Story by Abigirl Tembo, Health Editor
Zimbabwe is looking to significantly boost its exports to India and narrow the widening trade imbalance between the two countries.
Speaking ahead of the upcoming Confederation of Indian Industries (CII) India-Africa Business Conclave taking place in New Delhi from the 20th to the 22nd of August, Zimbabwe‘s top envoy to India, Ambassador Stella Nkomo said Zimbabwe will be sending a high-level delegation led by Vice President General (Rtd) Constantino Chiwenga to explore investment opportunities and strengthen trade ties in the Asian country.
“India is an interesting market which is a step ahead. There are so many opportunities available. The beauty is that India and Zimbabwe have excellent bilateral relations that extend to the business side, and we will have to continue negotiating for favourable trade conditions for both parties. Currently if you look at the trade volumes they are skewed towards India, I think where we are exporting about US$37 million to India, on the reverse India is exporting over US$258 million to Zimbabwe.
“So, we are saying that we need to narrow that gap, we need to continue to negotiate for mutually beneficial favourable business conditions. But, also as Zimbabwe, we need to improve our export bucket to ensure that there are more products and services that the Indian market can get from Zimbabwe,” he said.
According to Ambassador Nkomo, the upcoming conclave, is a crucial platform for Zimbabwean businesses to connect with Indian investors and explore funding opportunities.
“India is also good at technology, the world is moving fast and technology is taking over the running of their businesses so they can also come and collaborate on technology and our main target is technological transfer to our country. The other issue has to do with funding, the majority of our business people back home are looking for funding for their products and services as well as ideas so this is a platform to explore investment and funding opportunities,” he indicated.
Zimbabwe’s primary exports to India include minerals, coffee, tea, and spices.
As India emerges as a leading investor in Africa, having poured over US$73 billion into the continent between 1996 and 2021, Zimbabwe is keen to capitalise on this growing economic partnership.
The upcoming CII India-Africa Business Conclave is expected to further strengthen this economic engagement, providing a platform for Zimbabwe to attract Indian investment and expand its export
