Italy seeks to grow trade ties with Zimbabwe

The Italian Trade Agency (ITA) in Zimbabwe is working to create new opportunities for trade between Italy and Zimbabwe and strengthen relations by connecting the European nation’s businesses with local counterparts, the trade commissioner for South Africa, Zimbabwe and Zambia, Mr Giovanni Luca Atena, has said.

Mr Atena said in an interview that the primary mission of ITA was to promote Italian companies and exports abroad while fostering strategic international partnerships.

“We strive to strengthen economic ties and support mutual countries’ growth by leveraging Italy’s technology and expertise in key sectors such as agriculture, manufacturing, mining, renewable energy, and more,” he said.

According to recent data, Italy is the third-largest economy in the Eurozone and the eighth-largest in the world, with a nominal gross domestic product (GDP) of over US$2,3 trillion.

In addition, Italy is renowned for its high-quality manufacturing in different sectors, such as industrial machinery and automotive, among others.

“As the global leader in renewable energy technology and industrial machines, including packaging, food processing, raw material transformation and process innovation, Italy is also into pharmaceutical and nutraceutical industries, with a remarkable US$13,6 billion growth between 2021 and 2023.

“Beyond industry, Italy’s cultural influence is unmatched, boasting 60 UNESCO World Heritage sites, which is more than any other nation,” said Mr Atena.

He added that Italy’s manufacturing excellence is reflected in its having the EU’s largest furniture trade surplus, while its environmental leadership is proven by Europe’s highest recycling rate (91,6 percent) and 82,627 organic farms driving sustainable agriculture.

Several Italian companies already have a presence in different and strategic sectors of the Zimbabwean economy.

“In 1955, when the Kariba Dam, the largest man-made reservoir in the world by volume, was constructed, an Italian company, Salini Impregilo, constructed the Kariba Dam project.

“The same company is still present in Zimbabwe to this day and is also the same company that constructed the Tokwe Mukosi Dam, which is the largest inland dam in Zimbabwe.

“Both of these projects have been playing big roles in Zimbabwe’s economy in terms of tourism, electricity generation, fishing, agriculture and supporting livelihoods,” Mr Atena said.

Italy’s footprint in Zimbabwe also extends beyond infrastructure, with deep roots in agriculture through globally renowned brands like New Holland Agriculture and Landini Tractors, among other agricultural machinery, irrigation pumps and irrigation equipment brands, which are boosting Zimbabwe’s productivity.

“Luxury is of course a mainstream: Versace, Gucci and Valentino’s timeless fashion to Lamborghini and Ferrari automotive mastery; we also see all these premium brands in the Zimbabwean market, proving the country’s appreciation of Italy’s craftsmanship,” said Mr Atena.

Mr Clemence Machadu, from the Italian Trade Agency Desk in Zimbabwe, said while Italy did not have a bilateral investment promotion and protection agreement with Zimbabwe, trade between the two countries had been growing, and there was room to increase it under the auspices of the European Union (EU)-Eastern and Southern Africa (ESA) Economic Partnership Agreement, which guarantees duty-free and quota-free trade.

“Italy is Zimbabwe’s 11th largest export market in the whole world and 32nd import market. Italy’s imports from Zimbabwe stood at US$34,2 million in 2024, with exports to Zimbabwe standing at US$31,7 million during the same year,” Mr Machadu said.

“Zimbabwe and Italy signed a Bilateral Investment Promotion and Protection Agreement (BIPPA) in April 1999, but the agreement is currently not in force as it was not ratified by Zimbabwe.

“Italy and Zimbabwe, however, benefit from preferential trade offered under the existing Economic Partnership Agreement, where both countries can trade duty-free and quota-free,” he said.

Mr Machadu cited several sectors in Zimbabwe that have the most potential for collaboration with Italian companies including agriculture, mining, renewable energy and manufacturing.

He noted that with sustained commitment from both governments and the private sector, the Italy-Zimbabwe partnership could emerge as one of the most dynamic economic collaborations between Africa and Europe, delivering tangible benefits to businesses and the economies at large.-herald