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LIVE FEEDS: Tinashe Makichi

Social Media: Delta Ndou (@H_BusinessZim and BH24Zim)

UPDATES and EDITING: Simiso Mlevu

10:06 Minister Chinamasa says a financial hub will be set up in Vic Falls

“Truth is ma investors havadi panopopotedzvana they’ll flee rather than invest where there’s the perception of instability,” says Min. Chinamasa

“In politics we should not quarrel to an extent that investors are scared to come and set up business in our country.

10:04 Minister Chinamasa now responding to questions. He says Public enterprises reform is a priority on the agenda of Government and that land acquired through land reform is currently dead capital and Government needs to monetise the land.

09:59 It is now a question and answer session and Grain Millers Association of Zimbabwe’s Tafadzwa Musarara implores Minister Chinamasa to protect the milling industry

09:47  Mr Manyere said going forward, a much more profitable private sector is expected adding that Government should look more on the prioritisation of the productive sectors of the economy.

09:45 Board member Mr George Manyere on the podium now and says the introduction of bond coins has been a huge intervention by the Government.

09:42 Minister has urged local industrialists to adopt a work ethic being by shown by their colleagues in the diaspora adding that the fight against corruption is everybody’s responsibility

The Minister has revealed that transit fraud is on the rise  and corruption has become endemic in the Zimbabwean community

09:38 Finance Minister has urged the industry to be efficient and tells them that ban on some imports is just temporary. He says for the first six months of this year, artisanal miners produced 3 tonnes of gold

“We need to build the capacity to pay our debts in a normal way as we used to do in the 90’s.”

09:35 “We are going to sign a $60 million irrigation support with IFAD,” says Minister Chinamasa. He says Government needs a country financing program and will be funded by three financial institutions

Finance minister says we need to change our attitude towards investors and has called upon the Herald to depoliticize economic issues.

09:30  He says Government is going to finance the budget through borrowing and there has been due diligence by our commercial banks to open lines of credit. “We should not look at investors by the colour of their skin. An investor is an investor,” he says.

“Zimbabwe as a market is very small and companies should look global in their approach,” advises Min Chinamasa.

09:26 Minister Chinamasa said he is not proud to have presented a $4 billion budget. He said his concern is to introduce policy measures that can grow the economy rather than focusing on figures.

He said growth rate for the country economy is too slow and Zimbabwe needs to catch up on time adding that the economy needs to grow at seven percent.

09:23 Minister Chinamasa says Government wants to see investment increasing in the manufacturing sector.

He says our policy is not yet conducive to attract investment into the manufacturing sector.

09:20 Finance minister says the shipment of Chrome Ore fines to South Africa has already started.

09:17 Min Chinamasa says Government is now consolidating three diamond concession and the necessary machinery has been secured from Belarus.

“Government to avail support for Soybeans production to 240 000 tonnes from 60 000.”

09:15 He says Government is engaging Chinese to set up a cigarette manufacturing factory adding that maize is going to remain our stable food and investments in irrigation will be availed.

“Cotton remains one of the most important economic drivers.”

09:10 Min Chinamasa says for the next three seasons, Government will be giving free inputs to enhance productivity and resuscitate the cotton sector.

“Platinum miners must put up refinery infrastructure by end of 2016. We want to set up global jewelry shops that will be recognized on the global market,” the minister said.

He says diamonds should be polished before exports and Aurex has already cutting and polishing. Aurex has bought cutting and polishing equipment from India

09:00 Chinamasa speaking now

 

 

 

Herald Business Editor Happiness Zengeni and Chief Marketing Officer Mr Tapuwa Mandimutsira arriving at the venue @Celebration Centre