Government Pledges Support to General Beltings Holdings in Efforts to Revive Economy
In a bid to revitalise Bulawayo as an industrial hub and the struggling economy, the government has pledged its support to General Beltings (GB) Holdings Limited, a key player in the manufacturing sector.
The company, which specialises in the production and export of conveyor belts, has been facing significant challenges due to various factors, including economic hardships and stiff competition from cheap imports.
During a tour to GB Holdings, Special Advisor to the President Responsible for Monitoring and Implementation of Government Programmes, Dr. Joram Gumbo pledged the government’s commitment to creating a conducive environment for private sector-led businesses to flourish.
He acknowledged the adverse impact of industry closures on GB Holdings and expressed the government’s determination to prevent further loss of market share and potential business closures.
“It is therefore no coincidence that my office identified GB Holdings as one of the companies to be on the itinerary during this series of visits in the government’s effort to provide an environment that is conducive for private sector-led businesses to flourish,” said Dr. Gumbo.
Dr Jorum Gumbo emphasised the importance of innovation and modernisation for companies like GB Holdings to remain competitive. The company has applied for a $22 million loan from the Matabeleland Industries Retooling Facility to modernize its plants. The government aims to strengthen industry operations to prevent market share loss.
To assist GB Holdings and other ailing industries, the government has implemented several strategies. These include the promulgation of Statutory Instrument 126 of 2014, which prohibits the importation of locally available rubber products under the Open General Import License. Additionally, the government has established the Distressed Industries Marginalised Areas Fund (DIMAF) and the Matabeleland Industries Retooling Loan Facility, which aim to provide financial assistance to distressed companies.
During the visit, Dr. Gumbo also acknowledged the challenges faced by GB Holdings, including stiff competition from cheap imports and limited access to foreign currency for importing raw materials. He recognised the company’s potential contribution to the economy, particularly in terms of saving foreign exchange and promoting local products.
“The company is a key player in reviving the economy. We manufacture original products that we export to other countries. We are competitive against South African bonafide companies,” stated Managing Director of GB Holdings, Joseph Gunda.
He added, “Our plea is to have the government assist in capacitating the company, which is able to save forex and promote local products.”
The government’s visit to GB Holdings is part of its wider efforts to strengthen industrial operations and support struggling companies. By providing financial assistance and implementing trade regulations, the government aims to create a level playing field for local industries and reduce the dependence on imports.
The decline in manufacturing and the loss of market share experienced by GB Holdings highlight the urgent need for intervention. The company’s operations have been affected by the closure of industries and the influx of cheap imported products. With the government’s support and the implementation of targeted strategies, GB Holdings and other ailing industries can hope to overcome these challenges and contribute to the revival of the nation’s economy.
As the government continues its efforts to promote private sector-led growth, industry players like GB Holdings are optimistic about the future. With increased support, they have the potential to regain their market share, increase production, and foster economic growth for the benefit of the nation as a whole.
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