Zim-Nambia construction of dry port has begun
Work on the construction of a dry western port facility for Zimbabwe has begun at Walvis Bay in Namibia. This was revealed by the Permanent Secretary for Foreign Affairs Ambassador Joey Bimha on the sidelines of the 8th Zimbabwe-Namibia Permanent Joint Commission for Cooperation in Harare this week. The 19 490 square metre piece of land at Walvis Bay was given to Zimbabwe for the establishment of a dry port facility in 2007 by the Republic of Namibia under a bilateral agreement. The facility when fully established should help landlocked Zimbabwe to reduce the cost of importing and exporting its goods to the outside world. At present goods destined for exports are moved through the ports of Beira Maputo in Mozambique and through the port of Durban, entry or exit points that are said to be more costly than the port of Walvis Bay. The use of the Walvis Bay also cuts the distance especially for goods exchanged with the north. In an interview with ZBC News in Harare, Ambassador Bimha said the first phase of establishing the dry port facility on the coast of the Atlantic is complete and the second phase should commence soon to erect buildings.
Zim Millers, bakers meet RBZ on wheat imports
THE Grain Millers’ Association of Zimbabwe (GMAZ) and the National Bakers’ Association of Zimbabwe (NBAZ) are currently in discussions with the central bank for the immediate provision of foreign currency to settle all outstanding wheat imports payments. This development followed a hint by bakers of a looming increase in the price of bread, with bakers blaming the lack of United States dollars needed to purchase flour products outside the country. As a result, the bakers were incurring 12% exchange rate losses and high service fees when they sell euros, pounds, and rands to pay for dollar invoices. In a statement yesterday, GMAZ national chairperson Tafadzwa Musarara assured consumers that the price of bread would not increase on account of flour costs.
“Through the two associations namely GMAZ and NBAZ, millers and bakers are jointly in negotiations with the central bank, seeking an immediate availing of foreign currency to settle all outstanding wheat imports payments. This, we are confident, will be settled in the next few days,” he said.
ZIm Central Bank wary over external loans contraction
THE Reserve Bank of Zimbabwe (RBZ) is concerned with the acquisition of external loans by local companies as the repayment of such loans eats into the country’s export earnings, deputy governor Kupukile Mlambo has said. Mlambo said RBZ preferred development financial institutions to invest in local companies through equity than loans. “When companies get external loans, in general, it’s a good thing, but you see increasingly that investors are continuously giving out loans than buying equity. Every dollar we get from outside is equivalent to a dollar in export earnings when servicing that loan because we pay everything from our exports, whether its imports or loans. So for every loan that comes in, we have to find an equivalent export to repay it. Foreign companies are more interested in giving loans than buying equity. Increasingly, we are saying ‘can we have more of equity than loans?’,” he said.
Zim, Namibia seal cooperation deals
The Zimbabwe – Namibia 8th Joint Permanent Commission has ended in Harare this Wednesday with agreements on the signing of three memoranda of understanding to enhance cooperation in the areas of health, sport and culture and women empowerment. In a joint communiqué read by the Permanent Secretary for Foreign Affairs, Ambassador Joey Bimha at the closing of the joint commission, the two countries stressed the importance of implementing the agreed positions to improve lives of ordinary people of Zimbabwe and Namibia. The two sides also agreed on boosting trade exchanges where export of fresh fruits and vegetables by Zimbabwe to Namibia will take place and Namibia is expected to send a delegation to inspect Zimbabwean facilities to be dedicated to the exports.
Zim’s Aurex engages international partners to establish global markets
Aurex Jewellery a subsidiary of the Reserve Bank of Zimbabwe is engaging international partners for the establishment of markets globally saying the move is critical in realising the full potential of the firm. During a tour of the factory by members of the import management committee, Buy Zimbabwe executives and officials from the Ministry of Industry and Commerce, Aurex officials indicated the importance of finalising the partnership. Aurex board member Mrs Charity Kadungure said the firm has the capacity to handle 10 000 carats of diamonds monthly adding that the products received an overwhelming response from the local market.