Local firms must utilise credit lines from Bank of India: Minister SB Moyo

By ZBC Reporter
ZIMBABWEAN and Indian business entities have been urged to utilise cooperation frameworks between the two countries, while the private sector has been encouraged to make use of lines of credit being availed by the Export-Import Bank of India.
The call was made by Foreign Affairs and International Trade Minister, Retired Lieutenant General Dr Sibusiso Moyo and India’s Ambassador to Zimbabwe, His Excellency Ambassador Rungsung Masakui during a virtual meeting organised by the Confederation of Indian Industries (CII) and the Embassy of Zimbabwe in New Delhi.
Dr Moyo said the meeting is testimony to the steadfast interest that the Indian Business Community has on doing business with Zimbabwe. In light of the COVID-19 pandemic, there is always need to embrace adaptive strategies to ensure that business continues under this ‘new normal’.
“Total trade between Zimbabwe and India peaked at around US$257 million in 2015, and has since gone down to US$169 million in 2019. Bilateral trade has been in favour of India over the years with Zimbabwe accruing trade deficits of over US$100 million annually. For instance, in 2019, Zimbabwe’s exports to India were just US$12 million, while India’s exports to Zimbabwe totaled US$157 million. In 2015 Zimbabwe’s exports to India were valued at US$23 million. Zimbabwe’s exports to India are now quite low in the grand scheme of India’s trade with the rest of the world. “
“The need to intensify trade, investment and economic relations between our two countries still remains. I wish to reiterate what I said at the recent Conclave that Zimbabwe aspires to become India’s leading economic, technological and industrial development partner in Southern Africa. This will be achieved through Government-to-Government (G2G), business-to-business (B2B), and business-to-government (B2G) collaborations in identifying and implementing business and developmental projects. This forum which is specifically focused on Zimbabwe is, therefore, of great importance to us as it helps to unpack the business and economic cooperation opportunities that Zimbabwe offers to India,” he said.
Dr Moyo further noted that there is a need to operationalize ZIDA to ensure speedy processing of investment projects.
“We have now operationalised the Zimbabwe Investment and Development Agency (ZIDA) that facilitates investments as a one stop shop. ZIDA is also responsible for administering and facilitating the implementation of Special Economic Zones.
The security of investments is guaranteed and mechanisms are being put in place to ensure that repatriation of dividends is facilitated despite the temporary foreign currency constraints. Government is resolute in implementing reforms and opening up the country for business. We have set for ourselves a clear vision to transform Zimbabwe towards an upper middle-income economy by 2030,” he said.

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