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Tuesday, May 28, 2024

Zimbabwe hunts for export opportunities in Zambia

Story by Theophilus Chuma

ZIMBABWE is targeting to grow export earnings from Zambia to above US$100 million by optimising opportunities at the Zambia Agriculture and Commercial Show which kicks off in Lusaka this Wednesday.

The premier fair is Zambia’s largest meeting point for business, providing a critical platform to create business linkages.

“We are hoping to further penetrate the Zambian market as they too have an open-for-business policy like we have in Zimbabwe. We are looking forward to engaging with companies in the food sector,” said one of the participants, Ms Siphathisiwe Mavengere.

The appetite for Zimbabwean products is firm in Zambia with current figures showing export earnings grew from US$58 million in 2017 to the current US$90 million.

Local trade promotion body, ZimTrade, believes there is potential to go beyond US$100 million.

“The participation of Zimbabwean companies at fairs like this in Zambia is the reason behind the growth of exports to the market from US$58 million in 2017 to over US$90 million in 2022, representing a 54% growth. We are looking at exploring other new areas to maintain this trajectory,” said Zimtrade market analyst, Ms. Lorraine Muzadzi.

Under the National Export Strategy, the government targets to grow exports by a 10% margin anchored on smooth trade relations with key markets such as Zambia.

Zimbabwe Ambassador to Zambia Ambassador Charity Charamba said, “We have existing frameworks such as the ACFCTA which we will need to ride on to maintain our trade relations. Over and above that we also have strong bilateral ties with Zambia which will be critical to sustain the current trade performance. We continue to sell the country as a destination of choice for investments in line with our national vision to grow the economy and the Open for Business mantra remains our key to unlocking value for Zimbabwe.”

Going into the exhibition platform which runs until the end of this week, Zimbabwean firms are strengthening mechanisms to enhance visibility in this market.

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