JUST IN: Zim targets 25 new export markets, 100 trade missions

Business Reporter

PLANS are underway for the establishment of 25 new export markets and facilitation of 100 trade investment missions as part of comprehensive measures aimed at boosting the country’s exports and promoting the national interest through enhanced international relations.

Cabinet has considered and approved the final ministerial action plan towards this, which is compliant with the National Development Strategy (NDS1: 2021-2025).

Minister of Foreign Affairs and International Trade, Dr Frederick Shava, presented the action plan at Tuesday’s Cabinet meeting.

The need to synergise public and private sector efforts in coming up with appropriate steps towards improving the country’s exports is seen as a sustainable path to attaining real economic stability and growing the economy towards the envisaged upper middle-income status by 2030.

Expanding the export market and trade missions is, thus, expected to assist the country in diversifying exportation of value-added goods and services and curbing imports.

In a post-Cabinet media briefing, Information, Publicity and Broadcasting Services Minister, Monica Mutsvangwa, said the Foreign Affairs Ministry’s mission was to promote the political, socio-economic interests and the image and influence of Zimbabwe in the international community.

This includes protecting the interests and safety of Zimbabweans in the diaspora.

“The deliverables of the plan include the following: appointment of eight honorary consuls during the five-year period, establishment of 25 new export markets and facilitating 100 trade investment missions and improving international relations through such undertakings as signing of 150 cooperation agreements and 26 Bilateral Investment Promotion and Protection Agreements (BIPPAs),” said Minister Mutsvangwa.

“The country’s image will be improved through the planned 650 public diplomacy and visibility initiatives both locally and internationally, including press releases, holding regular briefings with diplomats accredited to Zimbabwe, and delivering lectures at universities and other key national institutions.”

In line with the decentralisation and devolution thrust, Cabinet was told that the ministry was in the process of establishing two provincial offices in Bulawayo and Victoria Falls.

Guided by the National Export Strategy and the Zimbabwe National Trade Policy (2019-2023), the Government has proposed an exports roadmap that will realise US$7 billion worth of exports by 2023 and US$14 billion in export value by 2030.

The specific objectives of this policy thrust are to promote free and fair trade, promote export-led production and industrialisation, diversification of export products and markets to increase the national export of goods.

Growing exports is also expected to improve the balance of trade position by at least 10 percent annually, and help improve Zimbabwe’s ranking on the World Bank’s Trading Across Borders Distance to Frontiers Index from 54,34 percentage points in 2018 to 65 percentage points in 2023 and 75 percentage points in 2030.