‘Local companies must leverage on opportunities in Equatorial Guinea’

Zimbabwean companies can tap into bountiful business opportunities available in Equatorial Guinea, as the country is strengthening its footprints in non-traditional markets.

Speaking during the engagements with Ministry of Industry and Trade, held on the sidelines of President Mnangagwa’s State Visit to Equatorial Guinea, ZimTrade CEO Allan Majuru, said the stage has been set for businesses in the two countries to engage, following commitments by the two presidents to strengthen bi-lateral relations.

“President Mnangagwa has made it very clear that he expects improved relations between businesses in our two countries, in respect of tourism, investment and trade.

“The President implored ZimTrade and Zimbabwe Investment and Development Agency (ZIDA) to develop programmes that will enhance linkages between the private sector in our two countries,” he said.

Majuru said the engagements between Governments of the two countries, which culminated in signing of eight agreements is a commitment to implement activities that will see improved business relations and that the private sector must take full advantage of the development.

“Governments are there to set the stage and it is the private sector that must play in that stage, and we are looking forward to see businesses in Zimbabwe taking full advantage of the signed agreements and opportunities in Equatorial Guinea,” said Majuru.

The President of Chamber of Commerce of Equatorial Guinea, Angel Nokonoko Micoso, spoke highly of Zimbabwean businesses and appreciated the need to improve business ties.

He said exchanges between businesses in the two countries will allow private sector to learn from each other and improve their products and services.

The Zimbabwe National Chamber of Commerce CEO, Christopher Mugaga, who is part of the business delegation, said the prospects are positive as local products are already in the market.

“We did a quick scan of the Equatorial Guinea market and saw some products from Zimbabwe such as beauty products are already in the market, but coming from United States of America.

“This alone shows a disconnect between businesses in our two countries and we will ensure that we have bridged that gap so that there is direct link between the private sector in Zimbabwe and Equatorial Guinea,” said he said.

Mugaga said there is strong evidence that Zimbabwe companies have an opportunity to supply the market and companies must work on an effective and efficient route to market to ensure consistency of supply.

Equatorial Guinea is considered an emerging economy in central Africa having experienced strong economic growth in recent years.

Its primary industry is fishing, while coffee and cocoa are the traditional main products for export.

The country is largely dependent on imports for most of its products and this offers opportunities for Zimbabwe, which has relatively advanced industries and production capacity.

Currently, most of the imports are coming from Spain, USA, France, China, Ivory coast and Vietnam.

The country imports from Southern Africa and there is a notable presence of South African products in the market.

Zimbabwean companies also have potential to supply differentiated products, including processed foods, clothing and textiles, home electricals, detergents, medical supplies, fresh produce as well as building and construction materials.

There are also opportunities to supply mining equipment and chemicals to Equatorial Guinea, which is importing some of its requirements from Europe and Asia.

Apart from export of goods, there are opportunities for export of services into the country.

The manufacturing sector in Equatorial Guinea has been experiencing a huge growth since the discovery of oil, and several construction and infrastructure projects have been planned. These projects offer opportunities for Zimbabweans with skills and expertise in the building and construction sector as well as engineering services.

The education sector presents opportunities for Zimbabwe especially for developing skills in the tertiary institutions in Equatorial.

Most of the professionals in the country are from Ghana, Cuba, and Venezuela and Zimbabwe’s proximity to the country, coupled with the cordial relations offers opportunities for export of education services.-ebusinessweekly