New Zimbabwe.com

Bimha lauds SI64, says more such laws soon

GOVERNMENT is in the process of formulating more policies that will help resuscitate local industries after the “success” of the Statutory Instrument 64 (2016), a cabinet minister has said.
The controversial statutory instrument came into effect last year amid uproar from the public after it tightened screws on the importation of basic commodities including food items, building materials, furniture and toiletries among other goods.
But, according to the minister of industry and commerce, Mike Bimha, the controversial law has seen a number of companies managing to recapitalize and increase capacity utilization in reviving the country’s ailing economy.
Bimha said this at the weekend at the launch of the Zimbabwe National Chamber of commerce Masvingo branch.
He said government will continue to come up with similar polices and strategies which include the local content and procurement policies, industrial development policy and the national trade policy to support SI64.
“My ministry is finalizing the formulation of the industrial development policy and the national trade policy of 2017 – 2021.
“These policies are meant to promote, strengthen and increase industrial growth, job creation as well as exports,” Bimha said.
He said government places the issue of competitiveness among companies high on the agenda and local companies should take advantage of the special economic zones to improve their business environment and attract foreign and local investment.
“Government is encouraging companies to adopt internal evaluations through taking a closer look at their cost book structures with a view to reducing operating costs as well as prices of finished goods and services in order to become more competitive.
“Government is also spearheading the ease of doing business in the country by removing unnecessary bottle necks for the environment to become conducive and attractive for investment,” said the minister.
 
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