Zim, Pakistan sign MoU to boost trade

Zimbabwe and Pakistan have signed a Memorandum of Understanding to boost trade and investment amid concerns that total trade figures between the two countries are low standing at US$30,8 million last year.

This is despite the fact that Zimbabwe and the Asian country, enjoy cordial bilateral relations.

Pakistan’s exports to Africa in 2022 were US$1,56 billion whereas its imports from the continent stood at US$5,6 billion.

During the year under review, Zimbabwe’s exports to Pakistan amounted to US$21,52 million while the country imported goods worth US$9,28 million.

The MoU between the two countries was signed on Friday by the Zimbabwe National Chamber of Commerce (ZNCC) and the Federation of Chambers of Commerce and Industry of Pakistan on the sidelines of the four-day Engineering and Healthcare Show that began in Lahore, Pakistan on Wednesday.

Speaking on the sidelines of the 2nd edition of the show on Friday, ZNCC president Mike Kamungeremu, expressed gratitude over the signing of the MoU believed to enhance trade and investment between the two countries.

“I am happy that we finally signed the MoU which should see trade between Zimbabwe and Pakistan increasing. “Our two countries enjoy cordial relations that date back to the liberation struggle and we have been lacking on the side of business and on the side of doing trade.

“No wonder why the trade between the two countries has been very low,” he said.

However, Kamungeremu said trade between Zimbabwe and Pakistan improved last year when that country’s Ambassador to Zimbabwe Murad Baseer, came as he has been working hard for the cooperation of the two chambers – the Federation of the Chambers of Commerce and Industry of Pakistan and ZNCC.

“It is my hope that after signing this agreement we will see business people from Zimbabwe and Pakistan engaging more.

“I realised today after engaging in the Engineering and Healthcare Show in Pakistan that there are quite a number of Pakistan products that are already in Zimbabwe but we are getting them mainly through South Africa and UAE (United Arab Emirates).

“So, this MoU must pave the way for business people from Zimbabwe and Pakistan to engage directly and remove middlemen,” said Kamungeremu.

During the signing ceremony, Kamungeremu said, he took the opportunity to invite Pakistan businesspeople, investors and tourists to visit the country for business and leisure.

He also explained to the business community in that country that Zimbabwe is endowed with vast investment opportunities including the mining sector that has over 70 minerals.

“I told them that we have over 70 minerals in our country and recently our Government put a ban on export of mineral ore which means there is an opportunity for investment in the value addition of our minerals.

“I invited potential investors from Pakistan to Zimbabwe and set up shop, have joint ventures with local Zimbabwean people and beneficiate our minerals particularly lithium that we discovered and it’s in demand all over the world.

“So, there is scope for new businesses to be established to manufacture batteries, phones using the resource that is available in Zimbabwe.”

“I also invited them to come and view the tourist attractions in Zimbabwe that include the Victoria Falls which is one of the seven wonders of the world,” he said.-ebusinessweekly