adminHarare Bureau
Trade between Zimbabwe and China topped US$800 million in the first five months of 2015. In 2014, an all-time high of US$1,24 billion was recorded over the entire year, spurring projections that the total tally for 2015 could be much higher. The latest export-import breakdown was not immediately available, but in 2014, Zimbabwe’s tobacco and cotton exports accounted for 70 percent of trade. A large part of Chinese imports comprised mechanical and electrical products.
This positioned China as Zimbabwe’s second-biggest trading partner after South Africa, whose dealings with Harare were at least US$2,6 billion last year.
In an interview with our Harare Bureau, China’s chief diplomat in Zimbabwe Ambassador Lin Lin said Harare and Beijing were now focusing on diversing trade.
“The two sides are exploring how to unlock potential areas of trade. Our trade relations are enjoying rapid development. Our bilateral trade reached US$1,24 billion in 2014.
“The bilateral trade is in Zimbabwe’s favour as China’s exports to Zimbabwe were US$400 million while imports from Zimbabwe were US$840 million.”
Ambassador Lin, who is seeing out his three-year mission, tipped Zimbabwe’s economy to grow rapidly on the strength of its natural and human resource bases.
He revealed that China’s Deputy Minister of Commerce, Mr Zhang Xiangshen, will visit Harare to follow-up implementation of major economic deals between the two countries.
Mr Xiangshen will also discuss preparations for the December 2015 Forum on China-Africa Co-operation.
In the last 10 years, China has extended preferential, concessionary and commercial loans to help Harare grow its economy.
Last year saw President Mugabe and his counterpart, President Xi Jinping, sign deals covering energy, roads, railways, telecommunications, agriculture and tourism in Beijing. In July 2015, the two leaders followed up with an upgraded memorandum of understanding, and China’s National Development and Reform Commission visited Zimbabwe to review work progress.
derick.khumalo