Zim, France to take relations to new level

Wallace Ruzvidzo in PARIS, France

Vice President Dr Constantino Chiwenga arrived here yesterday and immediately got down to business, meeting over 30 companies under the Movement of Enterprises of France (MEDEF) International, which is France’s leading economic diplomacy arm.

VP Chiwenga also met another business delegation from BRGM, a geological survey company.

In his response to the intent registered by MEDEF, VP Chiwenga said the removal of most of the European Union’s (EU) punitive measures on Zimbabwe was a step in the right direction.

Their removal, he added, was evidence that Zimbabwe had forged a new path in becoming a friend to all and enemy to none, and would help the country in settling its arrears.

“Let me acknowledge with appreciation the removal of most of the EU restrictive measures in 2023, clearing the way for the region to further collaborate more with Zimbabwe,” he said.

“Zimbabwe is a friend to all and an enemy to none, hence is open for business. In terms of the debt overhang, Zimbabwe is committed to clearing its arrears with various financial institutions as we move towards the attainment of Vision 2030 through National Development Strategy 1 (NDS1) for inclusive and sustainable growth.”

VP Chiwenga reaffirmed Harare’s readiness to take relations with Paris to the next level, saying Zimbabwe was truly open for business.

“Zimbabwe is open for investment in all sectors of the economy, including Artificial Intelligence, information communication technology, agriculture, horticulture, infrastructure development and e-energy transition and value addition in various sectors.

“I would like to indicate the need to leverage on the continental trading blocs, such as the European Union (EU) and African Continental Free Trade Area (AfCFTA), to enhance trading arrangements.

“Zimbabwe established the Zimbabwe Investment Development Agency (ZIDA), which is a one-stop investment service centre for ease of doing business. The centre offers investors a seamless registration and licence application process,” he said.

To deal with its debt and arrears, the Second Republic initiated an arrears clearance and debt resolution platform with former Mozambican President Joachim Chissano and African Development Bank (AfDB) president Dr Akinwumi Adesina, leading the process.

Since its launch, Zimbabwe has made significant progress in restructuring its debt. VP Chiwenga said it was encouraging to note that the French business community was expanding operations in Zimbabwe. All this, he said, was evidence that the bilateral economic relations between the two countries were cordial and that French companies were making use of the existing opportunities.

“I acknowledge the long-standing history between Zimbabwe and France, resulting in companies like Peugeot, TotalEnergies and Lafarge becoming household names in Zimbabwe.

“Let me highlight that this meeting provides a vital platform to reaffirm the Government of Zimbabwe’s commitment to its mantra that ‘Zimbabwe is open for business’ and take Zimbabwe-France bilateral, political and economic relations to the next higher level, reflecting our shared commitment to fostering stronger economic ties.

“The French business community has been expanding its existence in Zimbabwe with companies like Propaco extending credit lines to several private companies in Zimbabwe, Lima Grain investing in Seed Co, Lesaffre taking over former Anchor Yeast, and recently HDF Energy partnering with the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) in the establishment of Zimbabwe’s first hydrogen power plant,” he said.

He then apprised France’s economic diplomacy arm on the Second Republic’s efforts to stabilise Zimbabwe’s economy, including the introduction of the Zimbabwe Gold (ZiG) currency, which has brought economic stability.

“This is part of measures to stabilise the economy, support simplicity and certainty in managing financial affairs,” he said.

On trade between the two countries, VP Chiwenga said trade between the two countries presently “falls short of its full potential”.

“There is need for concerted effort to change the trajectory taking advantage of France’s large economy as a member of G7 and Zimbabwe’s abundant natural resources including a skilled and stable workforce,” he said.

VP Chiwenga went on to congratulate France on hosting the 2024 Olympic games, which commence on August 1.

MEDEF president of the sustainable cities taskforce Mr Gerard Wolf said they would visit Zimbabwe in October.

“We want to go back and partner with you, we already have a lot of companies there (Zimbabwe).

“The only thing we are looking for is good business and helping people to improve their daily lives as we do in hundreds of countries across the world,” he said.

In an interview after a separate closed door meeting with the VP, BRGM’s area manager for Southern and Eastern Africa, Mr Eric Gomez, said they were committed to setting up shop in Zimbabwe to improve the country’s mining sector.

“We discussed with the Vice President about critical projects in Zimbabwe, agriculture production and ground water.

“We would like to cooperate in those fields,” he said.