Story by Terrence Soda
ZIMBABWE’S business community says economic reforms and sustained currency stability have created favourable conditions for the country to deepen its participation in the African Continental Free Trade Area (AfCFTA).
The sentiments emerged at the Zimbabwe National Chamber of Commerce (ZNCC) Annual Congress, which is being held under the theme, “From Resilience to Competitiveness: Charting a New Path for Sustainable Industrial Growth.”
The gathering has brought together policymakers, investors and business leaders to explore strategies for strengthening Zimbabwe’s integration into regional and continental value chains.
ZNCC Chief Executive Officer, Mr Christopher Mugaga said recent policy interventions, including lower interest rates and exchange rate stability, are helping to improve the operating environment for businesses and attract investment.
“We have witnessed significant strides, especially by the Government of Zimbabwe, regarding addressing the ease of doing business. Before you trade any good, what you need is the good itself. We have also seen stability in the local currency and that alone should tell us that we are moving in the right direction. We are moving from resilience to expanding the economy itself and charting a new growth trajectory beyond resilience.”
Dr Albert Jeleni of the Limpopo Chamber of Commerce said AfCFTA presents an opportunity to strengthen industrial cooperation and regional production networks.
“One of the things we need to understand about AfCFTA is that it is an economic optimisation framework. We should be seeing more factories being established along regional corridors, creating stronger economic linkages and industrial cooperation between countries.”
The European Union has also highlighted opportunities for Zimbabwe to expand exports through value addition and participation in regional value chains.
EU Ambassador to Zimbabwe, Ms Katrin Hagemann said the Economic Partnership Agreement between Zimbabwe and the European Union provides a platform for enhanced trade and industrial development.
“We have an Economic Partnership Agreement with Zimbabwe, which supports the development of regional value chains. We have worked closely with the horticulture sector to encourage value addition, and we believe there is still significant untapped export potential for Zimbabwe in European markets.”
Meanwhile, Belarus has signalled interest in strengthening economic and industrial cooperation with Zimbabwe.
Republic of Belarus Ambassador to Zimbabwe, H.E. Yury Nikalaichyk said discussions were underway to deepen trade ties and explore new industrial projects.
“We are looking at ways of enhancing bilateral trade, promoting industrial cooperation and supporting the development of a preferential trade agreement between Zimbabwe and the Eurasian Economic Union. We are also working towards launching a pilot project for the assembly of buses in Zimbabwe.”
As Zimbabwe pursues an export-led growth strategy, stakeholders say regional integration, industrialisation and compliance with international trade standards will be critical to unlocking opportunities within AfCFTA, which offers access to a market of more than 1.4 billion people with a combined economic output exceeding US$3 trillion.
