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PREPARATIONS for this year’s Buy Local Summit to be held in Victoria Falls later this month are on course. The summit, which is in its fifth-year running is organised by Buy Zimbabwe, an initiative established to promote local procurement and usage of locally manufactured products.
The summit will run from June 17 to 19.
“This is an event aimed at bringing together key business leaders, decision makers and government officials to discuss critical issues relating to the economic development of Zimbabwe under the theme “Enhancing Local Preference for Industry Revival”, organisers said.
The summit comes at a time when the country is grappling with an influx of imports that pose a threat to domestic product competitiveness.
Imports also contribute to the country’s trade deficit, which hovers around $3,3 billion.
“The summit will create a platform to explore opportunities for local companies to increase their market share and competitiveness against a background of competition from cheap imports, low funding, high cost of borrowing, ageing plant, equipment and machinery, inconsistent power supply as well as weak distribution linkages with domestic suppliers among several adverse variables,” the organisers said.
Against this background, the forthcoming summit would be divided into three segments focusing on policy environment, economic enablers and balance of payments.
Deliberations would have specific focus on import and export-oriented industries like mining, manufacturing and agriculture with emphasis on fiscal framework, procurement policies and other related policies surrounding these sectors.
Focus will also be on energy and information communication technology as key economic enablers.
Balance of payments deliberations would focus on exploring rigorous mechanisms of curbing the current account deficit.
Top government officials, regulatory bodies, marketing managers, buyers, heads of parastatals and non-governmental organisations are expected to attend the summit.
Online Reporter