Buy Zimbabwe Concerned Over Removal Of Import Duty On Basics

9 months agoFri, 12 May 2023 17:41:01 GMT
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Buy Zimbabwe Concerned Over Removal Of Import Duty On Basics

Buy Zimbabwe has expressed concern over the Finance and Economic Development Minister’s decision to remove import duty on basic commodities.

The organisation believes this leaves the local manufacturing industry vulnerable to cheaper imports, jeopardising the industry’s 66% capacity utilisation. The statement was made by the Buy Zimbabwe chairperson, Munyaradzi Hwengwere, on Friday. He said:

We support the government’s focus and fight against inflation and the protection of the consumer from rampant price hikes.

Buy Zimbabwe is however concerned that some of the measures announced such as the scrapping of duty on imported products will reverse the industrialisation gains scored by the Second Republic in the last few years.

This includes the rise in capacity utilisation by industry to 66 percent and the increase in the amount of shelf space taken in wholesale and retail outlets by local good to about 70 percent.

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Buy Zimbabwe has called for an emergency meeting with wholesalers and retailers to discuss the recent decision by the Finance and Economic Development Minister to remove import duty on basic commodities.

The meeting aims to formulate a response that will be presented to the government. Buy Zimbabwe believes that with government support, the local industry can provide cheaper and more competitive products, satisfy local market demand, and export products.

Hwengwere said Buy Zimbabwe remains committed to supporting the production, promotion, and preference of local products and services to preserve jobs, wealth, and pride in Zimbabwe.

Finance Minister Mthuli  Ncube announced a cocktail of measures meant to stabilise the exchange rate and macroeconomy. In a statement seen by Pindula News, Ncube announced several measures, including the exemption of all domestic sales in foreign currency from the 15% surrender requirement, the transfer of all external loans to the Government’s Treasury, further fine-tuning of the Foreign Exchange Auction System, lifting of restrictions on the importation of basic goods, and the creation of a supportive interest rate environment domestically.

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