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Debra Matabvu in BULAWAYO
STATISTICS from the just-ended 64th edition of the Zimbabwe International Trade Fair (ZITF), which was officially opened by Kenya’s President William Ruto yesterday, are quite revealing.
There was an 11 percent increase in exhibitors compared to last year’s event.
Local and foreign exhibitors numbered more than 624, up from the 565 that participated last year. Of these, 136 were new exhibitors.
Further, 27 countries had the opportunity to showcase their merchandise and innovations. The countries included the United Kingdom, the United States, Romania, Belarus, China, Sweden, Germany and Russia, with South Korea making its maiden appearance. African countries that exhibited were South Africa, Botswana, Zambia, Kenya, Malawi and Mozambique, among others. Overall, the week-long event was oversubscribed, as more than 100 companies were turned away due to a lack of exhibition space.
This year’s trade showcase ran under the theme “Innovation: The Catalyst for Industrialisation and Trade”, which encapsulates the ambitious development objectives of the Second Republic.
Fruits of engagement and re-engagement
Zimbabwe has begun harvesting the fruits of the Second Republic’s engagement and re-engagement drive.
In recent years, exhibitions were dominated by Government-linked institutions, but this year saw “more private sector players coming through”, according to Industry and Commerce Minister Mangaliso Ndlovu.
The increased number of companies from Europe and America, some of which were no longer associated with ZITF, underlined how the country has been able to recalibrate its trade through the engagement and re-engagement policy spearheaded by the Ministry of Foreign Affairs and International Trade.
UK Ambassador to Zimbabwe Mr Pete Vowles, whose embassy was one of the attractions at the fair, said London and Harare were working towards restoring, strengthening and deepening bilateral ties.
“We are serious about wanting to have and deepen our relationship with Zimbabwe, and it’s not a secret that we have had a difficult relationship over history, but the past is past, and we look forward to having a strong and mature relationship with Zimbabwe,” he said.
US public affairs officer in Zimbabwe, Mr Larry Socha, said Washington’s programmes dovetailed with this year’s ZITF theme, which is premised on innovation and entrepreneurship.
Although the United States recently reviewed its sanctions regime on Zimbabwe to smoothen trade between the two countries, it still maintained sanctions on President Mnangagwa, among other top officials.The Government wants all the illegal sanctions to be scrapped.
Mr Marshall Ndlela, a Zimbabwean financial expert based in South Africa, said: “For years, the ZITF stage was dominated by regional participants. While this fostered strong ties with neighbouring and Asian countries, it also highlighted Zimbabwe’s isolation from the broader global market. The return of Western exhibitors in 2024 demonstrates a shift in perception.
“These companies see Zimbabwe as a nation ready to embrace international trade and investment. Indeed, their presence signifies a renewed interest in Zimbabwe’s potential and a willingness to engage in mutually beneficial trade and collaboration. This renewed engagement is a testament to the strides Zimbabwe has made in recent years.”
New frontiers
Zimbabwe, under the Second Republic, has been spreading its economic diplomacy to different parts of the world.
As part of the initiative, new embassies and consulates have been opened in countries where they previously did not exist.
In the past five years, new missions have been opened in Rwanda, Turkey, Saudi Arabia, Pakistan, the United Arab Emirates and Equatorial Guinea, among others.
New consulates have also been opened in Dubai, Cape Town, Johannesburg, Beira, Hong Kong and Lubumbashi.
All diplomats have since been mandated to give special attention to business and trade, and luring investment. Speaking to The Sunday Mail at the ZITF, Romania’s head of diplomatic mission, Mr Alexandru Irimia, said his country was ready to trade with Zimbabwe.
“Trade is not so much at the moment between the countries, but I have offered information to anyone who came here that Romanian companies have a modern system; a platform for everyone, importers and exporters,” he said.“We are open to business. We are a member of the European Union (EU) and that is why our economic ecosystem is linked to Europe. Our standards are the same.”
Opportunities for local traders
ZimTrade chief executive officer Mr Allan Majuru said the increase in the number of international exhibitors represented a potential boost in trade between Zimbabwe and the rest of the world. He said it was important for the country to export heritage-based products, which are fetching high prices on the international market.
“We are now focusing on heritage-based exports. As an example, you can look at the baobab tree. The whole idea is to make sure that we add value to products from communities and societies,” he said.
“The good thing about this is that such products are rain-fed and do not need pesticides, and, in the international market, they fetch very good prices. As we speak, EU and other Western countries are focusing heavily on healthy eating, so, going forward, we will be increasing our work with communities and our small and medium enterprises on heritage-based exports.”
As a result of Zimbabwe’s global charm offensive, Zimbabwe’s exports have been increasing.
For example, in 2017, the country exported goods worth US$3,5 billion, but in 2023, the figure rose to US$7,2 billion.
Latest statistics released by the Zimbabwe National Statistics Agency show that exports grew by 37 percent to US$1,18 billion between January and February this year, up from US$864,8 million recorded in the same period in 2023. Participation at this year’s ZITF shows renewed interest worldwide to trade with Zimbabwe. It also demonstrates the benefits of the country’s new economic diplomacy foreign policy thrust.
Online Reporter