by retailers, saying they are committed to increasing productivity at lower costs.
Presenting cost structures of basic commodities to the NationalÂ EconomicÂ Consultative Forum (NECF)Â taskforce and the Buy Zimbabwe Campaign Committee at a meeting in Harare,Â industrialists said in spite of high input costs, their prices remain stable and have also expressed concern over the price increases by local shops following the reintroduction of duty on basic imported commodities.
National Foods Operations Division Managing Director, Mr Chipo Nheta said while manufacturing companiesâ€™ input side remains subdued on the back of challenges affecting farmers, Government should instead come up with a mechanism to track price distortions in the retail sector.
â€œThis is not our initiative and we continue to operate at affordable levels in spite of the price distortions affecting the local markets,â€ said Mr Nheta.
Olivine Industries Managing Director, Mr Jonas Mushangari revealed that industry is not to blame for the price increases.
However, he suggested that government should inject fresh capital into firms in order to facilitate a competitive edge for locally manufactured goods against imported commodities.
â€œWe are really committed to the growth of industry and we hope the initiative will be run accordingly,â€ Mr Mushangari said.
Stakeholders who included the business community at the NECF industry taskforce meeting represented by the Confederation of Zimbabwe Industries President, Mr Joseph Kanyekanye, a member of the Bankers Association of Zimbabwe, Mr Sij Biyam, the Grain Millers Association of ZimbabweÂ Chairman,Â Mr Tafadzwa Musarara, EmployersÂ Confederation of Zimbabwe President,Â Mr David Gowere resolved that Government shouldÂ provide capital to stimulateÂ production of local goods.