Chronicle Editor
Rutendo Nyeve, Business Reporter
THROUGH the adoption of groundbreaking domestic strategies and the cultivation of robust regional partnerships, the Zimbabwe International Trade Fair (ZITF) Company stands as a testament to innovation and determination, redefining the narrative of economic adversity.
In a remarkable display of resilience, the company has not only weathered the storm of sanctions that have plagued the nation for over two decades but has also thrived.
Founded in 1986, as a non-profit, limited liability private company, the ZITF has emerged as the foremost international exhibition organiser in Zimbabwe and beyond. Previously the ZITF was solely responsible for organising the annual trade showcase, dating back to May 1960 when the first Central Africa Trade Fair was opened by Queen Elizabeth, the Queen mother.
It serves as a dynamic platform for unveiling industry trends, pioneering ideas, and innovative products through its diverse exhibitions and events.
The company brings together a diverse audience to promote trade and investment in the country and beyond.
In the wake of sanctions imposed by Western nations and their allies, the ZITF has faced significant challenges, including limited international participation, reduced investment and trade, and difficulties in accessing capital, among other impacts.
Responding to questions from Sunday News, ZITF Chief Executive Officer, Dr Nicholas Ndebele said despite the effects of sanctions, the company has managed to develop domestic-driven ideas that have helped them keep afloat.
“Despite various challenges brought about by sanctions, the ZITF Company has implemented strategies to remain afloat. One of the things we did was to focus on domestic and regional participation. The company has continued on an engagement and re-engagement drive, in line with the country’s broader foreign policy as mandated by President Mnangagwa.
“Through stakeholder engagements with embassies and international organisations, the company has ensured open communication lines to build trust in the platform and ultimately the country. The company has made sure that domestic participation from exhibitors and visitors is kept alive and growing which has not only brought revenue to the company but has facilitated domestic business exchange,” said Dr Ndebele.
He said the company also ensured there was diversification of revenue streams saying while the main line of the company is international exhibitions such as the annual trade fair and Mine Entra, they have since expanded beyond exhibitions and explored other revenue-generating opportunities such as the hosting of conferences, hiring out of conference facilities and property rentals.
“Strong partnerships have also helped us stay afloat. By developing stronger domestic value chains, through partnerships, the company has been able to support its operations and enhance its offerings,” said Dr Ndebele.
Turning to the targeted sanctions imposed on Zimbabwe and how they have had a significant impact on the country’s economy, including the ZITF Company, Dr Ndebele said they have experienced the effects in several ways.
“Sanctions affected us as a company through restricted international participation. Due to sanctions, we have struggled to attract the desired quantum and quality of international participation which we desire. For instance, the manufacturing industry seeks tooling equipment, but few international equipment manufacturers have exhibited at the show due to concerns about violating sanctions.
“We also witnessed decreased investment and trade. The sanctions have fostered a climate of uncertainty, deterring foreign investment in Zimbabwe.
This has limited opportunities for trade deals and partnerships that would benefit ZITF and the wider economy. The decline in trade deals has led to reduced foreign direct investment, hindering economic growth and consequently limiting local participation in trade shows,” said Dr Ndebele.
He also said the sanctions have brought about difficulty in accessing capital.
“The sanctions have made it challenging for Zimbabwean businesses, including the ZITF Company, to access international financing. This has limited our ability to invest in critical infrastructure renewal, international marketing, and other essential capital and operational activities.
“In addition, the sanctions have contributed to a negative international perception of Zimbabwe, which can deter potential exhibitors and visitors to the ZITF. Some potential international exhibitors have expressed fear of coming to ZITF while others have been reluctant as they believe the business environment is hostile,” said Dr Ndebele. — @nyeve14
Online Reporter