Egypt-Zimbabwe Business Forum oversubscribed, a resounding success

The Egypt-Zimbabwe Business Forum, held on the sidelines of the Intra-African Trade Fair underway here, was a resounding success with several investors expressing their interest to invest in the southern African country.

Organised by Zimtrade, the oversubscribed business forum is in line with President Mnangagwa’s drive to woo investors, both local and international, to explore the vast investment opportunities in the country.

The forum is also in line with his mantra, since 2017, that Zimbabwe is open for business and the engagement and re-engagement drive.

Represented by Mrs Rudo Faranisi, the Chief Director for Economic Cooperation, International Trade and the Diaspora in the Ministry of Foreign Affairs, Minister Fredrick Shava was the highest-ranking official from Zimbabwe at the forum.

In his remarks, Minister Shava said the forum unveiled an opportunity for the two countries to propel their economic relations to greater heights.

He said the business sector has its place in the development of the two economies.

“The event provides a platform for our two countries to discuss ways to upscale innovation in order to promote business and industry in our countries,” said Minister Shava.

Minister Shava said President Mnangagwa and his counterpart, Egyptian President Abdel Fattah Saeed Hussein Khalil El-Sisi had already underscored the need for the two countries to enhance economic cooperation, particularly in trade and investments.

He said the Second Republic, under the leadership of President Mnangagwa, has provided a platform for the private sector to interact and engage with like-minded states, investors and businesses through the long-term strategic goal of transforming the economy into an upper middle-income society by 2030.

“I therefore implore players in the private sector, in both Zimbabwe and Egypt to boost trade exchange by complimenting and harnessing the efforts of our two Governments,” said Minister Shava.

He said Zimbabwe provides an array of investment opportunities in infrastructure development in the building and construction of roads, bridges, houses, and shopping malls.

He said there are also opportunities in technology, agriculture, mining and manufacturing.

In his presentation, ZimTrade Chief Executive officer Mr Allan Majuru highlighted the vast opportunities in the country particularly agriculture-related produce such as blueberries as well as the production of exotic leather products.

“If you want good land, if you want good climate, come to Zimbabwe,” said Mr Majuru.

He said Zimbabwe also has good supply windows to the international markets which gives it a competitive advantage.

“Collaborations between Zimbabwean products and fashion buyers, retailers and designers in Egypt can create leading products that are globally competitive,” said Majuru.

Zimbabwe Investment Development Agency (ZIDA) Chief Executive Officer Tafadzwa Chinamo said his office is ready to facilitate a smooth passage to potential investors.

“Once an investor is established in Zimbabwe, we ensure that their journey or doing business in Zimbabwe continues to be smooth,” said Chinamo.

In his remarks, Mohamed Safwat, Deputy Assistant Minister for African Affairs, Egypt said Zimbabwe has huge potential in agriculture and resources, “That we can promote together”.

He said there is a great need for know-how that the two countries can share as well as assist each other in industrialisation and achieve for the benefit, “Of our people.”

Dr Sherif El Gabaly, whose company, African Cooperation Committee, is one of the major producers of fertiliser in Egypt spoke glowingly about his experience in Zimbabwe, during a recent visit.

He said his company is on the verge of commencing fertiliser manufacturing in Zimbabwe through a public-private partnership with Chemplex.

“Zimbabwe is a land of opportunities and I feel confident about that.

“That is why we are looking forward to building this fertiliser factory in Zimbabwe together in cooperation with the Zimbabwean Government,” said Dr Gabaly.

Later during a question and answer segment, Dr Gabaly said his company had provided all paperwork and is now waiting for a response from the authorities in Zimbabwe to go ahead with the investment with Chemplex.

Speaking at the same event Dr Gainmore Zanamwe, Acting Director, Intra-African Trade Bank, Afreximbank said the pan-African lender was ready to support trade and investment between the the two countries.

“We believe we have an excellent opportunity to actually work together to facilitate trade.

“At Afreximbank we are now that conduit, we understand the risk in Zimbabwe and we have now developed trade and finance instruments that will assure Egyptian business people going to Zimbabwe.”

Other investors expressed interest in areas such as wheat exports and cement bricks production.

Others had questions on logistics, infrastructure and currencies which were fielded by Mr Majuru, Mr Chinamo, Mrs Faranisi and Dr Gabaly.-herald