business infrastructure 12.10.10.jpgMembers of the business community say the country is losing over US$3 million daily on investment opportunities, owing to continued existence of illegal economic sanctions imposed on the country by western nations which have rendered the industry less competitive.

The move by the European Union to extend illegal sanctions on Zimbabwe by a further one year, including 31 local firms has been described as unfortunate by local business people.

Economic commentator, Mr. Godfrey Dupwa says as a result of these sanctions, the country is losing approximately US$3 million daily in terms of opportunities and investment.

Dupwa said illegal sanctions have rendered the local industry less competitive on the regional market as there have been no meaningful lines of credit extended to the country in the last 12 years.

Senator Guy Georgias who has been delisted on the sanctions list said it is a non-event and there is need for the European Union to lift sanctions forthwith for the benefit of the country’s economy.

jonathan kadzura 24.09.10.jpgEconomist, Mr. Jonathan Kadzura said the economy has lost great opportunities in the name of sanctions and the local industry is failing to produce enough products for the market as there are high production costs owing to sanctions which are forcing firms to scale down operations.

Several parastatals have been affected by the embargo, forcing them to become perennial loss makers as they lost their market share.

The 31 companies include Arda, CSC, Noczim, NRZ, among others.