Online Reporter
Business Reporter
Zimbabwe has widened its investment and trade gateways into Asia after the Zimbabwe Investment and Development Agency and ZimTrade entered into separate cooperation arrangements with key institutions in China, strengthening channels for attracting international capital and expanding markets for local products.
The agreements, concluded on the margins of the ongoing 11th Belt and Road Summit in Hong Kong, China, which ends today, bring ZIDA together with Invest Hong Kong (InvestHK) on investment promotion, while ZimTrade has partnered with the Hong Kong Trade Development Council (HKTDC) to deepen trade and business linkages.
The twin developments dovetail with President Mnangagwa’s economic diplomacy under the Second Republic, which has placed investment, production and trade at the centre of Zimbabwe’s international engagement as the Government works to position the country at the crossroads of global capital and commerce.
They also reinforce the “Zimbabwe is Open for Business” philosophy and the broader Vision 2030 thrust, under which stronger diplomatic relations are increasingly being translated into investment opportunities, export markets, technology transfer and partnerships that can expand domestic productive capacity.
Zimbabwe’s Consul-General to Hong Kong, China, Mr Ellias Mutamba, said the growing engagement between Zimbabwe and China pointed to significant scope for deeper economic relations, as investors are increasingly looking for opportunities in emerging markets while demand for quality products has created room for greater trade flows.
“We are encouraged by the prospects for stronger investment and trade relations. There is growing interest among investors in opportunities that Zimbabwe offers across different sectors, while at the same time we are seeing scope for greater demand for Zimbabwean products in this market and the wider Asian region.
“Our task is to keep building the connections between businesses, investors and institutions so that this interest translates into actual investment, increased trade and mutually beneficial partnerships.”
He said the latest institutional partnerships created a platform for maintaining that momentum and broadening economic exchanges between the two sides.
On the investment front, ZIDA’s agreement with InvestHK establishes a formal cooperation mechanism through which the two investment promotion agencies will promote inward and outward investment and connect businesses to opportunities in their respective markets.
The agencies agreed to exchange information on their investment environments and available opportunities, share investment-promotion experience and support companies seeking to establish or expand operations in either Zimbabwe or China.
The arrangement gives Zimbabwe a structured institutional link into the Chinese international business and financial ecosystem, while providing prospective investors with a clearer pathway to information, introductions and facilitation when considering projects in Zimbabwe.
ZIDA chief legal officer, Ms Theresa Muchinguri, said the focus was on turning international connections into tangible investment.
“Our objective is to create stronger pathways between international investors and viable opportunities in Zimbabwe,” she said.
“Through this cooperation with InvestHK, we can share opportunities more directly, facilitate introductions and support businesses that are considering Zimbabwe as an investment destination.
“Ultimately, the value of this partnership will be measured by our ability to translate these connections into investments that are implemented on the ground.”
On the trade front, the ZimTrade’s agreement gives added impetus to Zimbabwe’s drive to grow and diversify export markets, an important pillar of the country’s broader strategy to increase production, strengthen export earnings and reduce excessive reliance on a narrow range of traditional markets.
The MoU establishes an institutional framework through which the two organisations will work to strengthen trade and economic ties between Zimbabwean and Chinese enterprises, companies, organisations and entrepreneurs.
For Zimbabwe, the significance lies in creating an organised pathway through which exporters can gain greater visibility, improve their understanding of the market and develop direct relationships with businesses that could become buyers, distributors, partners or conduits into broader commercial networks.
Under the agreement, ZimTrade and HKTDC, among other things, will jointly organise workshops and seminars introducing businesses to economic opportunities in the two markets.
The institutions will further support and facilitate economic missions, seminars, symposiums, conferences and other mutually agreed activities.
These platforms will provide the critical interface between Zimbabwean producers and potential buyers and partners.
ZimTrade operations director, Mr Similo Nkala, said the partnership will strengthen the practical export development and promotion programmes available to Zimbabwean exporters, particularly as the country seeks to broaden destinations and increase the presence of value-added products internationally.
“This agreement gives Zimbabwean exporters a stronger platform to penetrate new markets and build direct commercial relationships.
“Access to market intelligence, buyer networks and business missions will help our companies respond more effectively to demand, while supporting the wider national drive to diversify export destinations, grow volumes and increase the share of value-added products in our trade,” said Mr Nkala.
