ZIMBABWE continues to ramp up the importation of capital goods to boost local production and cut back on the importation of finished products for consumption.
Experts say the increased importation of capital goods will see the economy being anchored on production as opposed to the current situation where most of the goods consumed in the country are imported.
Between January and May, this year, the country imported food and beverages worth US$271 million with US$98 million worth of those imports destined for household consumption.
The US$173 million balance of the food and beverages imports were destined for industry consumption, probably in form of raw materials such as maize, crude soyabean and wheat among others.
Importation of finished products can, however, be curbed if industry invests in capital formation as reflected by increased level of capital goods imports.
According to latest figures from Zimstat, the country imported capital goods worth US$527 million in the first five months of the year.