Battered Zimbabwean companies re-open after Christmas break

HARARE – The local industry has resumed operations after the festive season break with expectations of improved productivity and increased viability.

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Most firms in Harare resumed operations after the traditional festive season break with more prospects for increased business and growth of the local industry.

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Zimbabwe National Chamber of Commerce (ZNCC) Vice President, Davison Norupiri said the local industry is geared up for the 2015 financial year and expressed confidence of improved productivity.

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According to Norupiri, fresh capital injection for re-tooling remains critical for the resuscitation of the local industry.

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2014 saw most firms struggling to operate viability in the face of liquidity constraints and high cost of capital.

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According to the country’s fiscal authorities, 2014 saw over 134 companies closing shop.

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Since 2011 over 4000 companies collapsed, rendering 55000 workers jobless.

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While the manufacturing sector’s capacity utilisation declined from 36 to 33 percent, industry is hopeful of an improved performance this year.