The Zimbabwe National Chamber of Commerce (ZNCC) president , Tinashe Manzungu on Thursday urged local manufacturing companies to accelerate value addition drive to enable them to earn more foreign currency.
In the past decade, Zimbabwe has been earning an average of US$4bn through export earnings. But, the amount could have been more, had the companies beneficiated their products.
Manzungu, who spoke at the African Continental Free Trade Area (ACFTA) workshop held in the capital said the trade agreement has given the countries endless opportunities and ready market.
“The domination of primary commodities which is almost 75% of the export basket tells a sorry state of affairs , the agenda remains to move up the value chain and be involved in value addition,” Manzungu said.
He added: “This also can be extended to the concentration of our exports into isolated SADC nations with SA taking the lion s share of the market , this alone exposes us to concentration risk in case SA expedite its Import Substitution policy which is already underway under their Industrialization Agenda.”
Manzungu urged government to finalise implementation for the ACFTA trade agreement, which will assist Zimbabwe to tap into that wider market.
The Foreign Affairs and International Trade deputy minister David Musabayana said the country must move towards manufacturing competitive goods to compete at the high level. He said Zimbabwean companies should be competitive on the global stage and all institutions with a stake in the agenda to facilitate trade into and out of our nation are expected to come on board .