More Incentives To Promote Export and Investment Growth

By Taboka Nleya P

The Government is putting in place additional export and investment incentives to promote economic growth by driving export growth, diversification and competitiveness.

This is in partial fulfilment of the National Development Strategy 1 which seeks to accelerate the domestication of existing value chains in order to drive both import substitution and export growth.

According to the Minister of Finance and Economic Development Professor Mthuli Ncube, in a statement , the incentives have been put in place to stimulate exports .

” Government is putting in place export and investment incentives to promote economic growth by driving export growth, diversification and competitiveness.

“Going forward, as we pursue the ideals of Vision 2030, and the objectives of the NDS-1, export growth will play a major role in the economic development of Zimbabwe.

“Higher exports will earn foreign currency remittances; create higher quality and higher productivity jobs; and lower the current account deficit hence improve the overall economic growth of the country , ” reads the statement.

Gold producers who deliver quantities above their average monthly deliveries will be entitled to a retention level of 80 percent on the incremental portion or the gold delivered to Fidelity Printers according to the minister .

“Furthermore, large-scale gold producers that qualify for the 80 percent retention threshold, shall also be entitled to directly export the incremental portion of the gold to enable them to secure funding and gold loans to enhance their gold production. ”

“FPR will facilitate the exportation process for the qualifying gold producers under the scheme.

“Government is also putting in place measures to rejuvenate the gold sector through putting in place a Statutory Instrument that recognises artisanal gold miners and ensures that they enhance their gold production.”

Speaking to Skyz metro fm news reporter Taboka Nleya , Economist Titus Mukove , said it is a welcome development for the government to come up with incentives to ensure economic growth as production in the country will increase the GDP and drive economic growth at the same time preserving and creating employment for domestic firms.

” The country will generate the much needed foreign currency at the same time reducing the import bill because of import substitution that comes with the incentives. Government must continue with polices that drive Value Addition and beneficiation to ensure better exportation of products that include Gold and tobacco , ” he said.

He added that government should close the leakages that are dominant in the mining sector and also reduce levels of corruption for those in the export sector so that the country fully benefits from the schemes .

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