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KENYAN President William Ruto made the journey to Zimbabwe last week to officially open the 64th edition of the Zimbabwe International Trade Fair in Bulawayo.
He became the 25th Head of State to preside over Zimbabwe’s premier international trade exhibition showcase.
Since 1985, when President Jean-Baptiste Bagaza of Burundi officially opened the ZITF, 22 African leaders have presided over the opening ceremony, demonstrating its role in forging continental trade links.
Two leaders from overseas — former Malaysian Prime Minister Mahathir Mohamad (1994) and Iran’s Mahmoud Ahmadinejad (2010) — also had the honour to grace and officially open the trade fair.
But last week, it took extraordinary sacrifice on President Ruto’s part to honour President Mnangagwa’s invitation, as Kenya was last week plagued by El Niño-induced floods that have swept across East Africa, killing more than 60 people in the process.
This shows the success of Zimbabwe’s engagement and re-engagement drive, which is designed to re-establish traditional trade routes and open new frontiers.
Kenya is currently East Africa’s biggest economy, and Harare stands to benefit in forging closer relations with Nairobi.
That the two countries managed to sign memoranda of understanding in various areas of cooperation, especially after the fourth session of the Joint Permanent Commission on Cooperation that sat in Harare before ZITF, is encouraging.
We have seen similar initiatives with regional countries such as Botswana, South Africa and Mozambique, as Zimbabwe continues to ratchet up its economic diplomacy.
And it is clear that Zimbabwe’s charm offensive is working.
Numbers never lie. In our business section, we report how Zimbabwe managed to grow its exports to US$7,2 billion last year, which is more than the US$7 billion target it initially set under the Zimbabwe National Trade Policy Vision and Export Promotion Strategy.
The newly opened frontier in the cash-rich United Arab Emirates is proving to be rewarding. Last year, trade between the two countries grew to US$3 billion, compared to US$2 billion a year earlier.
Interestingly, trade with the United Kingdom, with which we had a frosty relationship since the land reform programme at the turn of the millennium, has similarly been trending upwards, as total trade in the year to September 2023 rose by 76,1 percent to £539 million. Of the £539 million, Zimbabwe’s exports to the UK were £275 million, while imports totalled £264 million.
This shows that Zimbabwe is on the rise.
This was quite evident at last week’s ZITF, which was oversubscribed.
The showcase attracted a record 624 exhibitors, exceeding last year’s total of 565.
Of these, 136 were new exhibitors.
This year’s theme, “Innovation: The Catalyst for Industrialisation and Trade”, aptly reflected the Second Republic’s bold objectives.
Demand for exhibition space was so high that over 100 companies could not be accommodated.
From the UK, the United States to South Korea, which was exhibiting for the first time, global participation was strong. African representation was also significant.
These are the spillovers of Zimbabwe’s ambitious economic development policy.
In keeping with these aspirations, President Mnangagwa has continued to push the country’s diplomats to prioritise business development, trade promotion and luring investment.
But the success of ZITF also underscores a crucial point: African nations stand to gain immensely by strengthening trade ties amongst themselves.
Currently, intra-African trade remains worryingly low compared to other regions.
By fostering collaboration and knowledge exchange, events like ZITF can play a vital role in changing this narrative.
Imagine the potential if African countries prioritised trading in finished goods and services with each other, instead of primarily exporting raw materials to external markets.
This shift would not only boost economic growth but also create jobs and empower local entrepreneurs.
The African Continental Free Trade Area (AfCFTA) offers a powerful tool to unlock Africa’s full trade potential. By eliminating tariffs and streamlining trade procedures, AfCFTA can create a continental market of 1,3 billion people with a combined gross domestic product of US$3,4 trillion.
This presents a historic opportunity for African nations to achieve economic independence and compete on a global scale.
However, realising AfCFTA’s full potential requires concrete action.
Governments must invest in infrastructure development to facilitate the smooth movement of goods across borders.
Additionally, fostering a culture of collaboration and innovation is essential to ensure all African nations benefit from this historic agreement. The 64th edition of ZITF, therefore, stands as a powerful testament to Zimbabwe’s flourishing trade environment under the Second Republic’s leadership.
The record attendance, international participation and impressive trade figures all point towards a bright future for Zimbabwe’s economic development.
After experiencing what Zimbabwe had to offer, President Ruto had one key message for the world.
“The level of coherence and alignment evident in Zimbabwe’s new development strategy is indicative of an underlying policy of structural reform to produce the set of conditions necessary for transformation to take place,” he said.
“This further suggests that potential investors must start paying close attention to reforms related to trade and investment, lest they miss out on highly beneficial incentives.”
Online Reporter