Zim, Australia renew economic ties

to develop business ties between Harare and Canberra, but suspended operations in 2002 due to the country’s economic downturn.
Australian Ambassador to Zimbabwe Mr Matthew Neuhaus said the relaunch of ZABC was a vote of confidence in the future of Zimbabwe.
“It’s coming alive again,” Ambassador Neuhaus told delegates who attended the function. He said in a globalised world, the future and prosperity of Zimbabwe would depend on “internationalisation rather than indigenisation”.
Prominent business people who attended the function include banker Mr Nigel Chanakira, tourism guru Mr Herbert Nkala, Economic Planning and Investment Promotion Minister Tapiwa Mashakada, Deputy Minister of Mines and Mining Development Mr Gift Chimanikire and the Austrade senior trade commissioner for Southern Africa Mr John Madew
An interim board has been appointed. It will be chaired by Mr Andrew MacPherson and Mr Charles Gardiner is the treasurer. Other board members are Harare Mayor Muchadeyi Masunda, Mr Victor Gapare, Mr Nkala, Mrs Judi Ward, Mr John Gardiner and Mr Travlos.
Mr MacPherson said the council would provide a dynamic platform for businesses from both countries to develop and expand “mutually profitable business linkages”.
He said trade between the two countries, as well as inbound investment from Australia would be promoted.
He added that ZABC would host special events such as inbound trade and investment missions, outbound trade missions and special road shows.
“There are great opportunities for sharing the products and expertise of both countries,” he said. The council will hold its first AGM in November.
ZABC members are drawn from Zimbabwe’s commercial sector and Australia companies operating in Zimbabwe. The creation of the ZABC reflects the changing local business environment and in particular emphasis towards external trade, exports promotion and attracting investments.
Trade between Zimbabwe and Australia steadily rose to A$66 million in five years in 1998 but fell to about A$23 million in 2000. Since then, there was no meaningful trade between the two countries. Last year, exports to Australia totalled A$6 million while imports stood at A$1,5 million.
Zimbabwe’s major imports from Australia are telecommunications equipment, vehicle spares, agricultural machinery and animal oils and fats while Australia mainly imports tobacco, fresh and crude vegetables.
Some landmark Australian investment in the country included BHP Resources, which incorporated Hartley and Selous platinum projects, Rio Tinto and Delta  Gold.
Beyond mining, Australian investors had various investments in agriculture, education and tourism.