Govt Prioritizes Local Competitiveness
Government is working on removing all restrictive measures hindering competitiveness as the country moves to re-position itself as Africa’s fastest growing economy.
According to the Minister of Finance and Economic Development, Patrick Chinamasa the government is working to enhance local competitiveness in terms of pricing, delivery, quality, and packaging.
“Government and Buy Zimbabwe are in no way advocating for blind adherence to domestic products.
“In fact, we are all for the enhancement of our local competitiveness in terms of pricing, delivery, quality, and packaging.
“We are cognizant that we are operating in a global economy where we should be in a position to compete internationally and gone are the days when mediocrity could be tolerated,” said Chinamasa.
He added that 75% of the National budget is spent on local suppliers and local contracts, bringing $900 million into the economy.
“In terms of the 2018 National budget provisions, $1.2 billion has been set aside for capital expenditure.
“When 75% of this budget is spent on local suppliers and local contracts, it will help keep $900 million in the economy.
‘With the average multiplier of 2, which will potentially double income by year end the result could be the creation of jobs in excess of 50 000 in infrastructural development projects and the downstream industries.
“On the other hand, municipalities and local authorities spend millions of dollars on capital expenditure annually and procurement of supplies,” he said.
Zimbabwe has over the years battled against policy inconsistencies that have hindered competitiveness of local products in the process widening the trade deficit which in 2016 stood at $2.17 billion and $1.56 in 2017.