MANUFACTURING
Govt to to give more fiscal incentives
GOVERNMENT is considering extending fiscal incentives to the manufacturing sector to give them space to grow and expand into export markets, Finance and Economic Development Minister Patrick Chinamasa has said.
Minister Chinamasa said this is targeted at creating a conducive environment for business to thrive and to increase presence in foreign markets.
He was speaking after a factory tour of Associated Foods of Zimbabwe in Vumba last week. The tour was to assess the impact of Statutory Instrument 64 which restricted imports of products that can be produced locally.
Minister Chinamasa was also representing Industry and Commerce Minister Mike Bimha who could not make it to the tour. He was taken round the factory by AFZ chairman Chris Amira.
“If companies such as Associated Foods of Zimbabwe approach Treasury with proposals on fiscal incentives to grow their businesses, what environment do you want me to create for you to make money, to do business, what environment do you want us as Government to create for you to export,” said Minister Chinamasa.
Already, Government is working on a raft of measures aimed at improving the doing business environment includ- ing streamlining processes to make it easier for business.
Government is also rebranding the Zimbabwe Investment Agency and is transforming it into a fully-fledged One Stop Shop Investment Centre to meet world class standards for an effective and efficient Investment Agency in the first quarter of 2017.
The rebranded ZIA will come with a standalone department fully designed to assist investors in investment implementa- tion and addressing challenges met by investors.
Furthermore, Minister Chinamasa said Government is open to proposals on fiscal incentives that can enhance the manufacturing sector performance.
“Tell us what incentives you want and we can sit down and agree on the sort of incentives that can make you grow bigger. Because by growing bigger you are also making us grow bigger,” he said.