adminThe Herald, 2 October, 1980
CHINA was poised for a trade boom with Zimbabwe, the First Secretary in the Chinese Embassy, Mr Sun Guotong, said in an interview yesterday.
There was great potential for trade between the two countries because of the existing sound relations. China has already started importing tobacco from Zimbabwe and so far, had bought 5 000 tonnes, said Mr Sun.
“This is the beginning of a new era in China’s foreign trade and we are making every effort to develop it in order to promote economic exchange and friendship with other nations.”
The vice-chairman of the China Council for the Promotion of International Trade, Mr Wang Wenlin, who recently visited Zimbabwe during the International Economic Resources Conference on Zimbabwe had been impressed by the Government’s attitude to economic development.
Mr Sun said a trade section would be established at the embassy to handle inquiries. “We have had a lot of inquiries from local businessmen wanting to trade with us.”
China’s exports during last year went up by 26,3 percent while imports rose by 29,6 percent. The world’s most populous country recorded an impressive exports performance for the first six months of this year — 35,5 percent more than during the same period in 1979.
Trade with African, Asian and Latin American countries increased during 1979. Imports went up by 21,4 percent while exports increased by 62.2 percent.
Our correspondent in Hong Kong reports that Zimbabwe can start drawing on a $17,5 million loan from Peking arranged in Salisbury on September 12.
The loan aid covers joint projects as well as technical and economic co-operation. The aid agreement was signed by the Chinese Vice-Minister of Economic Relations with Foreign Countries, Mr Li and the Deputy Minister of Finance, Dr Oliver Munyaradzi.
The interest-free loan can be drawn over the next five years, beginning yesterday. Such financing from Peking is relatively rare, but similar loans have been extended this year to poor States.
LESSONS FOR TODAY
China has been actively engaging in trade relations with various African nations, including Zimbabwe. This engagement is part of China’s broader strategy to enhance its economic presence in Africa through investments, infrastructure development, and trade partnerships.
The relationship between China and Zimbabwe has been characterised by mutual interests, particularly in sectors such as mining, agriculture, and manufacturing.
As of late 2023, reports indicate that China was indeed poised for a trade boom with Zimbabwe. This anticipated growth can be attributed to several factors.
The Zimbabwe Government has projected an “open for business” mantra, aimed at attracting foreign investment. These policies are designed to create a more favourable business environment for international investors, including those from China.
China has been involved in numerous infrastructure projects within Zimbabwe. These projects often include roads, railways, and energy facilities that not only improve local conditions but also facilitate trade by enhancing connectivity.
Recent bilateral agreements between the two countries have further solidified their economic ties. These agreements often focus on trade facilitation measures, investment protection, and cooperation in various sectors.
Online Reporter