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John Manzongo
Government fully supports revival of local industries as evidenced by implementation of various statutory instruments, and the nation should do its part in supporting the Buy Zimbabwe Campaign, Vice-President Emmerson Mnangagwa has said. Addressing guests at the second Zimbabwe Retailers and Wholesalers Annual Awards in Harare on Friday night, VP Mnangagwa said support for domestic manufacturing was critical in revival of the product supply chain.
“It is not Government’s intention to discourage international trade through SI 64 of 2016, but it is aimed at promoting local manufacturing,” he said.
“Domestic manufacturing tends to activate various supply chains, including distribution, resulting in increased demand for various products and services within the country.
“Local manufacturing creates new jobs, increases the country’s tax base and reduce imports; causing a reduction in the country’s trade deficit.
‘‘It is for these reasons that government, in support of the country’s manufacturing sector and its industrialisation strategy, is appealing to retailers and wholesalers to carry local products.”
VP Mnangagwa said unnecessary imports would adversely affect local manufacturing and further hurt the economy.
“This buy-home concept is not new as it has been used regionally and globally to boost domestic manufacturing. South Africa introduced the Proudly South African campaign while United States of America used the Buy American Act of 1933 to encourage government to give preference to local products when making purchases,” he said.
The VP called on local manufacturers to avoid unnecessary price hikes.
He said Government would continue to facilitate and support local companies by improving the business climate through measures such as maintaining the multi-currency regime, addressing liquidity challenges and creation of special economic zones.
Confederation of Zimbabwe Retailers president Mr Denford Mutashu said firms were aligning their policies to those of Government to revive local manufacturing.
“Retailers are facing many challenges, chief among them the cash crisis which has seen many companies failing to access raw materials and other goods which are not found locally.
“The retail sector is eagerly waiting for the introduction of bond notes. At first there was resistance, but after thorough explanations by the Reserve Bank of Zimbabwe, the sector has seen the light,” he said.
Online Reporter