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‘There is no need for FDI’- URL

Clive Makumbe

Giant Agro-processor United Refineries Limited (URL) Chief Executive Officer Busisa Moyo said the country does not foreign direct investment (FDI) to improve its soya bean manufacturing production since financial and industrial capital is locally available.

Moyo said manufacturing industry in Zimbabwe should not rely on foreign investors but engage through dialogue on how to grow the economy.

“We as an agro based possessor do not need foreign direct investment in order to grow our manufacturing industry and the economy since we already have adequate equipment and finance at our disposal. Our local banks already support farmers in this country and are willing to assist us in any manner to create wealth for our nation.”

“As a private sector we need to come to the round table in order to discuss the way forward for our economy before engaging government,” said Moyo.

He said agro-sector needs a sound industrial policy before an agricultural policy is formulated.

“What we need Is a clear industrial policy that’s suits our economy before creating an agro based policy. Why? Because an industrial policy is the foundation upon which our industry will be based,” he added.

Moyo added that, despite the manufacturing sector in the country, battling for survival as local bank’s nostro accounts, held in foreign countries to facilitate settlement of foreign exchange and trade transactions, continue to dry up due to internal cash problems.

However, Zimbabwe Farmers Union Executive Director, Paul Zakariya said there is enough financial and industrial capital for farmers and manufacturers to meet local and foreign market demand.

“Zimbabwean farmers and manufacturers have the potential to satisfy the local market as well as go to become big exporters since there is enough raw materials, finance and machinery. It’s strange that we continue to import some products that we can easily make for ourselves. We have a lot of potential from the few local industries that are left to sustain us,” he said.

While Government introduced zero rated import duty on farming inputs, Mr Zakariya said persistent foreign currency shortages have impacted badly on commodity supply and access.

He urged Government to prioritise farming and ensure all inputs were available on time at right prices.

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