Kiyapili Sibanda, Business Reporter
STATUTORY Instrument 64 (SI 64) of 2016 is a very good policy instrument as it protects the domestic industry from importing more than they export, a top United Nations Development Programme (UNDP) Zimbabwe official said.

In June last year Government gazetted SI 64 of 2016, which removed several goods from the Open General Import Licence (OGIL) as part of measures to protect local firms from the influx of cheap imports.

The regulation restricts importation of a range of products that are available locally such as basic food stuffs, pharmaceutical products, hardware and building materials.

Addressing journalists during a media briefing at the National University of Science and Technology (Nust) in Bulawayo Friday, UNDP Zimbabwe economic advisor, Mr Amarakoon Bandara, said a country that relies mostly on imports suffers economically as local products will be neglected in favour of foreign products.

“When there are more imports compared to exports a country loses more than it gains. For an economy to recover, local products must be given first preference so that local industry can thrive,” he said.

Mr Bandara said the Government must come up with measures to support SI 64 so as to give a chance to the local industry to grow and for the local people to have faith in their local products.

He added that there were serious challenges affecting the effectiveness of the instrument such as smuggling that need to be addressed for the policy to have a positive bearing on the economy.

“Smuggling of goods, which are restricted under the instrument, is not an issue to be neglected.

“The continued influx of goods on the backdoor will affect the SI 64 and the Government should try by all means to ensure that smuggling of goods is dealt with because it affects the local companies who are producing those products,” said Mr Bandara.

He said despite the challenges facing the implementation of the instrument, local companies have gradually adapted and that growing faith in local products by consumers was crucial if the policy was to impact positively on the country’s economy.

Earlier during his public lecture on Sustainable Development Goals (SDGs), Mr Bandura said more needs to be done for African countries to implement these goals.

He told students that they have a big part to play in implementation of SDG 8, which speaks of decent work and economic growth.

“SDGs promote sustained economic growth, higher levels of productivity and technological innovation.

“Encouraging entrepreneurship and job creation are key to this, as are effective measures to eradicate forced labour, slavery and human trafficking.

“With these targets in mind, the goal is to achieve full and productive employment, and decent work, for all women and men by 2030,” said Mr Bandara.

@Kiyaz_Cool

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