Canada sees huge potential in Zim economy

Michael Tome
Business Reporter

CANADA has expressed interest in growing trade and investment ties with Zimbabwe through cooperation across diverse

economic sectors, including mining.

Canadian Ambassador to Zimbabwe, Adler Aristide revealed this on Tuesday while addressing delegates at the third Canada-

Africa Business Conference held in Harare.

Organised by the Zimbabwe Investment Development Agency (ZIDA) in collaboration with the Canada-Africa Chamber of

Business, and the Embassy of Canada in Zimbabwe, the event sought to promote diplomatic relationships and ignite

commercial ties between the two countries.

A business mission comprising 25 Canadian companies, operating in various economic segments, is in Zimbabwe to scout for

commercial ties in the mining, energy, ICT, agriculture, education sectors.

The visit comes as part of initiatives to revive trade ties between the two countries as it had dwindled over time.

Canada has expertise in several economic areas, including agriculture, mining and energy production.

The North American country is one of the world’s top exporters of agricultural commodities and cutting-edge technology

created to enhance agri-food production and processing.

It is also looking at creating linkages with local companies that have interests in solar energy, given that Canada is endowed

with firms that export clean energy solutions and bio-products.

Hatch, one of the companies on the business mission, has interests in the provision of engineering technologies, process

design, and construction project management to project developers.

“Trade with Zimbabwe is currently limited, but we see the growth potential and we are here to try tapping into it,” said

Ambassador Aristide.

“The presence of our companies in Harare this week is a testament to their belief in the Zimbabwean market.

“On the other side of macro-economic challenges, they can see a lower middle-income country with ambition, a well-educated

workforce, abundant natural resources, a very tourism-friendly climate, and a State invested in engaging and sees the need for

advances in economic policy and other reforms.”

Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube said engagements with the

North American country would bring investment opportunities to the attention of potential investors, development financing

institutions, as well as local and international investors.

“As the economy opens up to regional and global markets, and the Government implements policies that leverage on the

country’s natural resource endowments, there are attractive opportunities for investors across the various sectors, such as

infrastructure development, mining, tourism, renewable energy, agriculture, ICT, and manufacturing,” he said.

“The Government continues to implement key reforms to stimulate private investment and growth, including achieving

macroeconomic stability, improving the business environment, and ensuring that domestic industries produce goods that are

internationally competitive,” said Professor Ncube.

Canadian companies made US$12 billion mining sector investments in Africa last year.

Trade represents two-thirds of Canada’s economy and last year’s two-way trade with Africa reached US$16,3 billion, with

US$10,5 billion being traded with Sub-Saharan Africa.

Its main exports were in cereals, machinery and equipment, vehicles, precious stones, metals and fertiliser.

Canadian companies that have been operating in Zimbabwe and pushing the collaboration agenda include B2Gold, Hatch,

Polaris, Zephyr Minerals and CPCS Transcom.