Exporters to get priority in forex allocation

Exporting and other strategic companies will be prioritised in accessing foreign currency to boost their capacity and help the country earn even more foreign currency, Foreign Affairs and International Trade Minister Dr Sibusiso Moyo has said.

This is in line with National Trade Policy and National Export Strategy objectives of pushing up exports of goods and services by at least 10 percent per year.

Zimbabwe intends to ramp up export earnings from goods and services from US$4.5 billion in 2018 to US$7 billion by 2023 and up to US$14 billion by 2030.

Dr Moyo was speaking at Trade Kings Zimbabwe in Harare while assessing detergent production levels.

He said Trade Kings had great potential to immensely contribute to economic revival and forex generation, adding that if Zimbabwe was importing the products being made by the company, a lot of foreign currency would be gobbled up.

“It’s clear that there has been quite some consideration in as far as investment decisions are concerned. These investment decisions were made and I like the determination under probably very difficult conditions ,but you built such a structure and invested so much into the state-of-the-art technology which today is being operated by four people,” he said.

Dr Moyo said it was critical that laws be aligned to promote the ease of doing business to ultimately attract more investors.

“The primary issue at the end of the day is that the laws must provide ease of doing business. I have noted the contradiction of the laws which must be in conformity and in compliance with each other so that we don’t see conflicting laws which are basically discouraging business.

“It is a matter which if I had known earlier, I would have dealt with it. Exports must be made easier so that we can realise enough foreign currency in this country,” he said.

Trade Kings and other local companies have been challenged to penetrate regional markets and eventually the entire African continent to realise more forex for the country.

Dr Moyo said he was unhappy with the balance of trade within the region at the moment, saying it was in the negative and that should be changed.

“We used to be in positive for many years but we then relaxed a little bit and we have got to take the region by storm,” he said.

He noted with concern the adverse effects of smuggling of detergents from neighbouring countries, which renders locally produced goods uncompetitive, but said entry points would be tightened while corruption at the border posts will equally be eliminated.

Government wants all sectors of the economy — agriculture, mining, manufacturing and services — to play a part in generating forex.–herald.cl.zw

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