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Malvern Nkomo Business Reporter
National trade development and promotion body (ZimTrade) says it is targeting US$20 million worth of deals at the 2023 Intra-African Trade Fair (IATF) to be held in Cairo, Egypt next week.
The Intra-African Trade Fair, now in its third year, is scheduled to run from November 9 to 15.
IATF is crafted to complement efforts under the African Continental Free Trade Area (AfCFTA) where the target is to boost trade among African countries.
Zimtrade said local firms will be looking to exploit more opportunities while consolidating the country’s foothold in the markets it has already tapped into.
Zimbabwe’s shipments into markets on the African continent stood at US$3,1 billion last year.
ZimTrade communications manager, Danai Majaha said; “As ZimTrade we are targeting at least US$20 million worth of deals that will be concluded during the fair. We believe that this fair is going to strengthen Zimbabwe’s footprint across the continent.
“Our target is to grow based on the success that we recorded in the previous AITF that was held in South Africa where deals worth US$15 million were concluded during the trade fair,” he said.
African countries possess abundant natural resources, which could be processed and transformed into value-added products. Additionally, encouraging innovation, research, and development can help create new export industries and improve competitiveness on the global stage.
In the same vein, by adopting internationally recognised trade facilitation measures, African countries can attract foreign investors, strengthen supply chains, and improve export competitiveness.
“For Zimbabwe, IATF provides a solid base for exporters that are looking to strengthen their stronghold into the African continent. It is a unique opportunity for Zimbabwean companies to grow their footprint and connect with buyers from across 54 countries in Africa,” said Mr Majaha.
He also said ZimTrade was targeting women and youth-led enterprises as well as rural-based businesses to explore African markets at the trade fair, aligning with the country’s devolution agenda while improving the livelihoods of Zimbabweans.
“Along the devolution agenda of the government, we have assured that companies to attend will come from all the provinces of Zimbabwe, mainly targeting women-led and youth-led enterprises. We are also targeting rural-based businesses with the objective of integrating previously marginalised communities and groups into mainstream exports.
“We are targeting this through discussions and deals that will be concluded at the fair and this will improve the livelihoods of Zimbabweans based on the exports that will be coming from Zimbabwe specifically in rural communities,” he said.
Promoting innovation and facilitating collaboration between Small and Medium Enterprises and larger enterprises can enhance their export capabilities and contribute to economic diversification.
Mr Majaha added that trade between African economies and the elimination of middlemen reduces the cost of doing business and allows the country to benefit economically.
“Some businesses in Zimbabwe are sourcing some of their raw materials from other continents and some of those raw materials would have originated from Africa.
“With the AITF we expect to remove the middlemen and trade amongst ourselves as African Economies and we also expect this move to significantly reduce the cost of doing business, not only in Africa but in Zimbabwe as well,” he said.
Peter Tanyanyiwa
Online Reporter