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Thursday, July 18, 2024

Zim poised for increased foreign trade, investment

Story by Yolanda Moyo

A wave of optimism is sweeping through Zimbabwe’s economic landscape as leading international players express growing interest in expanding trade and investment ties with the country.

As Zimbabwe’s economic landscape is experiencing a shift, after years of relative isolation, a renewed focus on reforms continues to attract investment in the country.

Engaging with diplomats on the sidelines of the ZITF this Thursday, Foreign Affairs and International Trade Minister Ambassador Frederick Shava unpacked Zimbabwe’s commitment towards continuously nurturing relations with other countries under the engagement and re-engagement drive.

“As Zimbabwe, we want to venture into old and new markets through engagements and reengagements. Participation by foreign exhibitors has been growing, an indication of the growing relations with foreigners and this is an opportunity for local businesses to tap into opportunities given by foreign countries. Zimbabwe is open for business and opens doors for investors.

Top envoys for China, Britain, the European Union and Japan shed light on a growing international interest in Zimbabwe’s potential to become a prime investment destination.

“We are committed to supporting Zimbabwe’s infrastructure development, particularly in areas like transportation, energy, and telecommunications. We are committed to increasing trade volumes and investment flows in different sectors with over 300 Chinese companies having invested here in Zimbabwe,” said the Chinese Ambassador to Zimbabwe, Ambassador Zhou Ding.

Britain’s Ambassador Pete Vowles said, “We recognise the significant strides the country has made in recent years. We are committed to working with Zimbabwe to foster sustainable economic growth and create a thriving business environment that benefits everyone. High on the agenda, are areas such as healthcare financing, agriculture, and infrastructure development as key aspects of their collaborative efforts.

“Recently exports into Great Britain have increased by 76% in the past year as a sign that there is a great improvement in terms of trade between the two countries. Recently, a Zimbabwe-based company invested in the UK and that is a good initiative that we now have a company from here investing in the UK and the company is looking at expanding its operations there.”

The European Union head of delegation to Zimbabwe, His Excellency Jobst Von Kirchmann said, “The EU’s relationship with Zimbabwe is built on a foundation of shared values and a commitment to sustainable development. We are working to streamline trade procedures and harmonize regulations to make it easier for Zimbabwean businesses to export to the EU market.

“Currently, Zimbabwean products enjoy free trade opportunities to the EU and a few companies are well knowledgeable about this initiative. We believe that there is a need to raise awareness on export markets available in the UK.”

This year’s premium trade showcase saw an increase in international exhibitors.

The recent surge in interest from global players paints a promising picture for Zimbabwe’s economic future as the country is endowed with vast natural resources that translate into tangible benefits for its people and businesses.

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