Buy Zimbabwe has met with Procurement Regulatory Authority of Zimbabwe (PRAZ) to discuss opportunities for local industries especially in the construction of the Beitbridge- Chirundu highway.
By Tinashe Mapuranga
Buy Zimbabwe has been pushing for local industry participation in infrastructural development projects and is in the process of drafting a local content policy that will see local companies benefitting from government tenders.
According to Buy Zimbabwe, Zimbabwe has been facing economic challenges with foreign firms dominating the local industry while repatriating forex to their mother countries.
“The policy is designed to build the capacity of indigenous firms and provide more opportunities for participation in business,” the organisation said.
Buy Zimbabwe added that the local content policy will be used to leverage the power of public procurement, reduce trade deficit, address market failures, foster infant industry and increase government’s tax base.
“The local Content Policy should stimulate the use of local factors of production, such as labour, capital, supplies of goods and services technology, research and development, to create value in the domestic economy.
“The policy focuses on the procurement of locally produced goods and services and on employment, value addition and beneficiation and development of small and medium enterprises. It also accelerates skills development and skills transfer,” added the organisation.
Together with the Ministry of Industry and Commerce, Confederation of Zimbabwe Industries, Zimbabwe Chamber of Commerce and other stakeholders, Buy Zimbabwe has developed a ‘Draft local Content Policy’ under the rapid results Initiative spearheaded by the office of the President and Cabinet in 2018.
