industrial.jpgZimbabwe’s industry says at least US$3 billion is required in the next five years to implement value addition systems with a view to increase export earnings.

According to submissions from local companies released this week to key government ministries, multilateral financiers and local banks, the implementation of the value addition processes will this year require US$900 million from the total value of US$3 billion.

The value addition system which is aimed at processing raw commodities into finished goods is however being delayed due to lack of long term loans at concessionary rates.

Business Council of Zimbabwe executive secretary, Mr. John Mufukare told ZBC News that consultations between industry and interested financiers are at an advanced stage.

“We hope this can be achieved notwithstanding the funding requirement constraints,” said Mr Mufukare.

Zimbabwe’s failure to export processed commodities has resulted in the country’s trade deficit increasing to US$1, 4 billion in 2012 from US$800 million in 2009.

However, economic observers say a successful value addition system restores export competitiveness in the regional and global markets.