Online Reporter
Sikhulekelani Moyo [email protected]
WITH Zimbabwe scheduled to host the Common Market for Eastern and Southern Africa (COMESA) Summit in October, business leaders have called for tangible trade and investment outcomes.
Harare will take over COMESA chairmanship from Kenya and local business leaders expect the summit to unlock market access, finance and partnerships for Zimbabwean companies.
Zimbabwe National Chamber of Commerce (ZNCC) national president Ms Josephine Takundwa said the summit will put Zimbabwean industry in the spotlight. “The upcoming COMESA Summit will put Zimbabwe’s industry in the spotlight and will be a platform to showcase what Zimbabwe has to offer to the bloc,” she said. “With Zimbabwe already positioned institutionally for growth in regional trade, we can view the COMESA Summit coming to Zimbabwe as a catalyst.”
Zimbabwe will assume chairmanship of COMESA when it hosts the regional bloc’s 25th Heads of State and Government Summit aimed at promoting economic integration, industrialisation and investment.
The summit will run under the theme, “One market one future: Advancing inclusive industrialisation, investment and regional integration in COMESA.”
First will be the COMESA Business Forum, which will be held on October 20 and the Meeting of Ministers of Foreign Affairs on October 21.
Bulawayo businessman and former ZNCC Matabeleland Chamber vice president Mr Louis Herbst said Zimbabwe must move beyond hosting and focus on tangible economic results.
“From a business perspective, the COMESA Summit presents Zimbabwe with an important opportunity to move beyond simply hosting a high-level regional event and use it as a platform for tangible economic outcomes,” he said.
He said the summit theme “One Market, One Future: Advancing Inclusive Industrialisation, Investment and Regional Integration in COMESA” is particularly relevant because Zimbabwean industry needs greater access to regional markets, investment, technology, finance and integrated value chains.
Mr Herbst said the private sector expects the indaba and business forum to deliver on reducing non-tariff barriers, simplifying cross-border trade, harmonising standards, improving logistics and customs processes, expanding access to regional finance, creating opportunities for Zimbabwean businesses to participate in regional supply chains and visibility and market opportunity
He said the greatest benefit of hosting is visibility before Governments, investors and businesses across COMESA. “For Zimbabwe, the greatest benefit of hosting the Summit is the visibility it gives the country in front of governments, investors, financial institutions and businesses from across the COMESA market. With a regional market of more than 600 million people while intra-regional trade remains below 15 percent, the opportunity is significant,” he added.
He, however, cautioned that hosting alone does not create economic benefit.
He said Zimbabwe has to use the occasion to actively market its industrial capacity, agriculture, mining, tourism, technology and emerging manufacturing sectors and convert diplomatic engagement into investment, export contracts, joint ventures and long-term commercial partnerships.
