MAT’LAND FIRMS SCOOP TOP AWARDS
NATIONAL export promotion and trade development agency, ZimTrade has honoured a number of companies including four firms from Matabeleland region for their outstanding contribution to the growth of exports.
Several companies recorded exceptional export performance despite the challenging operating economic environment. ZimTrade announced the outstanding exporters at its Annual Exporters’ Conference and Exporter of the Year Awards ceremony held in Harare last week.
The awards ceremony, which had 16 categories saw Padenga Holdings clinching the Overall Exporter of the Year award. Bulawayobased companies — Mealie Brand and Kango Products were honoured for their outstanding contribution in the agricultural implements sector, and household and electrical goods categories respectively.
Mealie Brand is a division of Zimplough Holdings while Kango Products is a division of Treger Group.
Another Bulawayo-based company, Proplastics emerged top at the awards ceremony after jointly scooping the runners-up prize together with Brown Engineering in the agricultural implements sector category.
Matabeleland North-based Binga Crocodile Farm was the runner-up in the hides and skins sector category. The annual awards ceremony also included categories such as processed foods and beverages sector, packaging sector, textile sector, agricultural inputs sector, clothing sector, pharmaceutical sector, engineering sector, furniture sector, leather products and footwear sector, building and construction sector and the Small to Medium Enterprise Exporter of the Year.
The Annual Exporters’ Conference saw participants deliberating on key strategies aimed at improving export earnings.
The event was attended by more than 200 delegates drawn from the private sector — both existing and emerging exporters, Government, academia, business membership organisations and development co-operation partners.
As part of efforts to encourage exports, the Reserve Bank of Zimbabwe last year introduced a five percent export incentive scheme. The export incentive has since been raised to 12 percent and above for top exporters to boost foreign currency generation.
Since the adoption of a multi-currency system in February 2009, the country has been grappling with a negative trade balance due to issues of low capacity utilisation by the local manufacturing sector.
Low capacity utilisation by the manufacturing sector has largely been attributed to factors such as shortage of working capital and stiff competition from imported products, which were rendering domestic industries uncompetitive. In light of the influx of cheap imports, the Government has announced several policy interventions aimed at protecting local manufacturers from stiff and unwarranted competition.