Ruth Chinhema in Victoria Falls

CBZ Holdings yesterday unveiled a $12 million housing project in Victoria Falls that will see the financial institution servicing nearly 1 200 residential stands as part of its efforts to complement Government’s efforts to provide houses. The housing project that would be implemented in Chinotimba and Mkhosana townships in will see CBZ availing 1 174 residential stands to low income earners in the resort town.Of the 1 174 stands, 1 008 will be high density housing and the remaining 166 stands would be for medium density housing, which is in line with the financial institutions’ strategy to deliver low cost housing.

Servicing of the land is expected to begin in December. Speaking at the ground breaking ceremony here yesterday the Deputy Minister of Local Government, Public Works and National Housing Cde Christopher Chingosho said the country’s housing backlog of 1, 25 million was a total order that should be confronted collectively in a thorough and robust manner by all stakeholders involved.

“As you are aware, housing provision is an engine for economic growth all over, serving as a barometer to gauge any nation’s level of economic growth and development.

“This demands that we put our heads together, pull in one direction, leverage resources from the Government, private sector, housing financial institutions and the housing fraternity. This joint venture, therefore bears testimony towards the trajectory or approach and bodes well for posterity,” he said.

To date CBZ has channelled $70 million towards various housing projects comprising low, medium and high density schemes as a private developer or in conjunction with municipalities across Zimbabwe.

CBZ developed more than 1 000 stands in Gweru and also serviced residential stands in the Grange, Harare, Chikanga in Mutare, Mbizo in Kwekwe, while plans for similar projects are already underway in Bulawayo and Marondera.

CBZ Holdings chief executive Mr Never Nyemudzo said the Victoria Falls housing project was one of the many housing initiatives that the financial institution was working on as part of its thrust to contribute to housing delivery as espoused in the country’ s economic blue print, Zim-Asset.

“This early step is one of the many that testifies the Group’s contribution to the economic policies currently in place especially under the infrastructure cluster regarding socio-economic transformation.

“We endeavour to fulfil the commitment to use our technical and financial expertise to allow for sustainable housing development at a cost that creates space for first time home buyers in and around the town of Victoria Falls, “ he said.

The housing waiting list in Victoria Falls currently stands at 15 000, while more than 1,2 million people are in need of houses throughout Zimbabwe.

Meikles Africa, a diversified company that jointly owns TM Supermarkets with South Africa’s Pick n Pay, is expanding its agribusiness unit, Tanganda Tea Estates in the Chipinge district of Manicaland, revealing ambitious plans to grow coffee, macadamias and avocados in the Eastern Highlands region of the country.In an update this week, the Zimbabwe Stock Exchange-listed firm said it had also formed Meikles Centre Mining which will explore and develop gold, tantalite and iron-ore properties in the country.

The company, which is already growing 2 600 hectares of tea, said it was putting 700 hectares under macadamia, 400 hectares under coffee and 500 hectares under avocado. The new project aims “to create even more work and revenue opportunities for the people in Chipinge area and add greatly to the foreign currency earnings of Zimbabwe.”

Like most agribusinesses in the country, including Triangle Sugar Corporation and British American Tobacco Zimbabwe, Tanganda also boasts of an extensive network of out growers.

“We have in excess of 1 500 out growers right now. The out growers provide their land and do all the required land preparation and buy tea seedlings from Tanganda at a subsidized rate,” it said.

“We provide fertiliser and other chemicals for which the out grower pays from the proceeds of his crop. Our out grower manager and his two extension officers visit the various farmers at least once a month providing guidance and advice which they do not pay for.”

The company added that it sends tractors to collect the reaped crop at a reduced charge and then pays for the crop and processes it.

Meikles Africa also said Tanganda was the largest employer in the Chipinge district, employing an excess of 4 000 people at peak season and their wages went back into the community.

“We ensure uninterrupted electricity supply by prepaying our Zesa bills and this enables a vast part of the Chipinge district to benefit. Tanganda plays an important role in maintaining public roads which benefits many people and furthermore we provide our trucks to transport people to important public events in the area.

“The five clinics on our Estates play a significant part in the lives of our workers and the surrounding communities as they are open to anyone needing medical care.

Meikles Africa, whose other ventures include city and resort hotels, supermarkets and departmental stores, said earlier this month that it achieved an after-tax profit of $6,5 million in the year to the end of March this year, compared to a loss of $3,4 million in the comparative period the prior year. —New Ziana

Merc GLE 500 4MATIC

Tinashe Makichi : Motoring

Dynamism, assertiveness and the art of letting go. Individuals that are able to combine these capabilities exude a special calm, appreciate their achievements and know how to enjoy every moment intensely. This is the experience that people will enjoy in the new premium SUV from Mercedes-Benz, the new GLE 500 4MATIC.This SUV has electrifying power. It combines a powerful 3.0-litre V6 combustion engine and an electric motor with an externally chargeable lithium-ion high-voltage battery.

The V6 unit develops 245 kW (333 hp), has a maximum torque of 480 Nm and achieves a top speed of 245 km/h.

Together with the electric motor’s 85 kW (116 hp) and 340 Nm of torque, combined fuel consumption is 3,3–3,7 litre per 100 km. Thanks to Intelligent Hybrid – the highly efficient, anticipatory operating strategy.

Every braking phase provides an energy boost, while the combustion engine is deactivated during overrun phases.

Functions such as the optional radar-based recuperation and the four operating modes ensure impressive energy performance.

When powered solely by the electric motor, the vehicle has a range of up to 30 km and a top speed of 130 km/h – with zero local emissions.

Intervening where necessary, holding back where possible, this poise and assurance is part of the optional driving assistance package plus.

It combines safety and assistance systems that take the strain off the driver, reduce accident risks and improve protection of the occupants and other road users.

Brake assist bas plus with cross-traffic assist and pre-safe brake can reduce the risk of accidents at junctions, rear-end collisions and collisions with pedestrians, particularly in urban traffic.

Active lane keeping assist and active blind spot assist provide support when the vehicle unintentionally leaves its lane or if there is a risk of a collision with other vehicles when changing lanes.

One-sided braking intervention can help return the vehicle to its lane and prevent an accident.

Pre-safe plus extends the functions of the pre-safe occupant protection system with specific measures when a rear-end collision threatens.

Distronic plus with steering assist and stop and go pilot helps the driver to maintain a safe distance from the vehicle in front and stay in the centre of the lane.

The best as standard. The roof rails, the beltline trim strip and the load sill guard feature a chrome look.

The vehicle’s thermatic automatic climate control ensures an ideal interior climate when on the move, while crosswind assist enhances safety.

Its optional exclusive interior includes comfort seats in leather with an exclusive seat upholstery layout and a premium

Dashboard in ARTICO man-made leather. It has absolute dynamism even when at a standstill.

Both on the outside, with specific AMG front and rear apron, AMG side sill panels in the body colour and AMG 5-spoke light-alloy wheels painted titanium grey with a high-sheen finish.

And in the likewise optional AMG Line interior where sports seats in ARTICO man-made leather with contrasting topstitching, the easy-grip 3-spoke multifunction sports steering wheel and the sports pedals underscore the sporty character.

Illustration shows optional 5-twin-spoke light-alloy wheels, Code 65R. Sporty and expressive, based on the AMG body styling, the optional night package adds further emphasis with high-gloss black elements such as the louvre in the radiator trim, the exterior mirrors and the simulated front and rear under guards.

The roof rails and the beltline trim strips are kept in black beguiling the AMG 5-twin-spoke light-alloy wheels.

Its dark-tinted glass provides a degree of privacy from the rear doors onwards.

There is also embodiment of passion for high performance, with hallmark AMG features such as the front and rear apron, painted side skirts and flared wheel arches.

The AMG has multi-spoke light-alloy wheels painted titanium grey with a high-sheen finish.

Zambian Minister of Commerce, Trade and Industry Margaret Mwanakatwe (centre) being shown some of the Zimbabwean products at the ongoing Zambia Agricultural and Commercial Show. Looking on are ZimTrade communications manager, Mr Dillon Kamutenga (right) and ShoePack general manager Mr Thembinkosi Wena

Happiness Zengeni in LUSAKA, Zambia

ZIMBABWEAN companies have not taken advantage of Zambia’s proximity to exploit huge trade opportunities within that country, as it emerged it accounts for only 3 percent of the export market. According to the latest trade data from Zimstats for the six months to June, Zimbabwe’s major export markets include South Africa (78 percent), Mozambique (9 percent), UAE (5 percent); Zambia (3 percent) and Belgium (2 percent), among others.Zimbabwe major import sources include South Africa (39 percent), Singapore (23 percent), China (8 percent), Zambia (4 percent) and India (4 percent).

ZimTrade Operations director Allan Majuru said that currently Zimbabwe’s exports contribute less than 1 percent to Zambia’s total import bill with countries like Kenya and South Africa contributing more.

“There is need for Zimbabwean companies to leverage on the proximity to Zambia to increase our export share contribution. There are a lot of opportunities in Zambia given that we have similar cultural patterns.

“This is the reason why as ZimTrade we are actively promoting exports into the country,” Mr Majuru said.

ZimTrade is currently leading Zimbabwean companies at the ongoing Zambia Agricultural and Commercial Show here.

“Export promotion is one of the key aspects towards enhancing the growth of Zimbabwe’s economy. That is the reason why we are facilitating the participation of local companies in international trade fairs with a particular focus on the region, due to the various opportunities that exists.

“Given the prevailing cash crisis and liquidity challenges, the need to energise the growth of our exports cannot be over emphasized,” he said.

For the first half of the year, exports decreased by 9 percent, $1,1 billion, compared to the same period in 2015.

Although the trade deficit decreased by 17 percent at $1,4 billion, compared to the same period in 2015, this was mainly attributed to the 13 percent, decrease in imports, compared to the same period last year, as a result of import controls put in place by the Government.

The participation at the Zambia show presents an opportunity for Zimbabwean companies to boost trade given both countries are members of the COMESA and SADC preferential trade schemes.

These trade arrangements offer zero duty on the importation of pharmaceutical products which meet the qualifying rules of origin.

Meanwhile, Zambia’s Minister of Commerce, Trade and Industry Margaret Manakatwe, was impressed with the quality of goods during her tour of the Zimbabwe pavilion.

She highlighted that the presence of Zimbabwean companies gives a positive brand image about what the country has to offer.

Conrad Mwanawashe in BULAWAYO

Zimbabwe is racing to clean its balance sheet ahead of the international financial institutions’ board meetings expected in October for the country to be considered for fresh capital. At the October 26 meetings, the boards of the African Development Bank, the World Bank and the International Monetary Fund are expected to consider Zimbabwe for a funding programme and therefore it is imperative for the country to have cleared the $1,8 billion arrears to show commitment to dealing with the debt overhang.Zimbabwe owes multilateral and bilateral creditors about $10 billion but arrears have run into $1,8 billion.

Presenting a paper at the ongoing Confederation of Zimbabwe Industries 2016 congress, Reserve Bank of Zimbabwe Governor John Mangudya said clearing arrears could solicit a favourable response from the IFIs.

“We are doing what is humanly possible; we need to pay our arrears by the time the boards of the International Financial Institutions meet,” said Dr Mangudya.

“I understand that the boards of African Development Bank and IMF will meet sometime in October. We need to show commitment to these boards. We cannot get any money before we clear our arrears.

“The boards will meet to consider whether Zimbabwe can qualify under Pillar 2, which is sometimes called a Fragile State Facility. There are only four African states which are considered as fragile states.

“The three others are Eritrea, Sudan and Somalia. We may qualify under Pillar 2. However, we need to show commitment by paying our arrears

“For the IMF we cannot get money without paying so we need to have a business plan for Zimbabwe. We are trying to cleanse the balance sheet of Zimbabwe. Our wish and prayer is that we should pay just before the board meeting.”

Dr Mangudya also commented on other wide ranging issues relating to the financial services sector and the economy in general.

He noted the growth in the use of plastic money saying about $5,5 billion moved through the electronic payment system from $5,4 billion moved in June.

Point of sale transactions grew to $19,3 million in June up from $18,3 million in May.

Volumes on the Real Time Gross Settlement system also grew to $4,5 billion in June from $3,9 billion in May.

“We thank Zimbabweans for a good response to the policy measures. So the measures are working and queues in the banks have shortened. We want to thank Zimbabweans for use the electronic payments systems,” said Dr Mangudya.

On export incentives, Dr Mangudya said if bond notes were to be introduced today, exporters would be entitled to $36 148 455 from total export earnings of $891 549 260.

Monetary authorities introduced the export incentive scheme, backed by a $200 million Afreximbank facility. The bond notes are coming as a funding mechanism of the export incentives to the banking sector.

“Since we announced the policy measures any exporter who exported between May 5 to date is entitled to five percent or 2,5 percent incentives depending on the size of the company. If the bond notes were there today they would get over $36 million as export incentives,” said Dr Mangudya.

Jeffrey Gogo Climate Story
THE number of elephants in Zimbabwe has dropped 6,8 percent to 82 000 in 2014 from 88 000 three years earlier due to increased poaching, illegal trans-border trade of live animals and poor funding, according to the African Wildlife Foundation. “The emergence of a new elephant poaching tactic — lacing of waterholes with lethal cyanide — has resulted in deaths of not only elephants in Zimbabwe, but other wildlife,” said Kennedy Wekesa, AWF spokesperson, by email.

Already faced with extinction, hundreds of elephant have died in the Hwange National Park in the country’s north-west, and elsewhere, in recent years, as poachers poison watering holes or salt pans with cyanide, a deadly and fast acting chemical compound.

By using poison, poachers avoid the risk of a gunshot being overheard by rangers. This is an emerging sophistication in wildlife crime that has got authorities and conservationists greatly worried.

“But it is also the increased trafficking of live game across the borders, inadequate resources for wildlife protection and enforcement and human wildlife conflict that is the trigger for decline of elephants in Zimbabwe,” said Mr Wekesa.

The elephant is poached for its tusks which have a lucrative underground market in Asia. Across Africa, more than 30 000 elephants are killed illegally for this purpose each year, according to the AWF. Officials here are now lobbying against a global ban in commercial ivory trade.

Earnings from ivory will help with control of Zimbabwe’s huge elephant herd, Africa’s second largest, which has often times destroyed food crops and vegetation. Environment Minister Oppah Muchinguri Kashiri said last week that Zimbabwe was sitting on 96 tonnes of ivory worth millions of dollars.

She is hoping that world governments will see the light when they meet for the Convention of International Trade in Endangered Species (CITES) conference in South Africa later this year, and reverse the ban.

After all, the ban is predominantly sponsored by rich countries — who have no experience at all living with the world’s biggest land mammal daily in their lives — and a few other African countries with tiny elephant populations, and whose poor wildlife management plans are funded from outside.

Kenya, which recently burnt 105 tonnes of ivory in support of a complete ban in the trade of ivory, has received $150 million from the US to fund wildlife conservation for the next couple of years. By contrast, Zimbabwe’s conservation is mostly funded by the cash-strapped central Government, and from the multi-million-dollar trophy hunting industry.

It is not clear how many elephants have actually been trafficked out of the country, but the Zimbabwe Parks and Wildlife Management Authority (ZimParks) has considered selling, or eventually sold, dozens of young elephant to China and the United Arab Emirates, legally.

“Zimbabwe has opted for non-lethal options in the management of its elephant population,” the ZimParks says on its website. “Elephants are being captured and relocated within and outside the country to alleviate ecological pressure . . .”

And as habitat loss widens due to agriculture, urbanisation and theft of game reserve perimeter fence, human-wildlife conflicts have escalated. During the first quarter of 2015, over 25 people were killed in encounters between villagers and wild animals like an elephant, lion, hippo and crocodiles. At least 12 elephants were killed in return, the ZimParks says.

The African Wildlife Foundation, which is on a ‘zero tolerance against poaching and wildlife trafficking’ campaign — said African governments needed to do more to control poaching, and to boost the elephant population.

Concerned Africa’s wild lands will not be the same without its key wild animals like the elephant, the AWF said governments should: “enact strict and punitive legislation for wildlife crime, and prosecute wildlife crimes aggressively regardless of the party, status, nationality or relationship of criminals.”

Further, governments should now speak out more, and authoritatively too, concerning their own wildlife while looking to “collaborate and lead by instituting moratoriums on ivory trade, and sending unambiguous messages about trade during the poaching crisis.”

According to a CITES study, the elephant population in Zimbabwe has climbed sharply in the past 40 years due to prudent conservation. Aerial surveys show there was an estimated 46 000 elephants in the country in 1980; at least 58 600 in 1989; and some 64 000 in 1995. These figures are, however, disputed by other conservationists.

But the ZimParks is not ashamed of the work it’s been doing. “. . . at our own expense as a country, we have burdened ourselves with the huge costs of managing abnormal elephant populations for the benefit of the entire world,” it says.

In Africa, wildlife numbers are dwindling. There is only 475 000 elephants left in the wild from 1,3 million in 1970, data from the African Wildlife Foundation shows. Black rhino populations have plummeted to just 5 000 in 2014 compared to 65 000 fifty years ago.

The rhino is another poacher’s favourite. Its horn can fetch as much as $15 000 per kg on the black market. And each horn could weigh 5kg or more.

Although the lion population has plunged from 200 000 in 1964 to between 20 000 and 35 000 in 2014, Southern Africa has reported greater success in lion conservation compared to West Africa whose lions are categorised “critically endangered” due to prey decline, according to the International Union for Conservation of Nature.

Increases have been reported in white rhino and mountain gorilla numbers that have soared 466 percent and 227 percent, respectively, during the period under review. Experts say the loss of species results in biodiversity loss and ecosystem degradation, diminishing the quality of human lives and basic economic security. By saving species people save biodiversity and the ecosystems that provide the natural resources needed to survive.

God is faithful.

jeffgogo@gmail.com

Food World is Zimbabwe’s premier independently owned supermarket group. The company currently operates 6 supermarket branches and employs Zimbabweans from diverse backgrounds in the hundreds. Recently Food World began focusing on its Online Shop, (found at http://www.foodworld.co.zw) which was launched in 2014. With its renowned service delivery, and value for money, Food World is offering a very attractive package for those who want the convenience of shopping in the comfort of their home.

The platform has proven to be very popular with Zimbabweans who live abroad and need a hassle free way to get groceries to their loved ones who may not have access to supermarkets close by, or are incapacitated in one way or another.

Besides the ease of use, the swiftness, and the general convenience of the platform, what other reasons may one want to do their grocery shopping online?

Well, studies have uncovered several indirect benefits to online shopping and you might want to enjoy them too.


Besides allowing you to be more in control of your time, online grocery shopping helps you avoid one of the biggest pitfalls of shopping: Letting your stomach be your shopping guide, which can lead to many unhealthy purchases.

Some researches have found that people who do their grocery shopping online make healthier choices.

Shopping online also helps preserve the environment and saves on fuel. It saves you the hustle of queuing up to catch a commuter omnibus, finding a car park spot.

Shopping online helps you to spend wisely  as you will be constantly aware of the amount you have spent before you checkout,  so you  have more  control over your expenditure.

Most online stores charge a fee for delivery. At Food World we charge a flat fee of US$10 for all deliveries within a 25km radius from the Harare Post Office.  We currently have free delivery for all purchases over $100 for a very limited time. So make sure you log on to www.foodworld.co.zw

Online Specials Are Available
By shopping online, you can score great deals with online specials that store shoppers can’t get. The best part is that instead of driving all over town to get sale items at various supermarkets, it only takes a single click of a button to take advantage of the best online deals.

How do you shop online?
Shopping on the Food World website is very simple.

1.    Log onto www.foodworld.co.zw
2.    Click on the “ADD TO CART”
3.    Create an account by clicking on “create” at the top of the page.
4.    Finish choosing your products and click on Check Out and follow the instructions. We accept ALL major forms of payment including Eco-Cash, Visa, ZimSwitch.

Zimfund’s Phase One projects included the construction of a 10-mega-litre water tank in Mutare

Business Reporter
The Zimbabwe Multi Donor Trust Fund Phase One project has been completed successfully, the African Development Bank has said. The AfDB was requested by the seven donors to establish and administer the Zimfund facility. Under the phase One , the Zimfund has managed to provide for the Urgent Water Supply and Sanitation Rehabilitation Project Phase 1 in Mutare, Masvingo, Kwekwe, Chegutu, Harare, and Chitungwiza on the water side.

On the Energy side the facility has provided funding for Emergency Power Infrastructure Rehabilitation Project for the rehabilitation of the transmission and distribution systems of the power network in Zimbabwe as well as the rehabilitation of the Ash plant at Hwange thermal power station.

The AfDB however intends to hire a consultant for the provision of consultancy services to conduct evaluation of the project outcomes of the two projects which falls under the Phase One.

“Zimbabwe Multi Donor Trust Fund now invites eligible firms to indicate their interest in providing these services. Interested firms must provide information indicating that they are qualified to perform the services (description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, among others.

“Firms may constitute joint-ventures to enhance their chances of qualification,” said the AfDB in a statement.

The overall objective for the consultancy assignment is to carry out an end of project evaluation for the Urgent Water Supply and Sanitation Rehabilitation Project Phase I, as well as the Emergency Power.

The evaluation of project result/outcomes will assess the extent to which the project has achieved intended as well as unintended results. Additionally, the evaluation will review all programmatic aspects of the UWSSRP I and the EPIRP I focusing on the target groups and beneficiaries, outputs, outcomes, challenges, and lessons learnt.

“To facilitate urgent assistance to Zimbabwe, seven Donors established a Multi-Donor Trust Fund the purpose of which was to provide additional resources required to continue with rehabilitation works in order to restore the services in the country,” said AFDB.

The African Development Bank recently completed the $10,5 million refurbishment of the Hwange Ash Plant under the Zimbabwe Multi-Donor Trust Fund, The Herald Business can reveal.

The operationalisation of the refurbished plant has a desirable impact to the residents of Hwange as it is expected to improve provision of adequate and reliable power supply in an environmentally sound manner.

The investment made towards rehabilitation falls under the phase one project that entails rehabilitation of key power sector assets in the generation, transmission and distribution systems.

The National Social Security Authority (NSSA) recorded a major slump net profit to $32,3 million for the full year ended December 2015 from $104 million in 2014 on the back of revaluation losses, financial results released on Friday show. In the period NSSA saw its income decline to $331,2 million from $335,2 million the previous year as collections fell while investment earnings also dropped to $22,8 million from $35 million.

“The net revaluation loss on investments, property and land and buildings was $87,5 million,” said acting general manager Dr Henry Chikova. “Total assets decreased from $933,9 million in 2014 to $916 million in 2015.”

Dr Chikova said while the number of employers grew to 28 739 from 27 246, the tough operating environment saw some companies that previous contributed to NSSA either closing or sizing down operations.

“The increase (in number of employers) is not a reflection of economic growth but a fragmentation into smaller companies,” Dr Chikova said. “The sluggish economic performance characterised by a deflationary environment and retrenchment of workers following the July 17 (2015) Supreme Court ruling also meant that there were fewer employees contributing to the schemes.”

Number of pensioners shot up 6 percent to 180 289 during the period as claims and benefits paid also increased to $130 million from $125 million the previous year.

During the period, the Government appointed a new NSSA board chaired by chartered accountant, Robin Vela which was tasked with taking the pension fund out of troubled waters after its former management had lost millions of pensioners’ funds in questionable investments.

NSSA is one of the economy’s biggest institutional investors and is a major player on the Zimbabwe Stock Exchange. Mr Vela said the board was putting in place a new management team that was expected to “restore confidence in the authority and social security system.”

“Soon after its appointment, the board put a moratorium on new investment, firstly to allow for the evaluation of the existing portfolio and secondly to “draw a line in the sand” between historically delinquent decisions and a fresh dispensation expected to begin after appointment of the executives,” he said.

While NSSA hunts for a new CEO, the board has overseen appointment of new top executives such as chief investment officer, chief strategic assets officer and chief property investment officer to help restructure the pension’s funds investment portfolio. — New Ziana.

Business Reporter
Dairibord Zimbabwe scooped the Confederation of Zimbabwe Industries Company of the Year award for the second year running. The Zimbabwe Stock Exchange-listed group beat fellow listed companies Afdis and Colcom that were first and second runner up respectively. Clothing and textiles maker, Paramount Garments scooped the Exporter of the Year honours ahead of first runner up Varichem Pharmeuticals while Schweppes Zimbabwe picked the second runner up spot.

For the Exporter of the Year, the adjudicators looked at the 2013-2015 period. N Richards walked away with the Buy Local Award ahead of OK Zimbabwe and MetroPeach, who were the first and second runner up respectively.

Tobacco Processors Zimbabwe was the toast of the National Energy Efficiency Awards. SinoZim was the first runner up followed by Delta Beverages Bulawayo. Regional winners in the category were Delta Beverages Bulawayo which took the honours for Matabeleland, SinoZim, Midlands, TPZ, Mashonaland and PetroZim, Manicaland.

The winners received their accolades at the Confederation of Zimbabwe Industries annual congress which ended last Friday. The congress was held under the theme “Strengthening Value Chains for Sustainable Industrialisation and Economic Development”.

Industry and Commerce Minister Mike Bimha, who was guest of honour at the congress presented the winners with their medals.

Golden Sibanda Senior Business Reporter
Zesa Holdings, which had planned to spend $1,5 billion on capital projects, says the rejection by Zimbabwe Energy Regulatory Authority of its proposal for a tariff hike will put a strain on the utility. The power utility said such an amount of capital outlay would enable it to generate 11 440 gigawatt hours compared to 9 000Gwh that it had targeted to send out last year.

Zera rejected the proposal for an increase of the power tariff by 14 percent to 14,69c/KWh, declaring instead that the tariff remains at 9,83c/KWh. The regulator said that it had considered the state of the economy and Government efforts to improve the ease of doing business.

Zesa has come under increased pressure to grow its revenue inflows to import enough power from the region, including South Africa’s power utility, Eskom, which is paid about $6 million upfront monthly.

Zesa said that changes to the country’s power mix, which now includes a more significant portion from imports, will put the power utility under strain given that the last tariff hike was effected as far back as 2012.

ZETDC prepays power imports to Eskom alone at $6,6 million a month, which supplies it with between zero and 300MW under a non-firm agreement, which sees Eskom export when it has excess power.

Zesa’s transmission and distribution unit also gets a good portion of its power imports from Mozambique’s power utility Electricidade de Moçambique and Lunsemfwa Hydro Power Company of Zambia.

“While our 2016 tariff application has not been approved, Zera (Zimbabwe Energy Regulatory Authority does acknowledge the fact that there has been a change in the generation mix,” said Zesa spokesman Fullard Gwasira.

He said that the absence of a power tariff hike will have a negative effect on Zesa’s capital expenditure and its maintenance works. “Changes in the generation mix will obviously put a strain on the utility, especially in the immediate term before we realise any cost savings, given the fact that the last tariff increase was four years ago in 2012.”

Mr Gwasira said the fact that Zesa was able to keep the lights on for the past four years, without a tariff hike, reflects the efficient interventions management has managed to put in place over the years.

Zimbabwe has been facing acute power shortages, due to limited generation capacity at some of its old major power stations, and also due to reduced hydro power output at Kariba South to avoid depleting the lake but has been bridging the deficit with imports.

Walter Muchinguri Assistant Business Editor—
Although gross revenue collection for the first half of the year fell 9,31 percent to $1,65 billion compared to the prior period Zimra reports a 10,87 percent improvement in revenue collected during the second quarter of the year, which amounted to $866,96 million, compared to $782 million collected in the first quarter. The total revenue in both quarters was 6,03 percent below the target of $1,75 billion according to the revenue performance report issued by Zimra

Zimra board chairperson Mrs Willia Bonyongwe attributed the improvement in revenue collected to measures being implemented by the authority. “Since the beginning of the year, the Zimbabwe Revenue Authority (Zimra) has been seized with the matter of improving operational efficiency and effectiveness, eradicating corruption and increasing the level of compliance amongst the taxpayers.

“The efforts are beginning to bear fruit as demonstrated by the gradual improvement in the revenue performance over the first half of the year which was more evident towards the end of the second quarter of year. The impetus is expected to continue into the second half of the year despite the forecast decline in economic growth,” she said.

Total refunds paid during the first half of the year stood at $98,73 million, comprising Value Added Tax (VAT) (99,21 percent), Customs Duty (0,47 percent) and Non-Tax Revenue (0,32 percent).

This resulted in net revenue collections for the period declining to $1,55 billion, compared to $1,66 billion for the same period in 2015. The bulk of the revenue for H1 was realised from Individual Tax, which brought in $345,1 million representing 22,95 percent followed by Excise Duty at $313,6 representing 20,24 percent.

VAT on Local Sales at $284,5 contributed 18,37 percent while VAT on imports at $169,9 contributed 10,97 percent. Mrs Bonyongwe said the tax debt rose by 33,50 percent to $2,63 billion by the end of H1.

“Of this, $1,45 billion was the principal, while interest amounted to $641,51 million and penalties amounted to $542,63 million. In terms of the origin mix, 14,50 percent emanated from parastatals, 8,58 percent from councils and municipalities, and the remaining 76,92 percent was from private entities.

“Over 70 percent of the debtors are still operational and Zimra is engaging them to ensure that current obligations are met, and at the same time arranging for the repayment of the old debt. Those with debts are advised to approach Zimra offices for the way forward,” she said.

At least four revenue heads DFIR (tax on dividends, interest, fees and remittances) VAT on Local Sales, Withholding Tax on Contracts and Other Indirect Taxes performed better during the period under review compared to the same period last year. “VAT on imports marginally surpassed the set target for H1 but going forward, this should be dampened by the blend measures to curb imports and revive local industrial production.

“These measures are the reason why imports fell by 18 percent during the period under review. The revenue head is expected to decline in performance but it is hoped that the losses under this revenue head will be compensated by other measures designed to stimulate the economy which would have positive impact on Local VAT, PAYE and Corporate Tax, among others,” she said.

“Notwithstanding the depressed economic environment, VAT on Local Sales for H1:2016 was 38,82 percent above prior year. This significant rise is attributable to the benefits of automation, specifically the efficiency arising from finalising the Fiscalisation Project and the roll out of the Tax Management System (TMS).

“Full automation of Zimra systems is expected to improve revenue inflows and compliance across all tax heads. It is also expected to make it more difficult to commit fraud or engage in corruption.”

Going forward, Mrs Bonyongwe said Zimra will be speeding up the automation process, connecting in real time the fiscal devices which were installed from 2011, and linking them to the Zimra servers by September this year.

She added that the roll out of the Tax Management System has also gained impetus and more and more companies are being linked directly to the TMS devices, or having their servers directly linked to Zimra.

“The roll out of the fiscal gadgets will gather momentum in H2:2016. The legislation will be changed to obligate everyone to use fiscal gadgets and produce fiscal receipts.

“This will necessitate improved connectivity throughout the country, and in this regard Zimra supports initiatives by the Ministry of Information Communication Technology, Postal and Courier Services to promote sharing of infrastructure amongst players in the telecommunications industry.

“The Electronic Filing Programme is also progressing well. The pace of automation, given the capital constraints, is satisfactory. However, it is regrettable that due to bureaucracy Zimra missed the deadline for implementing an in-house Cargo Tracking System at the end of June,” she said.

Mrs Bonyongwe said they were happy with the quality of data being processed through the automation systems which shows the level of honesty/dishonesty in the declarations filed by taxpayers.

“Quite a significant number of people consistently under-declare their revenue returns and are now faced with huge bills. Yet others tend to customarily cut deals with Zimra officials at the border or in the offices.

“Unfortunately, this is working out to be a very costly endeavour. Zimra is catching up with all these people and they will have to pay what is due to Zimra, and probably with penalties and interest. The results of an audit for imported vehicles revealed grave under-declarations and this will be broadened to other imports and even direct tax payments. Zimra is obligated to make good any such prejudice and will apply the law. The law will equally be applied to Zimra officers who will be found on the wrong side,” she said.

Business Reporter

ZimTrade, the country’s trade development and promotion organisation, said the Netherlands offers a growing market for organic fruits particularly dates, figs, mangoes, pineapples, avocados and guavas. Organic produce refers to how farmers grow and process agricultural products, such as fruits, vegetables, grains, dairy products and meat.Generally, organic farming excludes the conventional methods of fertilising and weed control.

It, however, includes the use of natural fertilisers to feed soil and plants, and crop rotation or mulch to control weeds.

The import bill for mangoes, mangosteens and guavas in The Netherlands has been on an upward trend, increasing by 38 percent from $197 million in 2011 to $272 million in 2015.

The Netherlands is one of the largest importers of fresh mangoes and other fruits (under HS code 080450) globally, as it does not produce these fruits.

Therefore, it is entirely dependent on imports.

In 2015, amongst the European Union (EU) 28 member countries, The Netherlands accounted for 25 percent of the total import bill ($929 million) for mangoes, mangosteens and guavas.

It was followed by Germany and the United Kingdom, both at 18 percent.

The Netherlands imports the bulk of its mangoes between November and May, which coincides with Zimbabwe’s mango harvesting season (December to mid-April).

The interim Economic Partnership Agreement offers opportunities for Zimbabwe to export its fresh produce to the EU bloc duty free and quota free.

Consumers in The Netherlands prefer fibreless, juicy and tasty mango varieties with a red-yellowish colour.

Some of the varieties include Ataulfo, Francis, Haden, Keitt, Kent and Tommy Atkins.

According to the United Nations Economic Commission for Europe (UNECE) Standard FF-45, mangoes to be exported should meet the requirements regarding size, tolerances, presentation, marking and quality. The quality checks (minimum requirements, maturity requirements and classification) for mangoes are carried out at the export-control stage after preparation and packaging.

Zimbabwean companies in the food and agro-processing sector now have access to a new Chromatography Trace Elements Testing Laboratory.

The facility was made possible through the EU-funded Trade and Private Sector Development Programme as part of efforts to upgrade the national standards, quality assurance and testing infrastructure in Zimbabwe.

The laboratory is housed at the Standards Association of Zimbabwe head office in Harare.

It can assist mango producers/exporters in testing their products for safety and quality in order to ensure that they meet international standards for export. Commercial production of mangoes in Zimbabwe has been minimal.

According to a study done by Farming Solutions for Windmill (2014), there is untapped potential for good quality mango farming in Zimbabwe. The study indicates that a range of improved mango cultivars with exceptional skin colour and excellent internal quality as well as flavour, which were bred in Florida, have been cropping well on a research station in Chiredzi.

Martin Kadzere : Senior Business Reporter

LOCAL horticultural company, Nhimbe Fresh Exports says it is targeting revenue of nearly $30 million in the medium term, driven by growth in sales volumes of high value fruits. Chairman Mr Edwin Moyo said Nhimbe, formerly Lonrho Fresh Exports, was looking at expanding production of blueberries, raspberry and stone fruit in the next four years.Mr Moyo bought 49 percent shareholding of Lonrho Fresh Exports from Lonrho African Holdings in January this year, giving him the entire stake of the horticultural firm.

“In terms of the topline, we are at $12 million and we are projecting to be at $19 million by 2018 and $29 million two years later.

“This will be driven by increased production of high value crops,” said Mr Moyo.

The company would expand production of blueberries to 60 hactares from the current five hectares; stone fruit to 100 hactares from 82 hactares while raspberry production would be expanded to 30 hactares from 12 haactres, said Mr Moyo.

Most of the products will be exported to supermarket chains in Europe, particularly the UK.

Apart from high value crops, revenue growth will also be supported by potatoes, mangetout peas, sugar snaps, strawberries and tobacco.

The company was looking at exporting between 800 and 1 000 tonnes of sugar snaps and 2 000 tonnes of stone fruit.

“Because of import restrictions on some of the agricultural products, the company will increase production of some of these crops to meet local demand,” said Mr Moyo.

He said the company is also working on transforming social welfare of the employees by putting them on pension scheme and providing medical aid and funeral cover.

The company employs 1 500 workers.

“These are our important assets and we are working on improving their welfare.”

Tinashe Makichi : Business Reporter

The Common Market for Eastern and Southern Africa Competition Commission said the establishment of a regional one-stop shop competition authority is critical in carrying out advocacy programmes which can be financially challenging for individual member countries. Article 55 of the treaty establishing COMESA sets out the foundation for the development of a competition policy in the Common Market. To realise this objective, the COMESA Treaty provides in Article 55(3) and in compliance with this Article, COMESA adopted a regional competition policy through the publication of the COMESA Competition Regulations.The regulations call for the regional competition authority to support member states undertaking competition advocacy programmes, which can be financially challenging for individual countries.

“There is no doubt that the establishment of a regional competition authority provides advantages to those member states which are part of the regional grouping.

“In the same vein a regional competition body becomes very important for those Member States that do not have competition laws in place,” said COMESA Competition Commission chief executive George Lipimile.

“By creating a one-stop shop competition authority, the regulations are also aimed at creating a more business-friendly environment with cost savings and time efficiencies, with the avoidance of regulatory duplications, in addition to providing legal certainty to enterprises.”

He said this plays a huge role in reducing the cost of doing business in the region while at the same time attracting investment inflows.

The recent example is the large international merger involving SABMiller and InBev. SABMiller has operations in a majority of the member states in the Common Market and as such would have notified at least six countries.

The notification fees could have been at been at least $600 000 and the six different decisions from each different jurisdiction would have trickled in at varying paces.

“Now, with a regional authority such as the COMESA Competition Commission, the notification fees are capped at $200 000 and the number of filings and decisions is greatly reduced to one.

“This is a clear indication that having a one-stop shop competition authority in the region is indeed to the benefit of investors,” said Mr Lipimile.

The merger notification is a single one, to a single authority with a single decision, saving the firms time and money on their investments. Suffice to say, this merger was not notified to the Commission because InBev did not meet the thresholds for notification.

The benefits of a one-stop shop can only be realised when there is uniformity in the interpretation and application of competition laws throughout the Common Market.

Mr Lipimile said there is now growing recognition of the need for closer and deeper cooperation on regional antitrust issues.

“As you are surely aware, the Commission has recently concluded bilateral agreements with a number of national competition authorities in the Common Market, namely Swaziland, Malawi, Seychelles and Kenya, to establish a channel for bilateral cooperation with a view to enhancing the enforcement of competition laws in the Common Market.

“This notwithstanding, challenges still remain in the implementation of regulations at regional level. These notably include; the interplay of the Regulations with competition laws of other regional economic blocs for those member states belonging to more than one regional economic blocs,” he said.

Mr Lipimile said if member states stand together in the fight against anticompetitive conduct, the deterrent effect will be multiplied.

“Our joint impact will be stronger than the sum of all our individual interventions. Competition enforcements will only be successful when businesses, consumers and governments become fully aware of the benefits that competitive markets bring.”

Business Reporter

Montclair Charity Casino last Friday unveiled a promotion where lucky punters will win three trucks in separate draws to be conducted between next month and December this year. Addressing punters at Wing Wah Restaurant in Harare, Montclair Casino acting chief executive Mr William Nyemba said the promotion presents an opportunity for punters to win three trucks.“In line with the country’s Zimasset blueprint we thought of promoting our farmers by affording them an opportunity to win trucks which they will use in their business.

“One truck will be based in Nyanga and those who want to win it will have to participate in Nyanga while two trucks will be at this restaurant,” he said.

“To enter the competition one has to participate to the minimum value of $20. There are three numbers that are picked daily and with different prizes but automatically qualifying for the truck draw for a value of $20 and above.

“For the one-tonne trucks the first draw will be held September 30 in Harare while the second will be drawn December 9 2016 in Nyanga and this one will be for those punters who play at Montclair Hotel casino,” he said.

The eight-tonne truck will be drawn for on December 16 2016.

Montclair Casino Chairman Bongai Zamchiya said the proceeds would be channelled towards supporting the under-privileged.

Business Reporter

Zimbabwe Platinum Mines has deferred some of its capital projects valued at close to $60 million due to cash shortages arising from depressed metal prices. In a financial statement for the quarter ended June 30 2016, Zimplats, the country’s largest platinum company said the some of the planned capital projects have been rescheduled.“Some capital projects amounting to $59 million that were planned to be implemented in the year to 30 June 2016 were deferred to future periods due to cash constraints arising from the soft metal prices,” said Zimplats.

Platinum prices have dropped by about 7 percent in the past 12 months since reaching a peak in August 2011.

The implementation of the Ngezi Phase 2 expansion project is progressing well and a total of $453 million of the project budget had been spent as at 30 June 2016, the company said.

A total of $22,1 million was spent on the refurbishment of the Selous Metallurgical Complex base metal refinery and $1 million was committed as at 30 June 2016.

It said the redevelopment of Bimha Mine remains on schedule to reach full production in April 2018.

Revenue decreased by 7 percent from the previous quarter owing to the effect of lower sales volumes, which fell by 19 percent to $129 million as stockpiled concentrates (41 757 ounces of 4E) were exported in the earlier period.

Operating costs decreased by 22 percent in comparison to the previous quarter mainly due to the lower sales volumes.

Royalties were 5 percent lower than the previous quarter, which was in line with the decrease in revenue.

Local spend in Zimbabwe (excluding payments to government and related institutions) for the quarter increased by a significant 79 percent to $92 million, while total payments to government in direct and indirect taxes increased to $42 million from US$7 million reported in the previous quarter.

Tonnes mined improved by 2 percent from the previous quarter due to an 8 percent increase in tonnage from the Mupfuti Mine as well as sustained operational performances across all the other mines.

Tinashe Makichi : Business Reporter

Zimbabwe’s average hotel room occupancy rate for the first quarter of 2016 was down at 36 percent from 38 percent recorded during the same period last year. According to the first quarter report released by the Zimbabwe Tourism Authority yesterday, Harare had the highest average room occupancy rate of 53 percent followed by Victoria Falls, Midlands, Mutare/Vumba and Nyanga.The 53 percent for Harare was achieved through promotions on room rates offered by major hotel groups otherwise the occupancies could have been lower

“These promotions resulted in increased utilisation of accommodation facilities by domestic tourists in Harare more than in other regions.

“Even with such promotions, Harare experienced a one percent decline in the first Quarter of 2016 compared the same period in 2015,” said ZTA.

“This was attributed to the current harsh economic climate which has resulted in government, private sector and NGO’s implementing austerity measures to reduce operating costs.”

Victoria Falls had the second highest room occupancy rate but experienced a two percentage points decline in the first quarter of 2016. This negative growth was a result of reduced utilisation of accommodation by foreign tourists (the resort town’s occupancy is usually dominated by foreigners).

Compared to other regions Beitbridge recorded four percentage points up from the figure recorded during the same period in 2015.

This was as a result of reduced capacity through the closure of Holiday Inn Express hotel which was the second largest hotel after Beitbridge Rainbow Hotel, contributing 24 percent of hotel rooms in Beitbridge.

This closure resulted in hotel rooms available decreasing, causing the occupancy percentage to increase.

Mutare/Vumba and Masvingo recorded the worst growth of -7 percent each compared to the rest of the regions during the period under review.

This negative growth was attributed to the harsh economic environment prevailing in the country that has adversely affected domestic tourism which is the tourism backbone of these two regions.

On arrivals, South Africa dominated through all of Zimbabwe’s Airports except Victoria Falls, which was dominated by the United States.

US dominated air entry into Victoria Falls and was in the top five at all Airports except Charles Prince while Britain and Ireland made the top five at Harare and Joshua Mqabuko Nkomo International Airports.

“This is further proof of the changing status of UK and Ireland as the leading overseas market for Zimbabwe.”

China was third in arrivals via Harare International Airport (3 405) but recorded low figures via other airports suggesting that Chinese tourists were mainly visiting Zimbabwe on business.

Belgium, Netherlands and Luxembourg arrivals were second dominant via Harare International Airport.

Zimbabwe received totals of 6 774 and 5 124 United States arrivals in January and February respectively through all ports, adding up to 11898 USA arrivals over the two month period, which amounted to 24 percent of the total USA outbound to Africa, over the 2 months period.

“However, of concern is the fact that most of these American tourists entered Zimbabwe from Zambia while a significant number entered Zimbabwe from Botswana.

“Research has shown that prices of goods and services are generally cheaper in Zambia than in Zimbabwe, which could be one of the pull factors for the Americans,” said ZTA.

The Tourism Authority said the visits to Zimbabwe were mostly just to view the Victoria Falls from the best vantage point, which is on the Zimbabwe side, as well as to partake in high adrenalin activities on the Victoria Falls Bridge.

“Observations have also revealed a pattern where tourists are booking in Livingstone, then cross over to Zim for day trips (although these are not included in the compilation of tourist arrival statistics), only to return to Zambia.”

This means that Zimbabwe is being considered as an add-on destination, which raises concerns of why there seems to be a bigger preference for Zambia which offers a similar tourism product to Zimbabwe.

“Once again this calls for Zimbabwe to review prices all round and put in place a competitive pricing model in order to compete effectively with regional competitors in terms attracting overseas tourist as a main destination and increasing the length of stay and total spend by tourists,” said ZTA.

ZTA said given the iconic status of Victoria Falls, arrival trends into the region are quite worrisome in as far as they show massive movement of tourists entering from neighbouring Botswana and Zambia and passing through Zimbabwe.

It is well known that Zimbabwe presents the best viewing side of Victoria Falls, hence urgent interventions are needed to ensure a more even distribution of tourist arrivals with Zimbabwe’s two neighbours and competitors.

Though there was an increase in tourist arrivals into the country, not all of them end up in hotels, many of them especially those from Mainland Africa resort to very cheap sources of accommodation in lodges as well as friends and relatives.

Observations have also shown that many foreign tourists visiting the Victoria Falls are entering through Kazungula and Victoria Falls border posts for single night stays and day trips, largely showing that they are avoiding staying in Zimbabwe.

This means Zimbabwe is a secondary destination to them. If this phenomenon increases ZTA said it will further affect the performance of the sector as Victoria Falls is the hub of foreign tourism. The Tourism Authority said this requires implementation of robust marketing programmes by Zimbabwe in key source markets.

Unfortunately this is going to be very difficult as the authority gets over 90 percent of its funding from tourism levy collected by operators whose businesses are shrinking.

Zimbabwe’s raw milk production for the six months to June 2016 increased by 15,35 percent to 31,9 million litres from 27,6 million litres same period last year largely on increased production from small scale dairy farmers. According to latest figures from the Dairy Services Department in the Ministry of Agriculture Mechanisation and Irrigation Development, monthly production is averaging 5,3 million litres compared to an average 4,5 million litres per month last year same period.The statistics show that intake by processors for the period was up 17,10 percent at 28,3 million as compared to prior year intake level of 24,1 million litres.

Milk processors in the country include Dairibord Zimbabwe Limited, Nestle Zimbabwe, Dendairy, Alpha and Omega among other small players.

The dairy industry is currently operating at above 50 percent capacity with an estimated 223 registered dairy operators and a total dairy herd of about 26 000 animals.

According to the figures, retailed milk increased with a marginal 3,16 percent to 3,6 million litres compared to 3,5 million litres same period last year.

The Zimbabwe Dairy Industry Trust (ZDIT) which recently held its annual general meeting projected an 8 percent increase in milk production this year from prior year level largely driven by the decline in imported finished dairy products which strengthened value chain for the industry since 2014.

The total amount of milk produced in 2015 stood at 57,53 million litres compared to 55,479 million litres produced in 2014.

The industry has in the period 2014 to 2016 invested about $21,9 million in new and modern processing plants capable of procuring a wider world class project range. — Wires.

Conrad Mwanawashe : Business Reporter

Industrialists will, within the week approach Government with proposals on internal devaluation mechanisms, push for active participation in the SADC Industrialisation Agenda, and lobby for the urgent adoption of the South African rand as the transacting currency. This came out as part of resolutions after industrialists under the Confederation of Zimbabwe Industries gathered in Bulawayo for the annual three-day congress which ended Friday.The resolutions include following up on value chains, implementing the United Nations Industrial Development Organisation value chains model as a tool for achieving competitiveness, and calling on Government to resuscitate lead companies such as the National Railways of Zimbabwe, the Grain Marketing Board which are critical to the value chains, among others.

“We have identified specific areas that we need to work on. We realise that the economy is facing challenges and we believe as CZI we need to make certain tough decisions and the resultant pain must be shared among all stakeholders,” said CZI vice president Ms Tracy Mutaviri while presenting draft resolutions at the close of the congress.

“The first area is value chains and industrialisation; we are saying that as CZI we will follow up with the Ministry of Industry and Commerce on the need for our involvement and participation on the SADC Industrialisation agenda. I am glad that the Minister in his address said he’s expecting private sector to take an active participative role. So we are saying we want to be part of that,” said Mrs Mutaviri.

Also on that, the industrialists decided to cause a meeting of minds on the work at SADC level as well as local industrialisation.

“The basis for that comment is that we do not want to be innocent by-standers as SADC implements a regional industrialisation and we note there seems to be a gap between SADC private sector initiative and country industrialisation. So there has to be some kind of link between Zimbabwe private sector and SADC private sector desk so that we work together,” she said.

On value chains, the industrialists agreed to implement the UNIDO value chain model as a tool for achieving competitiveness.

Value chains were the major point of discussion at the congress forming the theme “Strengthening Value Chains for Sustainable  Industrialisation and Economic Development”.

The CZI has already identified 18 value chains which include cotton-to-clothing value chain, beef-to-leather value chain, juice-to-can, horticultural farm-to-juice value chain, fish-to-fork value chain, asbestos-roofing-construction, gold and diamond-jewellery-ornaments, chrome ore-chromium-chrome plated goods, tobacco-cigarette manufacture, among others.

Ms Mutaviri said the business representative body will identify about four from the 18 to focus on in line with the UNIDO model.

“We need to prioritise value chains following a framework with certain preconditions which include but not limited to, competitiveness, job creation and exports among others. We need to prioritise and also for the UNIDO programme where UNIDO is clearly a potential existing funding partner they indicated that they are only going to focus on four, so we need to have our act together in terms of the prioritisation which four we are going to put forward,” said Ms Mutaviri.

Addressing the same indaba, World Bank country representative Ms Camille Nuamah said it would be best to focus on value chains that shift down to jobs, consumers and small suppliers.

As part of stabilising and transforming the economy, the industrialists were resolute in their push for the adoption of the SA rand as the transacting currency while the US$ is retained as the reserve currency.

They said the use of the US$ has left them uncompetitive against regional competitors who are using the weaker SA rand.

Other industrialists as far as recommending to lobby the SA to formally invite Zimbabwe to join the rand union.

However, Reserve Bank of Zimbabwe governor Dr John Mangudya said on Thursday Government will not be hurried into adopting the SA rand as the transacting currency.

CZI said it would work recommend to Government rebasing mechanisms for internal devaluation.

“On stabilising and transforming the economy, to work with Government on rebasing the economy through a blanket wide internal devaluation. In other words we are saying as a nation we need to come to a decision which affects everyone. Its no point saying the private sector will devalue when other sectors are not internally devaluing. It has to be everyone in all sectors of the economy. And basically internal devaluation is about cost reduction; what approach are we going to be using. CZI to recommend internal devaluation mechanisms within a week. We had already started working on this,” said Ms Mutaviri.

Other resolutions include being visible on calling for the buy local campaign.

“This has been a response to the clarion call that we are not visible especially following SI 64 which we lobbied for and which is in the interest of recapacitating industry and reindustrialisation. We seem to be back-benchers as far as that campaign is concerned. You have people saying there is no industry to protect anywhere so we want to say as industry lets come out and demonstrate the capacity that is out there that needs to be preserved,” said Ms Mutaviri.