Gvt approves incremental export incentive scheme 

Government has put in place export and investment incentives to promote economic growth by driving export growth, diversification coupled with competitiveness.

Higher exports will earn foreign currency remittance, create higher quality and productive jobs as well as lower the current account deficit, thus improving the overall economic growth of the country.

In a statement, Finance and economic development Minister Mthuli Ncube said export growth will play a major role in the economic development of Zimbabwe as envisaged in the National Development Strategy 1 (NDS).

“The NDS 1 also seeks to create new and accelerate the domestication of existing value chains in order to drive both import substitution and export growth through innovative incentive and regulatory framework to promote export diversification and competitiveness,” Ncube said.

Government through the Reserve Bank of Zimbabwe has put in place an incremental export incentive scheme that seeks to achieve sound objectives.

“To boost productivity by firms currently engaged in exporting business, generate sustainable growth in export revenue, fine tune the policy on the export receipts retention so that the benefits accrue directly to exporters of goods and services.

“Furthermore, there is need to assist exporters in mitigation against the risks associated with the spread of COVID-19 through digitaisation of export documentation,” said Ncube.

 

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