Story by Stanley James
LOCAL industry has started operationalising a roadmap to reduce imports by increasing domestic production driven by government interventions.
The signing of a Memorandum of Understanding between Buy Zimbabwe and the Content Creators Association of Zimbabwe set the tone on a commitment by local companies to increase domestic production, promote local goods and create awareness for the country’s brands.
“The initiative is towards embracing Zimbabweans in the products they are buying. However, in all areas across the country, we have new products, yet they are not yet known. The thrust is towards ensuring that our partners spread the gospel of Zimbabwean products given the fact that we have had many people who have become entrepreneurs,” Buy Zimbabwe’s Chairperson, Dr Munyaradzi Hwengwere said.
Government interventions in safeguarding local production are also cited as key in consolidating domestic production gains, with content creators also expected to present strategies in marketing locally produced goods.
“As content creators, we are excited and ready to work with our members in ensuring that the deal is implemented and will fulfill the intended targets to promote the local brands,” Content Creators Association of Zimbabwe’s Chief Executive Officer, Mr Wellington Bakaimani said.
“By working with businesses, there are things that we have to follow to maintain our relationships. Today is, therefore, an exciting day to balance an equation where content creators bring these two entities so that we empower Zimbabweans by marketing the products and ensuring that products are consumed locally.l”
The signing of the MOU is being made as Treasury is projecting the manufacturing sector to grow by over three percent this year, driven by incentives that include Value Added Tax deferment, duty-free importation of certain inputs, tax relief and tax rebates.
Statistics also show that Zimbabwe is reaping milestones in terms of the promotion of local brands as over 80 percent of goods in the markets are locally produced.
An Industrialisation Fund has also been unveiled by the government to resuscitate ailing manufacturing companies.
The expansion of the manufacturing sector is also expected to be driven by increased agricultural output, which will stimulate farming processing firms, especially the drinks and beverages sub-sectors of the economy.
Treasury has also allocated over ZiG$550 million to the Ministry of Industry and Commerce in support of the Zimbabwe Industrial Reconstruction and Growth Plan ( ZIRGP), ( 2024- 2025).
Despite the potential of the manufacturing industry, Zimbabwe continues to spend huge amounts of foreign currency on imports.
