Sikhulekelani Moyo, [email protected]
ZIMBABWE Investment Development Agency (Zida) and Zimbabwe International Trade Fair Company (ZITF) chairperson Dr Busisa Moyo has proposed four key pillars to accelerate intra-Common Market for Eastern and Southern Africa (COMESA) trade and investment, with Zimbabwe expected to champion regional integration following its assumption of the bloc’s chairmanship.
The country has an opportunity to advance the proposals after taking over the COMESA chairmanship at the 25th COMESA Heads of State and Government Summit in Mt Hampden yesterday.
Facilitating discussions at the COMESA Business Forum in Harare on Tuesday, Dr Moyo said the regional bloc should prioritise businesses based within member states and promote enterprises geared towards serving a multi-million-dollar regional market rather than operating solely within national boundaries.
COMESA has a combined population estimated at between 680 million and 698 million people, representing approximately 8,5 percent of the global population. Its combined gross domestic product (GDP) is estimated at between US$1,12 trillion and US$1,23 trillion.
The bloc is strategically important to Zimbabwe and other member states as it provides access to a vast regional market, creating opportunities for industrial growth, economic self-sufficiency and stronger regional cooperation.
Zimbabwe is also seeking to leverage its position to advocate for faster visa liberalisation and the removal of non-tariff barriers to promote tourism, trade and business connectivity.
Dr Moyo said the first pillar, co-creation, should involve indigenous COMESA businesses meeting regularly under the umbrella of COMESA Business Council chapters to identify emerging opportunities, address impediments and develop solutions to challenges affecting trade and investment.
He said the effectiveness of engagement between policymakers and the private sector depended on the quality of research and the availability of effective platforms for resolving business challenges.
“We shouldn’t be making COMESA attractive for multinationals but for COMESA-based businesses and those who are COMESA-minded,” he said.
The second pillar, champions, involves profiling successful COMESA businesses and entrepreneurs to inspire others to take advantage of the regional market and build enterprises capable of expanding across national borders.
“We need to profile current COMESA champion businesses and entrepreneurs.
“This will inspire more and more COMESA-wired businesses who take advantage of the 600m+ people market, building businesses that are geared for scale at COMESA and not just national in orientation,” he said.
Dr Moyo said member states should also develop regional value chains that enable countries to specialise in different stages of production, processing, packaging and marketing.
He illustrated the concept through a model in which a product could be “grown in Malawi, processed in Zimbabwe and packaged for market in Zambia and marketed in Namibia and DRC”.
The third pillar, curated collaboration, calls for stronger cooperation between the public and private sectors across the bloc’s 21 member states to harmonise product standards and policies, tackle practices that impede trade and eliminate non-tariff barriers.
Dr Moyo said such collaboration should also incorporate regular feedback from businesses and other stakeholders, an issue that Coca-Cola executives also highlighted during the panel discussion.
“A common market is good but an economic union is even better!” he said.
The fourth pillar, capacity building for inclusivity, focuses on equipping micro, small and medium enterprises (MSMEs), particularly those owned by women and young people, with the knowledge, resources, technology and finance needed to grow into larger corporations.
“MSMEs, particularly those run by women and youth, should be capacitated with knowledge, resources, technology and finance so we grow them into larger corporations that can be tomorrow’s champions,” he said.
He added that researchers and academic institutions across the 21 member states could contribute through relevant research that supports regional trade and investment.
The COMESA Business Forum was among several engagements held alongside the summit in Harare, where Zimbabwe assumed the bloc’s chairmanship from Kenya.
The chairmanship places Zimbabwe at the forefront of efforts to advance regional integration, industrialisation and investment while strengthening peace and security across the region.
