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Robin Muchetu, Senior Reporter
ILLEGAL sanctions imposed on Zimbabwe by the United States of America and other Western countries contributed heavily to the fall of manufacturing industries in Bulawayo which was once the industrial hub of the nation.
Bulawayo which is home to giants like the National Railways of Zimbabwe (NRZ), Cold Storage Company (CSC), Datlabs, Dunlop have all lost their glory owing to the restrictions and limitations that were brought about by sanctions.
CSC used to be a major beef exporter while NRZ can no longer procure some of the equipment from European countries due to the sanctions.
Zimbabwe National Chamber of Commerce Matabeleland Chapter president Mr Golden Muoni said the country has not been able to benefit from developmental grants because of sanctions.
“Our industry was inclined to the European Union and the Americans who are signatories to multi-national banks such as the World Bank and the International Monetary Fund. So you find out that development grants that are supposed to benefit us in terms of development are no longer accessible,” he said.
He said investor confidence was shaken after the imposition of sanctions.
“There are investors that would have loved to trade with Zimbabwe but they have not managed to do so looking at the risk element, when a country is under sanctions, multinational companies who may be willing to invest are discouraged to do so and we lose out in the process.
“Where ever there is high risk in investments, investors do not dice with their money but go elsewhere instead where they can invest and recoup profits unlike staying in a sanctioned country,” he added.
Online Reporter