TENDAI BHEBE IN BULAWAYO
The United Refineries Limited (URL) is currently operating at half of its capacity, the company’s CEO, Busisa Moyo has said, and is optimistic the firm will ramp up production in the coming months.
The personal care, hygiene and value added agro products manufacturer, Moyo said, was also planning to unveil new products in “the next six months”.
“We are operating at below 50% but this could rise as local soya harvest and cotton has started arriving at our factory and silo sites around the country,” he said.
He said crippling power cuts remained a concern to industry and the sector was engaging the ZESA to prioritise electricity for production and industrial activity.
Moyo said URL was monitoring development after the government suspended duty on some basic commodities.
“We are concerned that informality may rise and have lower costs and do not pay taxes except the Intermediated Money Transfer Tax,” he said.
Legislators, business leaders and local authorities have been lobbying for the removal of the tax, which the Treasury says has become handy in raising funds for national development.
“The manufacturing sector would like to see ease of doing business so that it can compete with imports. Interest rates and other costs remain high in Zimbabwe,” Moyo said.
In the fourth quarter of 2022, the manufacturing sector was one of the country’s best-performing sectors recording a 47% growth, according to national statistical agency Zimstat.
Zimstat director general, Taguma Mahonde,said the manufacturing sector recorded more than 28% capacity utilisation growth in the first quarter of this year.
