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Manufacturing sector exports up by 54%

BY MTHANDAZO NYONI

ZIMBABWE’S manufacturing sector exports went up by 54% to US$222,6 million in 2018, buoyed by the export incentive introduced by the Reserve Bank of Zimbabwe in 2016, Industry and Commerce minister Nqobizitha Mangaliso Ndlovu has said.

Speaking during a business breakfast meeting held in Bulawayo last week, Ndlovu said exports in the sector went up from US$144,5 million to US$222,6 million in 2018.

“In Bulawayo, Paramount Garments, Tregers and Lobels and PPC Cement make the list of the country’s top exporters in the manufacturing sector and the export incentive introduced by the Reserve Bank of Zimbabwe has aided the companies in achieving this,” Ndlovu said.

In 2016, the central bank introduced export incentives ranging from 2% to 12% in order to promote exports across all sectors.

Ndlovu said his ministry was aware of foreign currency challenges that had afflicted some sections of industry over the past three years.

“It is also important that the business community, retailers, wholesalers and so on support local production and initiatives by organisations such as Buy Zimbabwe,” he said.

Ndlovu also appealed to industry to join hands so that it transforms into a resilient and sustainable sector, able to contribute more than 20% to the gross domestic product.

“On our part, as ministry, we will continue to promulgate policies that speak to this aspiration. We are all bound by the love for our nation, which must propel us to work hard and faithfully for the success of the country,” he said.

Ndlovu said government had also made significant steps in overturning the budget deficits that had bedevilled the country for many years.

“This highlights the commitment to foster an environment conducive for economic growth,” he said.

Source:Newsday

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