Capri Chief Executive Officer, Gary Watson said that manufacturing in Zimbabwe should not be difficult to attract investment that is meaningful in the country.
The CEO was presenting on Trade Tariff as a Tool to spur Transformative Industrial Development at a Trade Tariffs Workshop organised by Competitive and Tariff Commission (CTC) in Harare on Friday.
“There is not one manufacturer that I have come across that says it’s not difficult. That’s reality,” Watson said.
“Create the opportunities for manufacturers, give them what they need, take away the challenges that they are facing.”
The CEO of a company that manufactures refrigerators and chest freezers in Zimbabwe said investors must have the protection against corrupt practices to attract investment.
“Industry has to have a safeguard of their investment while the government safeguarding its investors,” Watson said.
“Yes, the country is looking for foreign investors but they are many local businesses that have the capability to develop the manufacturing sector of our own. Let’s provide the need to them and develop our industry with the people we have. Three million of our people in South Africa with skills, let’s bring them back,” Watson goes on.
Capacity utilisation in Zimbabwe’s manufacturing sector declined last year declined to 45.1% from 47.4% in 2016 according to Confederation of Zimbabwe Industries (CZI).
Zimbabwe’s manufacturing sector needs around $2 billion in capital funding for optimum operation according to CZI president Sifelani Jabangwe.
“Over the 15 or so years that we underwent hyper-inflation, most companies failed to recapitalise and they did not modernise equipment.” Jabangwe is on record saying. “Government has put in place a number of supportive measures, and financing the sector’s major constraint.”
