Business should take advantage of IAFT

Wilbrought Ndlovu, Business Reporter

ZIMBABWEAN companies that will participate at this year’s Intra-Africa Trade Fair (IATF) have been urged to take advantage of the unique opportunities presented by the showcase to establish synergies with buyers from within the continent.

The African continent’s premier trade and investment event, which brings together continental and global players to showcase and exhibit their goods and services, explore business and investment opportunities in Africa is scheduled for 9 to 15 November in Cairo, Egypt.

Last Friday, the country’s trade development and promotion agency, ZimTrade hosted the IATF 2023 road show launch in Bulawayo where it engaged local companies on the best options to unlock access to Africa at the fair.

Speaking at the event, ZimTrade chief executive officer Mr Allan Majuru said the road show launch provided an opportunity for local businesses to understand what to expect from the third edition of the fair.

He said the fair provides a platform and opportunity for local companies to interact with business people and get opportunities from other African countries at one go.

“The regional block has been launched and we can only ignore it at our own peril because the continent is already moving towards that side so the least we can do is to start working towards making sure that we can benefit from the opportunities that are going to be enrolled by the continental block,” said Mr Majuru.

“The purpose of the IATF is that we all meet at the central place for doing business. Imagine a company in Zimbabwe trying to travel to all African countries to go and look for opportunities to do business that is costly and takes time to happen.”

He said the show provides opportunities for companies to tap into as well as putting Zimbabwe on the spotlight as the products that will be exhibited will get attention from other countries on the continent.

Mr Majuru said the country’s trade performance had been on a growth trajectory since 2018 and the goal was to continue growing it.

“We are showcasing Zimbabwe as a tourist destination. The Zimbabwe Investment and Development Agency (ZIDA) and the Zimbabwe Tourism Authority (ZTA) are also part of this, we are planning a committee and they will be able to represent us during the trade fair to market the country.

“We need to work as a country on turning around our narratives and these platforms give us that opportunity to showcase our products. Branding is a key component for us to be known for who we are. Such platforms also provide us with the opportunity to showcase Zimbabwe not only to the continent but globally in terms of who we are and what we offer as a country,” he said.

Mrs Netsai Magade, a representative from the Ministry of Industry and Commerce said there was a need to increase the export volumes of manufactured products from the country.

“We have witnessed low volumes of manufactured products exports and as the Ministry of Industry and Commerce it is indeed a huge concern for us, but we are currently coming up with a successful Zimbabwe National Industrial Development Policy (ZNIDP) to address that,” she said.

“The one we currently have (2019 to 2023) is coming to an end in December, so we are working on a successor ZNIDP for 2024 to 2030. It will be informed by the National Development Strategy 1 (NDS1) and indeed industrialisation remains a big priority for the Ministry.”

She said participating at the IATF 2023 for local companies comes on the backdrop of the African Continental Free Trade Area (AfCFTA) which would aid in the movement of goods and services across the African continent without restrictions.

African Export-Import Bank (Afreximbank) Southern Africa regional chief operation officer (COO), Mr Humphry Nwugo encouraged businesses to attend the IATF 2023, as the trade fair could accelerate African countries’ economic growth.

“African countries are at a transformational moment in history to accelerate economic growth, development and prosperity. The drivers of this momentous occasion include the AfCFTA as the continent is endowed with a number of natural resources minerals and metals,” he said.

“As Zimbabwe you are blessed with significant resources and minerals such as gold, platinum, coal, chrome and diamonds among others. The most amazing and attractive investment opportunities are available in multiple sectors here in Zimbabwe and on the continent. These and more offer huge potential for industrialisation and I believe that you should take advantage and attend the IATF 2023 in Cairo Egypt.”