Featured - Local - Top Stories - October 14, 2021

Industry players call for rescue packages

The Confederation of Zimbabwe Industries (CZI) has called on authorities to designate resources to industrialization by coming up with a resource envelope that value chain can tap in.

The economic blueprint, National Development Strategy 1 identifies the priority value chains however, CZI maintains that that there are deep and embedded challenges which require stimulation kick-start.

“Mechanisms can be put into place to ensure that the resources are accessible only for ring-fenced users with limited possibilities of diversion,” read the statement.

CZI added that efforts should be more on export promotion by minimizing taxation of imports.

“The current export tax regime needs to be reviewed to eliminate and reduce taxes.

“While tax incentives that have been introduced are welcome, the export surrender requirements need to be reviewed downwards especially in the face of exchange rate distortions, which are threatening the viability of exporting manufacturing firms,” said CZI.

The industry lobby called for authorities to give precedence to the increasing the spending power of the population.

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