Govt in bid to maximise on ZITF

GOVERNMENT is looking to maximise on the annual Zimbabwe International Trade Fair (ZITF) beginning today, after last year’s edition attracted over US$500 million in investment pledges.

This year’s trade fair in Bulawayo is running under the theme “Innovation: The Catalyst for Industrialisation and Trade”.

The three-day event facilitates business interactions, networking, exploring trade opportunities for economic rejuvenation, attracting investments and fostering innovation.

“From an economic standpoint, the outcomes of the ZITF exhibitions are nothing short of transformative. Recent data reveals that the trade fairs have helped stimulate significant investment flows into the country,” Zimbabwe Tourism Authority head of corporate affairs Godfrey Koti said, in a pre-ZITF statement.

“For instance, during last year’s event, investment pledges worth over (US)$500 million were recorded, signaling a burgeoning confidence in Zimbabwe’s economic landscape. Furthermore, these exhibitions have been instrumental in job creation, with thousands of direct and indirect jobs being generated as a result of increased business activities and new investments.”

At a pre-ZITF Press conference over the weekend, Industry and Commerce minister Mangaliso Ndlovu said the number of participants increased at this year’s edition.

“We are sitting on 624 exhibitions or exhibitors. We had 565 last year. It is a good increase. Again, when we look at the foreign countries, the number of foreign countries exhibiting, take note one country may have well over three, four or five exhibiting companies, but here we are looking at the countries that are exhibiting,” Ndlovu said.

“We had 21 last year, we are on 26 this year. We have about 136 first-time exhibitors; again it is a very good sign compared to 103 last year. So, we are excited about the upward trend.”

He said the 26 countries include the United States, China, Germany, Belarus, Russia and the United Kingdom.

The minister indicated that the fair would facilitate the cross-pollination of ideas and business practices that were essential for innovation and trade.

“The platform encourages knowledge transfer and cooperative development initiatives in technology, which align perfectly with the objectives outlined in Vision 2030. This strategic thrust not only nurtures homegrown creativity, but also positions the Zimbabwean industry at the forefront of regional competitiveness,” Ndlovu said.

“From an economic standpoint, the outcomes of the ZITF exhibitions have proved to be greatly transformative as recent data reveals that the trade fairs have helped to stimulate significant investment flows into the country.”

The Association for Business in Zimbabwe chief executive officer Victor Nyoni said he anticipated businesses to maximise on business opportunities and interactions with participating international players.

“The ZITF is an event that should help companies interact with other companies, where companies advertise and it is a marketing symposium,” Nyoni said.

“Companies should be able to clinch this deal because they will be looking at interacting with international players. We anticipate that companies maximise on it to clinch good opportunities to attract investment and promote trade.”

Industry and Commerce ministry permanent secretary Thomas Utete-Wushe said this year’s event would focus on leveraging technology to enhance market access and international visibility.

“By harnessing digital tools and platforms, such as social media, e-commerce websites, and online marketplaces, companies can effectively promote their products and engage with a diverse audience of global consumers,” he said.

“This underscores the theme of this year’s ZITF, which promotes innovation as a key driver for economic growth and global expansion.”-newsday