Business / Economy
VP Mujuru urges treasury to release funds in order to revival industry
15 Mar 2013 at 10:47hrs | Views
Vice President Joice Mujuru says treasury should speed up the release of money for the revival of industry as this will help in employment creation.
Mujuru made the remarks at the handover of water purifiers, oral rehydration salts and blankets from a local manufacturing company, Waverly Blankets for distribution to the needy across the country's provinces.
She said the local manufacturing industry was hit hard by the sanctions induced economic challenges and time is now ripe for the Ministry of Finance to come up with more initiatives that will aid in the recapitalisation of local industry.
"Government should put in place concrete measures to ensure that our local industry is given funds for recapitalisation.
"Our export bill is higher than the import one so we are losing billions of dollars in revenue," said the Vice President.
A representative from Waverly Blankets, Doreen Eeson appealed to the government to put in place legislation that protects local industry from cheap imports that can be locally made.
She said local manufacturing companies have the capacity to meet demand but they require capital injections and legislation that promote their growth.
Eeson said: "We want our government to support us because we are crippled by the cheap imports. We have the capacity if we are given the necessary support."
The consignment of blankets which was presented to the Vice President were bought for $65 000.
The local industry is still reeling from the effects of the illegal sanctions imposed on the country by the west.
The failure to release money to revive the local industry has resulted in the ballooning of the import bill which is hovering around $4 billion.
Mujuru made the remarks at the handover of water purifiers, oral rehydration salts and blankets from a local manufacturing company, Waverly Blankets for distribution to the needy across the country's provinces.
She said the local manufacturing industry was hit hard by the sanctions induced economic challenges and time is now ripe for the Ministry of Finance to come up with more initiatives that will aid in the recapitalisation of local industry.
"Government should put in place concrete measures to ensure that our local industry is given funds for recapitalisation.
"Our export bill is higher than the import one so we are losing billions of dollars in revenue," said the Vice President.
She said local manufacturing companies have the capacity to meet demand but they require capital injections and legislation that promote their growth.
Eeson said: "We want our government to support us because we are crippled by the cheap imports. We have the capacity if we are given the necessary support."
The consignment of blankets which was presented to the Vice President were bought for $65 000.
The local industry is still reeling from the effects of the illegal sanctions imposed on the country by the west.
The failure to release money to revive the local industry has resulted in the ballooning of the import bill which is hovering around $4 billion.
Source - zbc
