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Today the curtain comes down on the Zimbabwe International Trade Fair which started on Tuesday. The country’s premier international trade and investment showcase attracted 19 countries compared to 16 that exhibited last year, a confirmation that an increasing number of countries now have confidence in the Zimbabwean economy.
According to the chairman of the ZITF Company, Mr Bekithemba Nkomo, 44,000 out of the 51,000 square metres of available space had been taken three weeks before the start of the fair and we have no reason to doubt this year’s event was fully subscribed. Given the challenges facing the economy, the response to this year’s fair is therefore very encouraging.
In his remarks after touring the various stands at the country’s premier shop window, the Deputy Minister of Media, Information and Broadcasting Services, Cde Supa Mandiwanzira, said he was impressed by local exhibitors’ enthusiasm. “I saw men and women who are enthused and committed to see the country moving forward. Men and women who want to turnaround the economy and create jobs,” he said.
It is inspiring to learn that we have men and women leading our industry and commerce who are committed to seeing the economy turn around. What is comforting is that the country has all that is needed to make the economy work again. The country has abundant natural resources backed by a highly skilled manpower.
The foreign countries that exhibited this year got first hand information regarding what Zimbabwe can offer investors. The country has for many years been subjected to negative publicity by its detractors and it is our fervent hope that the countries and their companies that participated at our trade and investment showcase will be our ambassadors who will help correct the country’s distorted image.
We have no doubt that the exhibitors, both local and foreign, clinched deals during the week-long exhibition. These deals should not just end up on paper but should translate to tangible business transactions. We envisage a situation whereby after say six months or so, companies report that their businesses have grown two or three-fold as a result of their participation at the ZITF.
Zimbabwe is facing funding challenges as the country cannot borrow money from external financiers due to its debt overhang. The country owes Bretton Woods institutions and multi-lateral bodies $2,6 billion, the Paris Club $3,8 billion and other creditors $682 million.
The government has already made a commitment to engage these institutions with a view to finding a lasting solution. We are however aware that the country’s detractors will always put spanners in the works but what is important is for Zimbabweans to have a shared vision regarding the country’s future.
Today as we wind up what has been a hectic week for the business community, it is important for the country to come up with a programme of action regarding the closed industries. We have said enough and it is now time to act. It is a fact that the country is grappling with liquidity challenges and there is therefore need to find alternative sources of funding.
Many of these closed companies need capital injection and since the traditional financiers are taking their time, we need to look elsewhere.
Online Reporter