Govt in bid to woo BRICS nations

help Zimbabwe lure foreign direct investment critical in its economic recovery efforts.
“We are in discussion with the emerging countries that perhaps on a quarterly basis we can have a China Week, a Brazil Week or a South Africa Week here so that we can enhance bilateral trade between us,” he said.
“That is work in progress and that is the way we want to move.”
Minister Ncube said Zimbabwean diplomatic missions in those countries were pursuing the proposal.
Zimbabwe has registered steady economic growth since the introduction of the multiple foreign currencies in 2009 after a decade of economic contraction.
The meltdown induced by illegal economic sanctions imposed on the country by Western countries in retaliation for the land reform programme implemented in 2000, resulted in low industrial capacity and reduced FDI.
The BRICS bloc of nations has changed the dynamics of the global markets resulting in alternative investment destinations for developing countries.
Analysts contend that Zimbabwe could gain economically by creating business synergies with the group, which has navigated its economic development rapidly and successfully.
To date Zimbabwe has established strong economic and bilateral ties with China and South Africa.
China is pursuing a number of business ventures in the country in various sectors. South Africa is Zimbabwe’s largest trading partner with opportunities for further growth.
As of 2012, the five BRICS countries represent almost three billion people,   with a combined nominal GDP of US$13,7 trillion, and an estimated US$4 trillion in combined foreign reserves. — New Ziana.