Story by Stanley James, Business Editor
INDUSTRY and commerce has been presented with an opportunity to boost production as Zimbabwe is now close to trading in the African Continental Free Trade Area (AfCFTA) after complying with required systems .
This emerged during a Zimbabwe Economics Society (ZES) meeting in Harare this Thursday as the Africa Continental Free Trade Area ( AfCFTA) has abundant opportunities for local firms that will benefit.
“Firms should focus on identifying the rightful markets that offer better opportunities as well as select the right products that can suit their markets in line with developments within the overall production matrix of a market that has all it takes to boost production flows and enable growth of the economy,” said ZES vice president, Mr Eddie Mahembe.
Development experts contend that the new trading bloc will also enable Zimbabwe to reap benefits of massive industrialisation.
“The beginning of that new era ushers an opportunity for industry to venture into viable markets that have an added advantage in terms of increased experts, thereby generating foreign currency leading to more job creation, with poverty eradication being a key focus as industry should not lag behind but instead they should scale up production,” explained Christian Aid country director, Mrs Auline Chapisa.
The Minister of Foreign Affairs and International Trade, Ambassador Frederick Shava, assured economic players of Government’s commitment to providing an environment conducive for increasing trade.
“Let me hasten to say that with the increase in intra Africa trade, the AfCFTA unlocks opportunities for both local and global businesses to enter and expand into new markets. Opportunities therefore exist for Zimbabwean businesses to exploit in the African market as well as attract Foreign Direct Investments in various sectors of the economy,” he said.
The AfCFTA is considered as the world’s largest free trade area whose estimated population of 1, 3 billion people.
The combined Gross Domestic Product (GDP) of at least US$3,4 trillion offers great trade and investment opportunities to the outside world.
