Zim, Australia set to strengthen economic ties

the Zimbabwe Australia Business Council is set for next Thursday, according to the Australian embassy.
ZABC, which stopped operations in 2002 due to Zimbabwe’s growing economic challenges then, seeks to enhance trade and investment between the two countries by acting as a conduit of business information.
“Through this site and contacting the council directly, we can help you find the people who can provide advice on doing business in the respective countries, or we can put you in touch with potential business partners,” said ZABC.
ZABC members are drawn from Zimbabwe’s commercial sector and Australian companies operating in Zimbabwe.
The creation of the ZABC reflects the changing local business environment and  emphasis towards external trade, export promotion and attracting investments.
Trade between Zimbabwe and Australia rose to A$66 million in the five years to 1998 but fell to about A$23 million in 2000.
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.
Landmark Australian investment in the country included BHP Resources, which incorporated Hartley and Selous platinum projects, RioTinto and Delta Gold.
Beyond mining, Australian investors had various investments in agriculture, education and tourism.
“There was going to be a big take-off (before the economic downturn) and we need to get back to that level,” said the Australian Ambassador to Zimbabwe Mr Matthew Neuhaus in an interview about two months ago.
The envoy, who is also attached to Zambia, Malawi and the Democratic Republic of Congo, said Zimbabwe was an attractive destination but needed to re-look at policies that were deterring investments.