Globalisation hampering economic revival

Zimbabwe Defence Industries (ZDI) former chief executive, Retired Colonel Tshinga Dube, has said globalisation is hampering economic revival and growth not only in Zimbabwe but in other countries across the globe.

Globalisation is the growing interdependence of the world economies, cultures and populations brought about by cross border trade in goods and services, technology and flows of investment.

Speaking during a business seminar in Bulawayo recently, Dube, who is also a ZANU-PF Politburo member, said the impact of globalisation on world economies including Zimbabwe should never be undermined.

“Whenever we talk of the problems of Bulawayo people forget one of the main factors, which is globalisation,” Dube told participants.

“Globalisation has also derailed the economies not only of Zimbabwe but many other countries. You cannot even make a needle or a toothbrush. Why not because you can’t make it, because if you make it, where will you sell it, because for one tooth brush you make, you get 12 toothbrushes for the same price.”

He said many industries, especially in the third world countries were on the verge of collapse because of globalisation.

“I have been in the defence industry for 23 years,” he said.

“When people ask me what exactly happened to this industry I just tell them that it is all because of globalisation. People who manufacture goods at whatever price compared to yours make it impossible for you to survive.”

He said without local protection many industries risked becoming history.

“When there is no protection of local goods then of course you go out of business,” he lamented.

“We know that some shirts in China will cost US$3 or US$5 and making a one shirt here costs about US$15 or US$20. We also talk of export markets. We are now competing with the world. So your products must be reasonable. The price must be good.”

He added:“You are competing with China, India, European countries and so forth. So if our prices or cost of producing those products are high, it means you are already out of business. Nobody will buy your products. You will be overpriced.”

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