PM pledges to assist Byo firms

soon.
The US$40 million fund, which was launched last year with CABS as the administrator, is intended to revive ailing industries. But it has not been legally operational as Government is still to avail its US$20 million portion.
Addressing delegates attending the International Busi­ness Conference during the second day of the ongoing 53rd edition of the Zimbabwe International Trade Fair, PM Tsvangirai said urgent action was needed to revive the former industrial hub of the country.
“I pledge to ensure that this money is immediately dis­bursed to its intended beneficiaries,” he said.
“It is a financial squeeze but we will try to make the Finance Minister meet the US$40 million target. We have an infrastructure base here in Bulawayo and all we need is to revive it and you can only revive by putting in money.”
PM Tsvangirai bemoaned the alarming rate at which companies were closing down especially in Bulawayo and the antiquated equipment being used in most firms.
He said the Government should play a more active role in ensuring the country’s industries returned to full pro­ductivity. The Government should also create an envi­ronment suitable for attracting new foreign investors and fresh capital investment to breathe life into the various economic sectors, he said.
There was also need to reduce bickering between the three partners in the Global Political Agreement for the country risk factor to improve, said PM Tsvangirai.
“Government should play the enabling role for busi­ness to succeed but our major setback has been our bad and poisonous politics. There is no time for unnecessary political discord, there is need to commit ourselves to sound economic management,” he said.
He said there was also need to foster stronger synergies between Government, business and labour to ensure a successful transformation of the economy.
“The citizens of this country deserve an industrialised stable economy with affordable goods and services.”
The Government has implemented various measures to revive ailing industries in the country including setting up other credit lines like the Zimbabwe Economic Trade Revival Facility (ZTREF).
It has also crafted policies which include the Industrial Development Policy and the National Trade Policy launched last month to stimulate recovery of industry and commerce. — New Ziana.