CZI warns against price hikes

retailers have come under criticism for raising prices whenever there is limited competition.
CZI president Mr Joseph Kanyekanye said the rise in the prices of imported basic commodities on which duty had been reinstated was to be expected, but warned local producers and retailers against following suit.

“We do not envisage a wholesale increase in prices.
“We do not see any justification for local manufacturers to increase prices and as CZI we will make sure that prices of locally manufactured goods remain stable. “In fact, we courage local producers to take advantage of the limited competition at present price structures, the era of low productivity and high prices is over,” he said.

He added that the CZI’s call for reinstatement of import duty on some products was premised on the fact that these sectors had shown potential for competitiveness.
Mr Kanyekanye also reiterated the manufacturers representative body’s call for the expedient implementation of critical economic policies and programmes.

He lamented the slow implementation of the Botswana credit facility, for example, which he said was in line with the present requirements of the local manufacturing sector.
“We put a lot of effort into bringing the Botswana facility into reality, and Government should have brought the Bilateral Investment Promotion and Protection Agreement (Bippa) before Cabinet for domestication, however, this has not been done yet.

“The Botswana Bippa was one of those schemes that matched the profile of the kind of loans our manufacturers currently require. “We have, however, since had communication with the Ministry of Industry and Commerce and they have indicated the facility should be operational by the end of the year,” said Mr Kanyekanye.

The CZI president also said the launch of New Zimbabwe Steel (formerly ZiscoSteel) should provide impetus for the similar projects in areas in which the country had competitive advantage such as ethanol, coal-methane, coal and lithium among others.

Mr Kanyekanye also took the opportunity to outline the CZI’s annual congress resolutions, which mainly revolved around the issues of improving capacity in the energy sector among other things.
, improving the labour environment, reduction of the interest rates and a call for the country to embrace genetically modified organisms.