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Thursday, May 23, 2024

Increased production anchors Zim’s AfCFTA export roadmap

Story by Stanley James, Business Editor

INCREASED production has proven to be the anchor of Zimbabwe’s export roadmap as industry targets broadening markets in the African Continental Free Trade Area (AfCFTA).

With Zimbabwe among African economies that are expected to benefit from increased intra-African trade, captains of industry and commerce are focusing on exploring viable markets.

The country’s economy boasts of a comparative advantage in the form of horticulture commodities, tobacco, gold, platinum, chrome, agro-processed goods and beef, among others, and massive beneficiation is also being anticipated to generate more revenues from exports into the continent.

“This is the right time to identify and explore the market needs, taking into account what all other key sectors are doing and combining them with key facets of export development. Of course, there are challenges, but what is key is the right mentality to explore growth of regional markets in light of taking into account the dictates of trade growth and focusing on future development,” said agricultural economist, Dr Reneth Mano.

While the AfCFTA is gradually operationalising the reduction of tariffs and removal of trade barriers, authorities are also calling on industry to scale up competitiveness of locally-produced goods.

“The Competition and Tariff Commission has put in place mechanisms that are designed towards boosting the growth of trade. So we are consistently working with the relevant industries or firms to broaden the scope of business and formulate the right mechanisms that are prudent to foster growth of industry and commerce,” noted senior investigator with the Commission, Mrs Chinyaradzo Phiri.

Government has assured industry that interventions to boost export volumes are being finalised under the Zimbabwe National Industrial Development Policy set to be unveiled next month.

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