Zimbabwe export revenue crashes

33 companies close in first half 2005
LEONARD NEILL EXPORT REVENUE totalling US$17.6million was lost by Zimbabwe during the first six months of this year as a result of the country’s economic crisis. A total of 33 companies were forced to close during the period, according to a report issued by the Export Processing Zone Authority of Zimbabwe (EPZ). A number of factors caused the companies to cease operations. These include the impact of the land reform programme and the general macro-economic environment, the report states. “Twelve companies stopped operations after the farms on which they were operating were taken for redistribution. An additional 12 companies closed shop, citing inter alia unfavourable foreign exchange rates and loss of international markets as Zimbabwe is considered a risky country to do business with.” EPZ chief Walter Chidakwa has, however, expressed optimism that some firms whose operations have been ‘put on hold’ may resume business shortly as a result of last month's relaxation of foreign exchange regulations.