Business drives to grow exports


Business drives to grow exports

By Chengeto Chidi

BUSINESS is looking into ways of increasing production especially in the manufacturing sector as a way of cutting on cheap imports that have flooded the country, killing industry and employment.

Global Renaissance Investments (GRI) the hosts of premier show Economic Development and Financial Indaba 2019 running under the theme ‘Driving towards 2030 Economy Anchored on Production and Exports, said a boost in the manufacturing sector will put Zimbabwe on the recovery plan.

Executive Officer, Ngoni Dzirutwe has said the current foreign currency shortages will only be solved by an increase local production which will see a huge cut on imports while ramping up exports thereby generating more foreign currency.

“We are trying to promote agricultural, mining and industry to produce and export more for the nation because Zimbabwe currently has been an importer of almost everything so for us to avoid major imports, the nation has to produce in surplus, export and generate more foreign currency,” he said.

He said the foreign currency crisis was a result of little or no production which results in imports that eventually drain the scarce reserves.

“As we are aware we are in a forex crisis and liquidity crisis all emanating from the base that the nation is not producing,” he said.

GRI has invited President Emmerson Mnangagwa to be the key note speaker at Economic Development and Financial Indaba as the country battles to find its feet out of the economic meltdown.

Foreign Affairs Minister Sibusio Moyo will also headline the indaba which according to Dzirutwe will discuss leveraging on agriculture, mining and industry to boost exports as well as energy and power in relation to production growth and export cost mitigation schemes, forex issues, taxes and loans.

The event was also held last year running under the theme, ‘Rejuvenating the Financial and Economic Indaba.

Dzirutwe said the platform was going to bring all the key players together in discussions as government officials, international community represented by ambassadors, industrialists among others will be in one room.

Zimbabwe has run trade deficits due to a decline in exports as a result of low production.