Business / Local
Import bans to save Zimbabwe US$80 million per month
09 Sep 2015 at 22:42hrs | Views
Zimbabwe stands to save at least US$80 million per month following the recent proclamation of a ban on second hand clothes and duty hike on used imports.
Currently, the nation is spending an average of US$250 million on imports per month.
A study by trade experts for consideration by treasury and the Ministry of Industry and Commerce shows that while it is too early to reveal the impact of the ban on second hand clothes and shoes and duty hike on used imports, the nation might save more than US$80 million per month.
The Association of Cotton Value-Adders of Zimbabwe Director, Mr Admire Masenda said players in the sector are ready to sustain the local market requirements.
"There is more that we can do to increase confidence and boost the volume of trade," said Mr Masenda.
"The government should instead implement policies to ease the cost of doing business to ensure local firms can match standards of imports," said Dr Silence Mapuranga, International Trade Centre Executive Director.
Presenting the Mid-Term Fiscal Policy review, the Minister of Finance, Patrick Chinamasa said the ban on second hand clothes and shoes and a duty hike on used imports will reduce competition between imports and local products to facilitate growth of the domestic sectors.
Currently, the nation is spending an average of US$250 million on imports per month.
A study by trade experts for consideration by treasury and the Ministry of Industry and Commerce shows that while it is too early to reveal the impact of the ban on second hand clothes and shoes and duty hike on used imports, the nation might save more than US$80 million per month.
The Association of Cotton Value-Adders of Zimbabwe Director, Mr Admire Masenda said players in the sector are ready to sustain the local market requirements.
"The government should instead implement policies to ease the cost of doing business to ensure local firms can match standards of imports," said Dr Silence Mapuranga, International Trade Centre Executive Director.
Presenting the Mid-Term Fiscal Policy review, the Minister of Finance, Patrick Chinamasa said the ban on second hand clothes and shoes and a duty hike on used imports will reduce competition between imports and local products to facilitate growth of the domestic sectors.
Source - zbc
