Chiwenga challenges business to generate forex

VICE-PRESIDENT Constatino Chiwenga has challenged business to enter the export sector and earn vital foreign currency which is currently in short supply and affecting Zimbabwe’s capacity to process external payments due to empty nostro accounts.

BY BLESSED MHLANGA

Speaking at the official commissioning of a $3,5 million Splash Paint and plastics manufacturing plant, Chiwenga said it was time for Zimbabwe to enter the export arena with top quality products.

“I challenge all sectors of the economy to be active contributors to foreign currency generation as opposed to being mere recipients of foreign currency generated by others. Let each and every economic player be cognisant of the need to play their part,” he said.

Zimbabwean banks are struggling to meet the foreign currency needs of individuals and companies for imports because their nostro accounts are empty owing to foreign currency shortages which have hit the economy.

Factory manager Anis Patel said Splash paints and plastics created 300 jobs following the completion of the first phase of their expansion.

“The project has seen the country saving over $2 million in foreign currency monthly, due to the fact that all Splash manufactured products are substitute to the import products. With the commissioning of this plant, we are looking forward to exporting the surplus product,” he said.

Splash paint and plastics, which is operating at 70% capacity, manufactures its own paints and plastic products which include plumbing pipes, electricity conduits and other accessories.

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2 Comments

  1. for them to eport cde VP, companies need to manufacture at competitive rates not just to export for the sake of exports. they will meet cheaper products on the international markets.

  2. Well said Mr. President. Maybe an answer to the following would give us clarity. We run a tourist venture. We earn hard foreign currency. . . . . . yet when I try and draw the wages of my long suffering staff the bank cannot supply the cash. Why not Sir. If I cannot pay my employees how can I sustain a business. The cart is in front of the donkey me thinks. Awaiting you welcome reply ??

    Yours. Mahara

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