daniel chigunwe
Business Writer
CANADA has expressed interest in growing trade and investment ties with Zimbabwe through cooperation across diverse economic sectors, including the lucrative mining sector.
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 a range of sectors including mining, energy, ICT, agriculture, education and other professional services.
The visit comes as part of initiatives to revive trade ties between the two countries, which 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 technologies created to enhance agri-food production and processing.
It is also looking to create 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 limited, but we see the growth potential and we are here to try tapping into it. The presence of our companies in Harare this week is a testament to their belief in the Zimbabwe 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 that recognises more and more the need for advances in economic policy and other reforms,” said Ambassador Aristide.
He added that the country’s mineral wealth (with over 60 different minerals) makes it appealing to Canadian companies looking to prospect, survey or purchase mining assets in the country.
Canada intends to strengthen ties with the Zimbabwean Government, people and respective private sector businesses.
Canada’s relations with Zimbabwe rest on a growing partnership and ongoing collaboration dating back over four decades back.
While welcoming the Canadian business delegation, 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, local and international investors.
He said the engagement fostered dialogue and networking of companies from Zimbabwe and Canada.
“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.
“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, CPCS Transcom.
Bongani Ndlovu