adminareas where the two countries can co-operate in trade and investment as Brazil immediately expressed interest to invest in the country’s energy and cotton sectors.
The meeting was part of the ongoing engagement between Zimbabwe and Brazil to enhance trade and investment between Zimbabwe and South America’s biggest economy.
A total of 40 delegates representing Government departments, parastatals and private companies attended the meeting.
FIESP first invited Zimbabwean companies in 2006 and then two years later, but local companies on both occasions failed to fulfill the two business commitments due to financial constraints.
Already, the delegation, which came here last week, has held meetings with various business organisations including Brazil’s Confederation of National Industries. The business mission is an initiative by Vice President Joice Mujuru´s Office.
FIESP director Mr Antonia Bessa Newton said his organisation, which represents about 150 000 Brazilian companies involved in various production processes, was impressed with the commitment by Zimbabwe and indicated that companies under the federation would seriously consider investing in the country’s ethanol and cotton production.
Brazil was also instrumental in the construction of Chisumbanje ethanol plant in Manicaland province, a joint venture between ARDA and Green Fuel as it supplied the bulk of the equipment used.
“Our members will be so interested in ethanol. It is something that we can work together . . . help you with technology and expertise,” said Mr Bessa.
“We will also be looking at importing cotton lint from Zimbabwe. Working together in cotton will be good for both countries.”
Cottco managing director Mr David Machingaidze said his company was interested in co-operating with Brazilian companies in cotton beneficiation. He said Cottco was looking at working with Brazilian companies in technology transfer and other ways of improving yields.
Tourism and Hospitality Industry Minister Walter Mzembi told FEISP that the business mission to Brazil was to appraise the Brazilian investor community with investment opportunities in Zimbabwe.
Minister Mzembi, who is leading the delegation, said the prevailing macro-economic stability prevailing in the country have presented a conducive environment for investments and encouraged the Brazilian companies to take advantage of the current situation.
“The inclusive Government has worked to stabilise the economy through adoption of several policies. This resulted in economic growth since 2009. We have also dealt with hyperinflation and this is the best time to come and invest in Zimbabwe,” said Minister Mzembi.
He said the recently launched Medium Term Policy would further stimulate Zimbabwe’s economic growth. The policy is targeting an annual growth rate of 7 percent for the next five years developing entrepreneurship, create jobs and maintain single digit inflation.
Zimbabwe Investment Authority chief executive Mr Richard Mbaiwa briefed the business seminar on incentives that investors can enjoy when they invest in the country.
An MoU would be formulated as a guiding framework for co-operation between Zimbabwe and FIESP.
FIESP deputy director Mr Newton de Mello said the federation was prepared working with local companies.
Zimbabwe International Trade Fair managing director Mr Chigaru also extended an invitation to FIESP to participate in the country’s trade exhibitions as this would help Brazilian companies to have an insight into the local industry and opportunities available.
Fespi is an organisation which represent interests of about 150 000 companies in various sectors such as aircraft technology, ethanol, electricity energy, oil refinery, textiles and fertilizer.
It has annual industrial output of about US$600 million and it contributed 34 percent to the Brazil Gross Domestic Product last year.
Online Reporter
Londile Moyo